Updates and Resources for Coronavirus Crisis

Payroll Protection Program Flexibility Act

Visitors, please read: The Payroll Protection Program Flexibility Act (PPPFA) was signed into law on June 5, 2020. In general terms, the Act allows borrowers more flexibility including these key provisions: The loan maturity date is extended to 5 years for loans made AFTER the new law was passed. However, lenders and borrowers may mutually […]

SBA reopens EIDL program to small businesses and nonprofits

Just last week, the Small Business Administration (SBA) announced that it has reopened the Economic Injury Disaster Loan (EIDL) and EIDL Advance program to eligible applicants still struggling with the economic impact of the COVID-19 pandemic. The EIDL program offers long-term, low-interest loans to small businesses and nonprofits. If your company hasn’t been able to […]

PPP Flexibility Act eases rules for borrowers coping with COVID-19

As you may recall, the Small Business Administration (SBA) launched the Paycheck Protection Program (PPP) back in April to help companies reeling from the economic impact of the COVID-19 pandemic. Created under a provision of the Coronavirus Aid, Relief and Economic Security (CARES) Act, the PPP is available to U.S. businesses with fewer than 500 […]

Is it Time to Reopen Your Business? 10 Questions to Ask Yourself

Businesses across America that have been shut down due to the novel coronavirus (COVID-19) pandemic may now (or soon) have the option to reopen. Since no two businesses are alike — even those in the same industry and location — what makes sense for one company could be a disaster for another. But many questions […]

COVID‐19 Safety Action Plan

Visitors, please read: We have adopted a COVID‐19 Safety Action Plan consistent with the State of Indiana’s “Suggested Guidelines for Professional Office Settings” Please visit us when you are not ill. See safe alternatives below. Please wash your hands or use hand sanitizer before entering. You will be asked to complete a brief COVID‐19 screening […]

Tax Developments for Employers Impacted by COVID-19

As you may know, the President recently signed the Families First Coronavirus Response Act (FFCRA) and Coronavirus Aid, Relief and Economic Security Act (CARES) into law. The Acts contains several provisions to help employers and employees during the coronavirus crisis including: Delayed payment of employer payroll taxes Taxpayers will be able to defer paying the […]

Tax Provisions of CARES Act for Businesses – April 1, 2020 Update

Employee retention credit for employers Eligible employers can qualify for a refundable credit against, generally, the employer’s 6.2% portion of the Social Security (OASDI) payroll tax (or against the Railroad Retirement tax) for 50% of certain wages (below) paid to employees during the COVID-19 crisis. The credit is available to employers carrying on business during […]

Tax Provisions of CARES Act for Individual Taxpayers – April 1, 2020 Update

Recovery rebates for individuals To help individuals stay afloat during this time of economic uncertainty, the government will send up to $1,200 payments to eligible taxpayers and $2,400 for married couples filing joints returns. An additional $500 additional payment will be sent to taxpayers for each qualifying child dependent under age 17 (using the qualification rules […]

Using Your Financial Statements During an Economic Crisis

The economic fallout from the coronavirus (COVID-19) pandemic has forced business owners to reevaluate their operations and make difficult decisions. One place to look for the information you need to make rational, reasonable moves is your financial statements. Under U.S. Generally Accepted Accounting Principles, these typically comprise a statement of cash flows, a balance sheet […]

Federal Government Tax-related Actions Taken to-date Regarding COVID-19

Right now, your highest priority is the health of those you love and yourself. But if you have time to read about some non-medical but important matters related to the health crisis, here is a summary of IRS action already taken and federal tax legislation already enacted to ease tax compliance burdens and economic pain […]