PPP Double Jeopardy: Loan Forgiveness and Tax Implications
Posted by Bryan Powrozek and Sarah Russell on October 20, 2020
Bryan Powrozek
Learn about the potential tax implications of PPP loan forgiveness and how this impacts companies who claim the R&E tax credit.
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MMA October: COVID-19 Financial Tips
Posted by Jim Biehl on October 19, 2020
COVID-19 has had a significant impact on Michigan manufacturing, forcing many to shift strategies to cope under crisis. Shareholder Jim Biehl shares financial tips for managing the ongoing COVID-19 fallout in the October issue of the Michigan Manufacturers Association (MiMfg) magazine.
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How CPAs Help Clients During a Pandemic
Posted by Denise Asker on October 14, 2020
In a crisis such as COVID-19, CPAs are able to offer an independent and thoughtful analysis of a business’s situation, as well as the best strategies to navigate issues that arise due to changing PPP guidelines and tax implications. Here are three ways that CPAs have stepped in to help clients during the pandemic.
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What Comes After COVID-19?
Posted by Tim Finerty and Bryan Powrozek on October 7, 2020
The COVID-19 pandemic has impacted businesses around the world by disrupting supply chains, impacting cash flow and accelerating the pace of digital transformation. Here are some strategies to put businesses in the best future position as they navigate the impacts of COVID-19.
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Navigating Global Trade During a Worldwide Pandemic
Posted by Jim Biehl on September 28, 2020
When COVID-19 emerged, global trade was brought to a standstill. Today, the global economy has slowly begun to recover, but in order to maintain trade functions that supply goods to the world, companies must adapt to the “new normal.”
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Accounting for PPP Loan Forgiveness
Posted by Julie Killian on September 24, 2020
We have been receiving many questions lately about the PPP loan and forgiveness requirements. Here are some of the most common questions we are hearing from companies along with some initial guidance on what to do.
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Automation is the Solution for Maximizing ROI
Posted by Tim Finerty on September 23, 2020
As more and more companies face the pressure to create a higher performing product as efficiently as possible, a number of them are now adopting Industry 4.0 technology to adapt their workflows to the 21st century. And as a result of embracing this evolution, these businesses are reaping the benefits.
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PPP Update – Owner Compensation & Non-Payroll Costs
Posted by Tim Hilligoss on September 3, 2020
At the end of August, the SBA and Treasury issued an updated PPP Interim Final Rule which addresses forgiveness related to owner compensation and certain non-payroll costs.
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Rethinking Your Retirement Funding Options
Posted by Margaret Amsden on September 1, 2020
As a result of market fluctuations over the past six months, many taxpayers have seen a decline in the value of their retirement portfolios, so now may not be the best time to draw from your retirement savings, even if you are eligible. Here is some guidance regarding Social Security and IRA Distributions.
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Payroll Tax Deferral IRS Guidance
Posted by Sue Tuson on August 28, 2020
Learn about the recently issued guidance as it relates to President Trump's Executive Order on employee side payroll deferral.
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New Interim Final Rule Issued
Posted by Sarah Russell on August 25, 2020
The SBA and Treasury issued a new interim final rule on August 24, 2020 with updates regarding owner-employee compensation and forgiveness eligibility associated with Paycheck Protection Program (PPP) forgiveness. Here is a summary of the key updates.
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Control Design Article: COVID-19 Impacts
Posted by Tim Finerty and Bryan Powrozek on August 19, 2020
Industrial Automation Shareholder Tim Finerty and Manager Bryan Powrozek share some recommendations to put businesses in the best future position as they navigate the impacts of COVID-19.
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Relief with International Tax Deductions
Posted by Sue Tuson on August 19, 2020
The Tax Cuts and Jobs Act (TCJA) of 2017 provided a benefit for corporations that export goods or services by creating a foreign-derived intangible income deduction (FDII), also referred to as a section 250 deduction.
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CARES Act State Tax Implications
Posted by Miroslav Georgiev on August 18, 2020
The Coronavirus Aid, Relief, and Economic Security (CARES) Act, enacted March 27, 2020, was designed to assist taxpayers during difficult times by introducing new and modified tax law provisions intended to allow businesses to retain more cash to help them survive the crisis.
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Estate Planning 101
Posted by Margaret Amsden on August 17, 2020
With all of the change in 2020, now is an ideal time to revisit your estate plan. Learn about the essentials of estate planning and why it's important to review and update your plans on a regular basis.
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PPP Loan Forgiveness FAQs
Posted by Tim Hilligoss and Sarah Russell on August 10, 2020
The COVID-19 pandemic caught many by surprise including business owners who were required to comply with forced business closures and others who experienced modified operating rules or dwindling demand.
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Robot Nation Podcast: Talking Automation with Tim & Bryan
Posted by Tim Finerty and Bryan Powrozek on August 7, 2020
Shareholder Tim Finerty and Manager Bryan Powrozek talk about the latest innovations and cash flow considerations impacting industrial machine builders on a recent episode of the Robot Nation podcast.
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New Nexus Standards for Remote Sellers
Posted by Sue Tuson on July 23, 2020
Most equipment manufacturers in manufacturing-friendly states like Michigan take it for granted that equipment used in manufacturing is exempt from sales tax in other states. Much to their unhappy surprise, it is not the case in all states!
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COVID-19 Cash Flow Planning
Posted by Jim Biehl on July 20, 2020
The COVID-19 pandemic caught many businesses by surprise. Beyond just health concerns, the combination of forced business closures, stay-at home-orders, and general fear about transmission created an unforeseen economic situation.
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Turns on Inventory – Systems and Processes to Monitor Inventory Levels
Posted by David Van Damme and Jim Biehl on June 22, 2020
You’re in the wholesale or distribution space and have a huge asset, called inventory, which needs to be converted to cash, but you aren’t great at tracking or counting it and you are not really sure which items are sitting. So what do you do?
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Debt Restructuring: How Does it Impact Your Taxes?
Posted by Margaret Amsden on June 22, 2020
Throughout the ordinary course of business, you could very well find yourself in a position of insolvency leading to the restructuring of your debt. Dealing with cash flow issues or insolvency can be very stressful and time-sensitive for business owners and taxpayers alike. Learn how debt restructuring impacts your taxes and what to do if you find yourself in this situation.
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Life Insurance: Key to Financial Planning
Posted by Clayton & McKervey on May 19, 2020
The fact that life insurance pays money to cover your bills and burial after you die is not a secret. Aside from that, there are many other reasons to have life insurance, but most people are woefully unaware of the benefits of doing so and the process of obtaining it in the first place.
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Loan Assistance Support
Posted by Clayton & McKervey on May 13, 2020
Clayton & McKervey has prepared a workbook for businesses to use when calculating loan forgiveness. This tool is available for organizational use.
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PPP Forgiveness & Full Time Equivalents
Posted by Tim Hilligoss on May 5, 2020
Another day, another number. The number 40, to be specific. FAQ # 40 addresses one of the many PPP loan forgiveness questions: what happens if a laid off employee declines to come back to work? Will this affect your forgiven amount? The answer: no.
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Financial Analysis Video: Days Cash On Hand
Posted by David Van Damme on April 6, 2020
In light of COVID-19, business owners, CFOs and operations managers are spending a lot of time thinking about cash flow. Now, more than ever, cash is king and understanding how to plan over the next few months and beyond is vital. Watch the video to learn more.
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Be On the Lookout for Tax Fraud
Posted by Ruben Ramirez on April 6, 2020
Tax filing season is a particularly fertile time for scammers to take advantage of taxpayers. With the stimulus payments that most American’s will receive as a result of the Coronavirus Aid, Relief and Economic Security (CARES) Act added to the mix, it is critical that taxpayers are on alert for scammers.
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Business Survival: Protecting Cash
Posted by Julie Killian on April 3, 2020
As the world faces, and attempts to absorb, the realities presented by the Covid-19 health crisis, businesses and in particular small businesses, need to be focused on survival.
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Paycheck Protection Program and Other Financing Options
Posted by Sarah Russell on March 27, 2020
The CARES Act provides many benefits, including the Paycheck Protection Program. As promised, here is our detailed analysis of what the program entails.
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CARES Act: Largest Stimulus Package in U.S. History!
Posted by Sarah Russell on March 27, 2020
After days of Congressional negotiations, the President signed the CARES Act, the largest stimulus package in U.S. history. Below is an overview of the provisions included in the package...
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New COVID-19 Stimulus Package Results in 5 Key Action Steps
Posted by Sarah Russell on March 27, 2020
To help navigate the myriad business disruptions caused by COVID-19, Congress has been busy working on a Stimulus package to help taxpayers. For a deep dive into those topics, please see our article on the Summary of Cares Act.
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International Investment Filing Date: BE-10
Posted by Sue Tuson on March 27, 2020
Every five years, the U.S. Department of Commerce Bureau of Economic Analysis (BEA) requires that people with certain investments abroad file a survey. The mandatory survey is based on investments held at the end of the 2019 fiscal year.
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COVID-19: 5 Key Accounting Considerations
Posted by Beth Butchart on March 25, 2020
Businesses face unprecedented challenges due to the COVID-19 health crisis. Business owners must be proactive to analyze their current situation, seek resources, and prioritize a plan of action to protect their cash position and workforce.
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Financial Analysis – Utilization
Posted by David Van Damme on March 3, 2020
Senior Manager Dave Van Damme shares insights on a handful of key performance metrics to help business owners track financial performance.
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Demystifying the Financial Statement
Posted by Jim Biehl on February 12, 2020
Owners spend years amassing the knowledge and experience necessary to become masters at their craft. Passion for the work and the satisfaction of helping clients is what drives them – not necessarily administrative tasks like financial accounting and reporting.
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Slowdown Predicted for System Integrators
Posted by Tim Finerty on February 6, 2020
The concern about an economic slowdown has permeated the news in the past few months. This has been punctuated by the Federal Reserve Bank’s recent decision to cut interest rates for the third time in 2019.
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Important Changes to W4 Exemptions
Posted by Margaret Amsden on February 2, 2020
How many exemptions to claim on a W-4 is an age-old question. Unfortunately, the way withholding is computed has changed and there is now a bit more to consider.
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Financial Analysis – Revenue By Employee
Posted by David Van Damme on January 23, 2020
Senior Manager Dave Van Damme shares insights on a handful of key metrics to help business owners track financial performance. Here, he discusses revenue per employee so that business owners can better understand the relationship between revenues and costs.
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Deadlines Extended for Energy-Related Tax Credits
Posted by Margaret Amsden on January 13, 2020
Alternative Fuel Tax Credit (IRC 6427(d)) and Nonbusiness Energy Property (IRC 25C) are two key “extenders” which could impact your 2018 tax return. While further guidance still needs to be published, you should be aware of the implications of these extenders.
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5 Considerations for Finding the Right CPA
Posted by Denise Asker on January 3, 2020
Whether you are handling business or personal finances, having a Certified Public Accountant (CPA) as your advocate is priceless. The right CPA can help you and your business move toward financial success and uncover areas of financial improvement.
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Be on the Lookout for R&D Tax Credit Changes
Posted by Bryan Powrozek on December 29, 2019
As the end of another calendar year approaches many companies are beginning to shift their focus to year-end planning. As the dust continues to settle on the changes implemented under the Tax Cuts and Jobs Act (TCJA) most taxpayers have familiarized themselves with the new tax landscape.
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