COVID-19 | Michigan International Tax Accountant

Employers Entitled to Tax Credits for Providing PTO for COVID-19 Vaccines

Posted by Sarah Russell on April 28, 2021

Sarah Russell

The American Rescue Plan Act of 2021 extended the tax credits for employers who provide paid sick and family leave to employees affected by COVID-19. Eligible employers who offer PTO for COVID-19 vaccines can now receive the credit.

IRS Extends Individual Tax Filing Deadline to May 17

Posted by Sarah Russell and Margaret Amsden on March 18, 2021

On March 17, the IRS announced an extension of the April 15 filing deadline to May 17 for individual taxpayers. Learn about the key extension details and other important considerations.

American Rescue Plan Act: Key Impacts

Posted by Sarah Russell and Margaret Amsden on March 17, 2021

Review the key impacts of the $1.9 trillion American Rescue Plan Act, including another stimulus payment and extended unemployment benefits.

IRS Issues New Guidance on PPP and Employee Retention Credit Eligibility

Posted by Sarah Russell on March 3, 2021

The IRS recently issued highly anticipated guidance about PPP and employee retention credit eligibility and qualified wages.

Stimulus Checks and the Recovery Rebate Credit

Posted by Margaret Amsden on January 28, 2021

To combat the hardship presented by COVID-19, legislation was signed in late 2020 enabling many taxpayers to receive two rounds of “Stimulus Checks,” or “Economic Impact Payments” (EIPs) throughout the year. Learn what this means for taxpayers.

Do You Qualify for Employee Retention Tax Credit Refunds?

Posted by Jim Biehl on January 27, 2021

PPP loan recipients can claim the ERC for eligible wages that were not paid for with PPP forgiven loans. The change is retroactive to March 2020 and means certain businesses should immediately claim refunds. Learn more about the qualification requirements and cash benefits.

Clayton & McKervey Announces New Stimulus Benefits Check-in Service

Posted by Clayton & McKervey on January 21, 2021

Clayton & McKervey, a certified public accounting and business advisory firm helping growth-driven companies compete in the global marketplace, has immersed itself into the inner workings of the latest COVID-19 stimulus package to fully serve its clients.

Are Foreign-Owned or Controlled Companies Eligible for a PPP 2.0 Loan?

Posted by Teresa Gordon on January 18, 2021

Foreign-owned or controlled businesses in the U.S. may be wondering if they will be able to receive an initial or second PPP loan this time around. Learn more about eligibility requirements for foreign-owned businesses.

PPP Loan Round 2 – Should You Apply?

Posted by Jim Biehl on January 14, 2021

A new round of PPP loans was ushered in with the passage of the Economic Aid Act on December 27, 2020. In addition to the 2nd draw loans, eligible businesses that did not receive a PPP loan in the first round of funding have an opportunity to apply for a PPP loan.

COVID-19 Stimulus Bill

Posted by Sarah Russell on December 29, 2020

After a surprising delay, on Sunday, December 27 President Trump signed the $900 billion COVID relief bill which was part of the larger annual federal spending package. Here is a summary of the highlights included in the Stimulus portion of the bill.

Inventory Optimization Creates Expanded Working Capital

Posted by Jim Biehl on December 14, 2020

Many businesses were caught off guard by the COVID-19 pandemic. Stay-at-home orders and mandatory business closures created significant operational challenges.

Financial Tips for Managing the COVID-19 Fallout

Posted by Jim Biehl on November 19, 2020

COVID-19 has had a significant impact on Michigan manufacturing, forcing many to shift strategies to cope under crisis. Here are some financial tips for managing the ongoing COVID-19 fallout.

Financial Reporting Implications Due to COVID-19

Posted by Julie Killian on October 30, 2020

COVID-19 has clearly disrupted life as we know it. Despite these disruptions, businesses continue to operate (some at an altered state) and therefore are required to provide financial reporting to stakeholders.

PPP Double Jeopardy: Loan Forgiveness and Tax Implications

Posted by Bryan Powrozek and Sarah Russell on October 20, 2020

Learn about the potential tax implications of PPP loan forgiveness and how this impacts companies who claim the R&D tax credit.

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.

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.

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.

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.”

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.

Scenario Planning in the Age of COVID-19

Posted by Ben Smith on September 14, 2020

As 2020 has shown, simply saying that “scenario planning is important” is an understatement. Scenario planning is essential. Since March, COVID-19 has changed the world, and in doing so has challenged every modern assumption about enterprise as we know it.

Additional Stimulus on the Horizon: Understanding the Anticipated HEALS Act

Posted by Tarah Ablett on September 8, 2020

Here are some key takeaways from the initial draft of the anticipated HEALS Act, unveiled this summer in response to the ongoing effect of COVID-19 on the economy.

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.

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.

Payment Processing Delays Due to COVID-19

Posted by Margaret Amsden on August 26, 2020

Taxpayers may unfortunately find that their checks, mailed with tax returns, are on backlog at the IRS due to processing delays as a result of COVID-19. Learn what the IRS is doing about it and discover what you should do as a taxpayer.

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.

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.

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.

COVID-19 Relief: Executive Orders

Posted by Sue Tuson on August 12, 2020

The news over the past few weeks has been filled with stories about the failed attempts of Congressional leaders and the White House to agree upon new COVID-19 relief legislation.

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.

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.

New Workplace Safety Grants to Help MI Employers Protect Workers

Posted by Clayton & McKervey on July 28, 2020

The State of Michigan recently launched Michigan COVID-19 Safety Grant Program to provide small businesses with up to $10,000 in matching funds to help promote a safe workplace for employees and customers and help decrease the spread of COVID-19.

More PPP Changes – New Forgiveness Applications

Posted by Tim Hilligoss on July 24, 2020

On June 17th, two streamlined PPP forgiveness applications were released including SBA Form 3508 and SBA Form 3508 EZ along with accompanying instruction guides. The new applications are designed to be borrower-friendly as they are less complex and much shorter than the original.

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.

Cloud Accounting Drives Efficiency in our “New Normal”

Posted by Beth Butchart on July 13, 2020

The COVID-19 outbreak presented new challenges for accounting teams adapting to a remote work environment while trying to keep pace with management’s demand for accurate and timely access to data to make critical business decisions.

New Inventory Reform Service Underscores Need for More Data Driven Best Practices

Posted by Clayton & McKervey on July 10, 2020

Clayton & McKervey, a certified public accounting and business advisory firm helping growth-driven companies compete in the global marketplace, announces the availability of a new professional service for inventory reform.

Economic Injury Disaster Loan Program Reopens

Posted by Clayton & McKervey on July 1, 2020

On June 15, 2020, the Small Business Administration (SBA) announced new applications for the Economic Injury Disaster Loan (EIDL) and EIDL emergency grants are now being accepted. As reopening continues and the focus shifts to recovery, EIDLs can serve as a favorable and needed source of funding.

All Things Considered: Featuring Sarah Russell

Posted by Sarah Russell on June 30, 2020

Shareholder Sarah Russell continues her education of the PPP loan during a recent interview on Michigan’s All Things Considered radio program. Sarah led an 9-week live video series on the topic and has been a regular contributor of content related to the CARES Act, the PPP loan and loan forgiveness.

The Role of Data Analytics in COVID-19 Recovery

Posted by Ben Smith on June 24, 2020

As more and more states begin to reopen their economy, the COVID-19 conversation is shifting from survival to recovery. Through targeted data analytics, companies can access and analyze data to drive recovery planning. Here is a summary of important details.

Latest Developments Impacting Small to Mid-Sized Businesses

Posted by Tim Finerty on June 10, 2020

On June 10, Shareholder Tim Finerty and Manager Bryan Powrozek presented to the Control Systems Integration Association (CSIA) as part of the organization’s video series during Covid-19. Learn how they are advising owners of small to mid-size businesses in the Industrial Automation industry.

Economic Aftershocks of COVID-19—and Five Financial Strategies

Posted by Tim Finerty and Bryan Powrozek on June 9, 2020

Beyond basic operational concerns, many process industry users and system integrators are facing related business and financial issues due to COVID-19 and its direct and indirect effects.

Insights
Additional Content