COVID-19 | Michigan International Tax Accountant

We are committed to bringing you the latest news and impacts related to the Coronavirus and business operations—COVID-19 Resources. In addition, we can help navigate the challenges ahead.

Navigating Global Trade During a Worldwide Pandemic

Posted by Jim Biehl on September 28, 2020

Jim Biehl

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.

Paycheck Protection Program Flexibility Act Passed by the Senate!

Posted by Sarah Russell on June 4, 2020

It took a little longer than anticipated, but after some back and forth between a few Senators, the Senate passed the Paycheck Protection Program Flexibility Act (The Act) on June 3 with unanimous consent. We expect the President to sign the bill before the end of the week, giving small business more to utilize the funds and achieve full forgiveness.

New Survey Findings Reveal the Impact of COVID-19 on Manufacturers

Posted by Jim Biehl on June 2, 2020

COVID-19 has profoundly impacted business. The combination of stay-at-home orders, forced business closures and fear of virus transmission meant some businesses had to cease operations entirely while others were tasked with challenging modifications to comply with state and local regulations.

Paycheck Protection Program Flexibility Act Passed by the House!

Posted by Sarah Russell on May 28, 2020

As expected, the House passed the Paycheck Protection Program Flexibility Act today, May 28, 2020. We were hoping the Senate might act on this in their Pro Forma session today, but it looks like we will have to wait until next week to see how the Senate responds to the bill

10 Recommendations for Mexican Subsidiaries during COVID-19

Posted by Carlos Calderon on May 28, 2020

Companies with Mexican subsidiaries may be wondering how best to proceed in light of COVID-19.

PPP Loan Forgiveness – New Details Available

Posted by Tim Hilligoss on May 27, 2020

Just as the Memorial Day weekend was about to kick off, the Small Business Administration (SBA) and Treasury published updates to the Paycheck Protection Program (PPP) Interim Final Rule (the Rule). The update, which was released late on May 22, 2020, provides important new details about the loan forgiveness process.

Fixes to Paycheck Protection Program on the Way?

Posted by Sarah Russell on May 21, 2020

As small business owners begin to navigate the loan forgiveness portion of the Paycheck Protection Program it has become clear many will not be able to achieve full forgiveness because they will not be able to spend all of the funds in 8-week Covered Period.

FASB Delays Implementation for Revenue Recognition and Leases

Posted by Julie Killian on May 21, 2020

The Financial Accounting Standards Board (FASB) voted on Wednesday, May 20 to delay the effective date of the Revenue Recognition Standard by one year for all nonpublic companies who have not issued financial statements yet.

PPP Loan Forgiveness Application & Guidance Released

Posted by Sarah Russell and Tim Hilligoss on May 18, 2020

On May 15, 2020, the Treasury and Small Business Administration (SBA) issued long-awaited information on PPP loan forgiveness, including the application for forgiveness and relevant instructions.

Firm Announces New PPP Loan Forgiveness Compliance Services

Posted by Clayton & McKervey on May 18, 2020

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 Paycheck Protection Program (PPP) to fully serve its clients.

Good News for PPP Loan Borrowers

Posted by Sarah Russell on May 14, 2020

As we have previously stated, there is a fair amount of uncertainty regarding all of the rules surrounding the Paycheck Protection Program (PPP). One item which caused concern among many small businesses was the previous SBA guidance regarding the good-faith certification required as part of the PPP application.

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.

HEROES Act Introduced May 12: Stimulus Package Phase 4

Posted by Sarah Russell on May 13, 2020

As we anxiously wait for additional guidance related to the CARES Act and the Paycheck Protection Program (PPP) loan, the House is busy drafting their next round of legislation.

Documentation is Key as We Wait

Posted by Tim Hilligoss on May 13, 2020

How many of you remember the old ketchup commercial -- waiting for the ketchup pour to hit your hot dog or hamburger? Anticipation, an-ti-ci-pay-ay-tion…is making you wait.

State Tax Questions as We Move Back to Business

Posted by Sue Tuson on May 12, 2020

As businesses start to reopen, we look to the future imagining what the new “normal” will look like. During the crisis, most states have been taxpayer friendly, extending filing deadlines and payment due dates.

CPAs Help Small Businesses Survive

Posted by Julie Killian on May 11, 2020

Shareholder Julie Killian was interviewed by the Journal of Accountancy to learn how CPAs are vital to helping small businesses survive during the COVID-19 pandemic.

IRS Revises Cross-Border Activity During COVID-19

Posted by Teresa Gordon on May 5, 2020

The IRS has been busy, and this time, that is a good thing. Within the past couple weeks, they have released two Revenue Procedures (Rev. Proc.) and one frequently asked questions (FAQ) that explains how treatment of cross-border activities will change in light of the COVID-19 disruptions.

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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