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.

Cloud Accounting Drives Efficiency in our “New Normal”

Posted by Beth Butchart on July 13, 2020

Beth Butchart

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.

More PPP Changes – New Forgiveness Applications

Posted by Tim Hilligoss on June 30, 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.

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 webinar 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.

May PPP Webinar Series Provides Updates and Related COVID-19 Financial Issues

Posted by Clayton & McKervey on May 3, 2020

Clayton & McKervey announced it will continue its weekly Wednesday webinar series on the Paycheck Protection Program (PPP) and related COVID-19 business relief opportunities each Wednesday through May.

The IRS is the New Player with New Numbers in the PPP Loan Program

Posted by Tim Hilligoss on May 1, 2020

It’s all in the numbers. How many times have we heard this in our lives? Or, how about the numbers don’t lie? Well, maybe they don’t lie, but the numbers can - and do - change the playing field.

‘Plan B’ Considerations for Foreign-owned Companies in the U.S. to Withstand the Global Pandemic

Posted by Teresa Gordon on April 29, 2020

While the PPP application, approval, and funding process have been challenging for everyone, foreign-owned subsidiaries based in the U.S. with U.S. employees continue to face additional challenges that their domestic counterparts did not encounter.

Tales From the Front: New Funding, Loan Forgiveness Ambiguities and…Giving the Money Back?

Posted by Tim Hilligoss on April 28, 2020

With round two of funding from phase 3.5, the Paycheck Protection Program and Health Care Enhancement Act ready for an SBA restart, businesses, and non-profit organizations will be divvying up a new pie...

April 29 PPP Loan Webinar

Posted by Clayton & McKervey on April 26, 2020

Clayton & McKervey Shareholders Sarah Russell and Tim Hilligoss are hosting a webinar on the PPP loan. This discussion will prioritize questions from the audience on the issues generating the most questions today.

7 Cash Considerations in Challenging Times

Posted by Kevin Johns on April 24, 2020

We are living in unprecedented times; learning and adapting every day without clarity as to what the future may look like. In the midst of the uncertainty, it is as critically important that business owners lead and make wise decisions.

Who Got What in the CARES Act Lending Program? Prepare for the Next Round of Funding!

Posted by Tim Hilligoss on April 22, 2020

The CARES Act loans caused a flurry of activity among SBA-approved banks and credit unions, as small businesses (the definition of which has irked many would-be borrowers) sought Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL) under the CARES Act stimulus beginning on April 3.

Senate Passes Additional Paycheck Protection Program (PPP) Funding

Posted by Sarah Russell on April 21, 2020

Late this afternoon, the Senate passed a bill that expanded funding for PPP by an additional $310 billion. It also increased funding for the Emergency Injury Disaster Loan (EIDL) program by $60 billion, of which $10 billion is earmarked for grants, and $50 billion for the loan program.

Clayton & McKervey Serves on Grant Panel

Posted by Clayton & McKervey on April 21, 2020

Shareholder Julie Killian was invited to serve on an Oakland County panel of judges to help the county award funding to manufacturers able to shift production to Personal Protection Equipment.

The Silver Lining

Posted by Julie Killian on April 21, 2020

The week of April 15 usually marks the end of “busy season” or “tax season” in the public accounting world. CPAs all over the United States celebrate the end of long hours and enjoy the feeling of satisfaction that comes from helping their clients meet financial reporting and tax deadlines.

Navigating Business Issues During COVID-19

Posted by Ben Smith on April 20, 2020

How data analytics can uncover key trends The Coronavirus (COVID-19) threat has created uncertain conditions for individuals, families, businesses and the …

Changes to Employer Provided Education Assistance Due To COVID-19

Posted by Margaret Amsden on April 14, 2020

As part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, opportunities exist for employers to help their employees in multiple ways. One such opportunity relates to the change made to the Education Assistance Program.

Mexico Manufacturing During the COVID-19 Crisis

Posted by Carlos Calderon on April 13, 2020

Like most of the countries in the world, Mexico has been and will be significantly impacted by the Coronavirus outbreak. With the shutdown of non-essential activities, the peso has devaluated, the index of risk has risen and unemployment rates have soared.

The CARES Act Fosters Collaboration

Posted by Sarah Russell on April 10, 2020

As the leader of the firm’s tax team, Shareholder Sarah Russell has been on the front lines of the CARES Act; particularly the need for accountants and attorneys to collaborate to support the business community.

CARES Act Webinar: April 14, Noon to 1pm