Our COVID-19 Response Team is also available to help.
Good News for PPP Loan Borrowers
Posted by Sarah Russell on May 14, 2020
Sarah Russell
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.
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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.
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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.
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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.
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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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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.
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‘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.
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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...
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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.
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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.
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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.
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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.
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Employee Retention Credit Provision of the CARES Act
Posted by Miroslav Georgiev on April 9, 2020
As we know, on March 27th, 2020, the President signed into law the Coronavirus Aid, Relief, and Economic Security (CARES) Act. CARES added many new sections to the Internal Revenue Code (IRC) to assist both employers and employees during this time of economic uncertainty.
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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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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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Coronavirus Stimulus – Where do we Stand Today?
Posted by Sarah Russell on March 23, 2020
As mentioned in recent days, things are changing fast in the wake of Covid-19. There is a lot of information out there, which makes it difficult for business owners to make informed decisions.
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Treasury Extension Revisions
Posted by Sarah Russell on March 22, 2020
As the Coronavirus numbers move fast, so does the Treasury Department! On Friday, March 20 the Treasury revised the previous guidance issued.
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2020 IRS Tax Filing Deadline Extended – 3.20.20 Update
Posted by Sarah Russell on March 21, 2020
Treasury Secretary Mnuchin announced the IRS has moved the tax filing deadline from April 15 to July 15 to allow taxpayers more time to prepare filings and pay income taxes owed.
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Treasury Announces 90-Day Extension
Posted by Sarah Russell on March 18, 2020
Yesterday we let you know the Treasury has announced they were providing a 90-day extension of time to pay taxes owed for many taxpayers. Today the IRS has provided some guidance as to what was included in the extension.
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Coronavirus: Families First Response Act
Posted by Sarah Russell on March 18, 2020
Coronavirus has affected almost all facets of life. The stock market has plummeted, schools have closed, church services have been canceled or are being live-streamed, sporting events and concerts are canceled, travel is restricted, and toilet paper has become a scarce commodity.
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Tax Planning Needed to Benefit from the Sale of Small Business Stock
Posted by Margaret Amsden on February 21, 2020
Business owners are always looking for ways to structure the business to minimize both the tax cost of current operations as well as the tax cost associated with selling the business.
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Important Filing Requirement for Foreign-Owned U.S. Companies
Posted by Nina Wang on February 19, 2020
The last thing any business wants to receive is an audit notice from the Internal Revenue Service (IRS). Your first reaction will naturally be panic or fear. So, what protective measures can a business or business owner put in place?
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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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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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Planning for Retirement: Just When You thought You Knew the Rules!
Posted by Margaret Amsden on December 27, 2019
As 2019 winds to a close, Congress gets busy and passes a law that changes much of what we all thought we knew about planning for retirement, and how Individual Retirement Accounts (IRAs) and 401k Plans work.
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Industry 4.0 is Driving Transformation in Finance and Accounting
Posted by Clayton & McKervey on December 4, 2019
“The term Industry 4.0 conjures up images of high-tech factories filled with connected robots performing work previously done by people, but the technologies enabling this transformation are not just confined to the plant floor,”
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Maximizing the Tax Benefit of Charitable Giving
Posted by Margaret Amsden on December 3, 2019
With the tax law changes that became effective in 2018, the average person has potentially lost the benefit of their charitable contributions. However, there are several very straightforward options that you may be able to take advantage of.
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Leadership From Around the Globe
Posted by Robert Dutkiewicz on December 2, 2019
A few weeks ago I traveled to Rome, along with my fellow shareholder Sue Tuson, to attend the PrimeGlobal World Conference. PrimeGlobal is one of the five largest associations of independent accounting firms in the world.
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Considering Expanding to Mexico? Learn the Impacts of Taxes and Personnel Expenses
Posted by Carlos Calderon on November 26, 2019
It is true that Mexico has a highly qualified and competitive labor market, and a young population; however, it is mandatory -- and extremely important -- to factor in the personnel-related requirements below when expanding or operating in Mexico.
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Industry 4.0: It’s Not Just for Manufacturers!
Posted by Bryan Powrozek on November 21, 2019
The term Industry 4.0 conjures up images of the high tech factories filled with connected robots performing work previously performed by people. However, the technologies …
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Debt Restructuring: How Does it Impact Your Taxes?
Posted by Margaret Amsden on November 18, 2019
Throughout the ordinary course of business, you could very well find yourself in a position of insolvency which leads to the restructuring of your debt. Dealing with cash flow issues or insolvency can be very stressful and time-sensitive, and many business owners and taxpayers alike shudder at the thought of finding themselves in this state.
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Clayton & McKervey Eases Preparation for Year-End Business Reporting
Posted by Clayton & McKervey on November 5, 2019
Clayton & McKervey, a certified public accounting and business advisory firm helping growth-driven companies compete in the global marketplace, knows this time of year brings a host of filing requirements and forms that companies need to finalize in order to file their taxes.
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Getting Ready for Year-End Planning
Posted by Margaret Amsden on October 28, 2019
Every year brings a list of information filing requirements necessary to make sure that payees have the information needed to file their taxes. To assist with year-end business reporting, Clayton & McKervey has identified some items for you to consider.
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Wayfair: A Year Later
Posted by Sue Tuson on October 1, 2019
It’s been over a year since the US Supreme Court’s ruling in South Dakota v Wayfair[1]overturned the long-standing physical presence standard for imposing a sales and use tax collection responsibility. Wayfair overturned the requirement for a physical presence in a state that was established in the 1992 case, Quill Corporation v North Dakota[2].
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US Tax Treaty Updates Japan and Spain
Posted by Sue Tuson on September 9, 2019
Long-awaited treaty protocols, signed in 2013, were finally ratified in July 2019. The protocol with Japan entered into force on August 30, 2019, provides amendments to the 2003 tax treaty. The protocol with Spain is due to enter into force on November 27, 2019, and provides for the amendments to the 1990 treaty.
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