International Tax Insights | Firm News | Michigan CPA Firm

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.

9 FAQs About the USMCA

Posted by Carlos Calderon on August 3, 2020

Carlos Calderon

It has already been a month since one of the most competitive regions in the world, which together generated more than 25% of the world’s GDP in 2019, finally entered into the United States-Mexico-Canada Agreement (USMCA).

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.

Three Lessons Learned from the 2020 Tax Season

Posted by Margaret Amsden on July 27, 2020

It goes without saying that this year’s tax season was surprising—to say the least. Here are some of the takeaways from 2020’s tax season, and although we hope it’s an experience we never have to face again, these strategies can improve the process—even in the best of times.

Time to Retrench & Recharge

Posted by Robert Dutkiewicz on July 27, 2020

It is hard to believe, but we are four months into the Covid crisis. To me, it feels like four years. Though no one knows when this will pass, it seems safe to say that we are in this for the long haul. What continues to echo in my head is the proverbial statement “the strong shall survive”.

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.

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!

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.

Happy 4th of July!

Posted by Robert Dutkiewicz on June 30, 2020

It is hard to believe that this favorite American holiday, celebrating fireworks and cookouts with family and friends, is upon us already. Though I don’t have any big plans I am looking forward to a chance to unplug over the three-day weekend. As burnout is being cited as one of the top challenges for employees in the midst of the Covid pandemic, we are all trying to find time to recharge.

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.

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?

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.

Managing Cash Flow through Data Analytics

Posted by Ben Smith and Jim Biehl on June 16, 2020

Every business should regularly review cash flow and optimization opportunities to ensure the highest level of financial vitality. Maintaining a clear picture of this important metric is not only essential to effective decision making but also necessary for managing the unexpected.

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.

Investing in Our Future

Posted by Robert Dutkiewicz and Joe Bamberger on May 20, 2020

COVID-19 has been impacting us all in different ways. Our new normal has been a world away from the office and the face to face interactions with clients and teammates. We are constantly reminded that our team is strong, resilient, flexible, and creative.

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.

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 Video 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 video 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.

Insights
Additional Content