Are Foreign-Owned or Controlled Companies Eligible for a PPP 2.0 Loan?
Posted by Teresa Gordon on January 18, 2021
Teresa Gordon
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.
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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.
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Understanding Transactions, Even if Your Business Isn’t for Sale
Posted by Tim Hilligoss on January 12, 2021
Selling your small business may not have been your focus in 2020 and may not be your focus in 2021, but planning ahead comes with huge advantages. Here are four things our team walks through with every client when we prepare for a deal.
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State and Local Tax Planning: What You Need to Know
Posted by Miroslav Georgiev on January 12, 2021
Every year state and local taxes play a larger role in the corporate tax season. Here are eight state and local tax planning considerations for businesses.
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Welcome 2021
Posted by Robert Dutkiewicz on January 3, 2021
Happy New year! At the end of most years, I ask myself - where did the year go? But not so this year. The end simply couldn’t come quick enough.
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Employee Retention Tax Credit Updated and Extended by Most Recent Stimulus Package
Posted by Sarah Russell on December 30, 2020
The most recent COVID-19 Stimulus Package extended and made some key adjustments to the Employee Retention Credit (ERC) making it likely more business will qualify for the credit.
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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.
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4 Tips for Managing a Large Inheritance
Posted by Casey Haggerty on December 28, 2020
Receiving a large inheritance may sound appealing to most, especially in an era where many have gone through two large financial depressions. However, there are many things that need to be considered. Here are some important tips for managing a large inheritance.
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Starting a US Subsidiary in a Remote World
Posted by Teresa Gordon on December 20, 2020
Now more than ever in today’s world of virtual and remote management of a US investment, cloud accounting tools serve foreign-owned companies well. Here are seven reasons why you should consider cloud accounting when starting a US subsidiary.
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Why It’s Important to Classify Employees vs. Independent Contractors
Posted by Margaret Amsden on December 18, 2020
Worker misclassification has been a long-standing issue because of the difficulty in distinguishing employees from independent contractors. Learn about the key differences between employees vs. independent contractors and how to classify each in your business.
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Talking Industrial Automation Podcast: Year-End Tax Tips
Posted by Tim Finerty on December 16, 2020
Listen to the Talking Industrial Automation podcast featuring Shareholder Tim Finerty highlighting tax planning tips and ways to maximize cash flow.
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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.
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Pre-transaction Tax Structuring Considerations for the Closely-held Business
Posted by Margaret Amsden and Benjamin Smith on December 13, 2020
There are alternatives to a S Corporation which may provide more flexibility and accessibility to investors.
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Happy Holidays
Posted by Robert Dutkiewicz on December 4, 2020
I hope everyone had a wonderful Thanksgiving! Though it has been a year like no other, as I reflect it’s clear that I have much to be grateful for. Each day I get the great pleasure of working with a terrific group of professionals.
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Private Client Services: An Introduction
Posted by Margaret Amsden on December 1, 2020
Owners of closely-held businesses are passionate about what they do, masters of their practice, and driven to succeed. When it comes time to plan for the future, Private Client Services (PCS) is the partner that helps business owners take on the future with the same confidence they have in their business.
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2020 Reporting Guidance
Posted by Margaret Amsden on November 28, 2020
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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Clayton & McKervey named a top workplace by the Detroit Free Press for 9th consecutive year
Posted by Clayton & McKervey on November 23, 2020
Clayton & McKervey, a certified public accounting and business advisory firm located in metro Detroit, is pleased to announce it has been named a 2020 Free Press Top Workplace.
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Clayton & McKervey announces additions to leadership team
Posted by Clayton & McKervey on November 23, 2020
Clayton & McKervey, a certified public accounting and business advisory firm helping growth-driven companies compete in the global marketplace, is pleased to announce two new managers have joined the leadership team.
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2020 Year-End Tax Planning Considerations
Posted by Tarah Ablett on November 22, 2020
As 2020 draws to a close, businesses and individuals should consider what tax planning strategies make the most sense for them. Here are some key tax planning considerations to keep in mind as we approach the end of the year.
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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.
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How Remote Work Has Impacted Auditing
Posted by Julie Killian on November 17, 2020
Auditing relies on two things more than anything else: having access and being in person. 2020 had other plans. Forced out of offices and forbidden to travel, auditors and firms across the globe have needed to adapt quickly to the world of remote work and all the issues that come with it.
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Fall Gratitude
Posted by Robert Dutkiewicz on November 9, 2020
I think many Michiganders would agree that there is nothing quite like a pristine fall day in Michigan with changing colors, crisp air, and weekend football games. Well, perhaps football hasn’t been quite the same this year, but then again, many things haven’t been quite what they were in the past.
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What You Need to Know! President-Elect Biden’s Tax Plan
Posted by Sarah Russell on November 9, 2020
Now that presumed U.S. President-Elect Joe Biden has been named, many people may be wondering what his tax plan looks like and whether there is anything they can do now to prepare for changes that may be coming. Here are some important highlights of his plan.
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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.
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16 Years on Metro Detroit’s Best and Brightest Companies to Work For List
Posted by Clayton & McKervey on October 28, 2020
We are honored to be recognized for the 16th year in a row as one of Metro Detroit's Best and Brightest Companies to Work For.
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2021 Proposed Mexico Tax Reform Package
Posted by Carlos Calderon on October 27, 2020
Here are some of the proposed amendments of the 2021 Mexico tax reform package. If approved by October 31, these new laws will go into effect on January 1.
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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&E tax credit.
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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.
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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.
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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.
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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.”
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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.
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Automation is the Solution for Maximizing ROI
Posted by Tim Finerty on September 23, 2020
As more and more companies face the pressure to create a higher performing product as efficiently as possible, a number of them are now adopting Industry 4.0 technology to adapt their workflows to the 21st century. And as a result of embracing this evolution, these businesses are reaping the benefits.
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Clayton & McKervey Announces Promotions
Posted by Clayton & McKervey on September 21, 2020
Clayton & McKervey is pleased to announce that three managers have been promoted to senior managers and two senior accountants have been promoted to managers effective September 1. The announcement of the promotions was made by President Rob Dutkiewicz, CPA.
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Considering a Merger or Acquisition?
Posted by Margaret Amsden and Ben Smith on September 20, 2020
The changes that occurred under the 2017 Tax Cuts and Jobs Act (TCJA) continue to impact businesses in multiple ways, and while some of these are favorable, others are not. More recently, the Coronavirus Aid, Relief, and Economic Security (CARES) Act further adjusted some of these rules. Businesses considering a transaction, such as a merger or acquisition, should be sure to discuss the following items.
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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.
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Expatriate Employees and Global Taxation
Posted by Eric Lin on September 9, 2020
As Chinese companies expand their businesses globally, expatriate employees’ individual income taxes become more critical for the employees themselves, and Chinese-owned foreign subsidiaries. Here are some important considerations under the Chinese IIT Rules.
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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.
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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.
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Labor Day Transitions
Posted by Robert Dutkiewicz on September 1, 2020
As we all know, in Michigan, the summer starts Memorial Day, and ends on Labor Day. Don’t look now, but Labor Day is right around the corner. As we reflect on the true meaning of Labor Day, I think all workers should be proud of their accomplishments this year.
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