COVID-19, Tax & Assurance Guidance

The Silver Lining

Posted on April 21, 2020 by

Dave Van Damme

Dave Van Damme

Share This

Share on facebook
Share on twitter
Share on linkedin
Share on email

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.

This year was markedly different. With tax deadlines extended due to the COVID-19 pandemic and so many businesses either temporarily shut down or working remotely, April 15 came and went with little fanfare. I did, however, take some time to step away from work this weekend and relax. Particularly on Sunday with warmer temperatures and some sunshine, I took some time to get outside. Sun and warm weather, especially early in the spring is so energizing. While enjoying the outdoors I reflected on the past six weeks or so and the extraordinary things that have happened that are unlike anything I have ever experienced in my 32-year career. A deadly virus, stay at home orders, businesses completely idled, large scale government relief, things that seem like a Hollywood storyline. As I pondered all of these things I realized there is a silver lining, a feel-good story that has come from the efforts of the business community.

The past 2 – 3 weeks have been dominated by reading legislation like the CARES Act and the Families First Coronavirus Relief Act, and understanding the opportunities in these relief packages for our clients, developing tools to help with applications for programs like the Paycheck Protection Program and helping clients navigate all of the information so that they could successfully apply for the aid that they desperately need.

I have been amazed and humbled by the stories from clients as they work long hours fighting to keep their employees safe and financially stable. Business owners and key management members are throwing themselves into the details of the federal and state-level relief packages so they can understand if and how they qualify for assistance. It really is impactful to see the entrepreneurial minds of our client base pivot from their strategy during prosperous economic times to crisis management. Utilizing the same energy and out of the box thinking that they use to grow their businesses, they have quickly re-focused to deal with these unprecedented times. They have quickly moved to make decisions important to the long term health and survival of the business that they built and the welfare of the employees that are so important to them.

I am currently volunteering time to serve on a grant selection committee for a county-level grant for companies who can either ramp up an existing operation or quickly pivot their business to make Personal Protective Equipment (PPE) for first responders, hospitals, nursing homes, and others in need of PPE. Part of our process is to interview the business owners about why they need the grant. Almost universally the owners want to use their talents to help with the crisis as well as find ways to bring their idled workforce back to work so people are not suffering economically. Hearing the passionate pleas of business owners who want to help first hand has really made me realize how the worst of times brings out the best in people.

I am very proud to be part of a firm that has a group of people who are so passionate about helping the private entrepreneurial client base on which we focus our practice.  I am grateful to the bankers and attorneys who have worked countless hours alongside us as we all parse through the federal relief packages to provide our mutual clients and each other the best information we can. I am honored to have the opportunity to provide help and assistance to the brilliant entrepreneurs we have the good fortune to call our clients.

The challenges are far from over, but all of us at Clayton & McKervey look forward to continuing to provide the help our clients need to navigate these difficult and uncertain times.

The above represents our best understanding and interpretation of the material covered as of the date of this post. Things are moving at a rapid pace, and as such, information is subject to change. This information is provided for informational purposes only and is not intended to be a substitute for obtaining accounting, tax, or financial advice from an accountant.

Dave Van Damme

Shareholder

Dave leads the advisory & assurance practice and is well known inside and outside the firm for being both engaged & positive.

Related Insights

Tax & Assurance Guidance

Foreign Tax Withholding: What You Need to Know

Posted on April 26, 2022 by

Rob Cheyne
Making service payments to a foreign person is a common cross-border transaction. U.S. taxpayers need to be aware of the applicability of withholding tax and related reporting requirements to ensure they comply and avoid unintended consequences. A U.S. payor must collect withholding tax and remit it to the IRS in the case it is applicable.

Tax & Assurance Guidance

SALT Relief for Partners and S Corps

Posted on February 23, 2022 by

Miroslav Georgiev
With small businesses supporting nearly 47% of U.S. employees, states have been advocating for pass-through entities, operating partnerships and S corporations that have been harshly impacted by the Tax Cuts and Job Act ‘s state and local taxes deduction limit. Recent legislative activity is finally providing relief for many of these businesses. 

Tax & Assurance Guidance

IRS Provides Relief on K-2 and K-3

Posted on February 17, 2022 by

Margaret Amsden
In an attempt to provide more transparency with regard to reporting of foreign activity and/or information to foreign owners, the IRS came out with two new forms: Schedule K-2 (an addendum to the Schedule K) and Schedule K-3 (an addendum to the Schedule K-1). Learn about the latest K-2 and K-3 reporting requirements issued by the IRS.

Sign up for our newsletters

Get general business and industry-specific news and knowledge straight from our accounting specialists.

The Sound of Automation Podcast

The Sound of Automation Podcast

Industrial automation businesses are the driving force behind Industry 4.0, and Clayton & McKervey is here to help.

Insights & Perspectives

The Sound of Automation: Looking ahead to CSIA 2022

In this episode we talk with Lisa Richter, Director of Industry Outreach and Growth at Control System Integrators Association (CSIA) . Lisa and Bryan look ahead to the CSIA Executive conference taking place in Denver, CO on June 27-30, 2022 and share with listeners what to expect, who will be there, and the discussion panel topics focusing on this years’ theme “The Future of Work”. 

Read More

The Sound of Automation Podcast

Industrial automation businesses are the driving force behind Industry 4.0, and Clayton & McKervey is here to help.

Skip to content