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Accounting & Finance Articles

Welcome to our Resources section, where you will find articles on accounting and finance for businesses and individuals, as well as resources to aid in business financial planning across a variety of industries we serve. Please contact us for personalized advice in accounting and finance. Maxwell Locke & Ritter is here to offer trusted guidance.

 

A natural place to turn when disaster strikes is insurance. The very reason you pay premiums and deal with the paperwork is to have these risk management policies in place when necessary. But, when it comes to business interruption coverage, you may have to adjust your expectations if you intend to file a claim because of the novel coronavirus (COVID-19) pandemic.

The IRS recently issued Notice 2020-23, expanding on previously issued guidance extending certain tax filing and payment deadlines in response to the novel coronavirus (COVID-19) crisis. This guidance applies to specified filing obligations and other “specified actions” that would otherwise be due on or after April 1, 2020, and before July 15, 2020. It extends the due date for specified actions to July 15, 2020.

Imagine this scenario: A company’s controller is hospitalized for the novel coronavirus (COVID-19), and she’s the only person inside the company who knows how its accounting and payroll software works. She also is the only person with check signing authority, besides the owner, who is in lockdown at his second home out of state. Meanwhile, payroll needs to be processed soon and unpaid bills are piling up.

Of course the health of the controller is what’s most important, but this situation also highlights the importance of cross-training your staff to handle critical tasks. Doing so offers numerous benefits that generally outweigh the investment in the time it takes to get employees up to speed.

Few businesses have been left unscathed by the novel coronavirus (COVID-19) pandemic. Unfortunately, many have been mortally wounded. Some may be living on life support thanks to financial help from the government, but their long-term survival is in doubt. That may not be inevitable, however, particularly for businesses that are proactive.

Business advisors are instructing companies to be resilient and nimble to come out on top. What does that mean for your business? Having deep pockets is one form of resilience. It gives you the ability to endure a sustained revenue drought while still keeping employees on board and your vendors, your landlord and other creditors on good terms. But resilience is also a state of mind: that is, being able to have faith in the future, think and act creatively under duress to make a better future possible.

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The United States-Mexico-Canada Agreement (USMCA) will take effect on July 1, 2020. President Trump has hailed the new North American trade treaty as a “colossal victory” for Americans. Whether the impact is worthy of superlatives will vary by industry sector and geography. Here’s what U.S. business owners should know.

The Coronavirus Aid, Relief, and Economic Security (CARES) Act unwinds some of the tax-revenue-generating provisions included in a previous tax law. Here’s a look at how the rules for claiming certain tax losses have been modified to provide businesses and individuals with relief from the financial effects of the novel coronavirus (COVID-19) crisis

On May 15th, the Small Business Association released the Paycheck Protection Program’s (PPP) Loan Forgiveness Application, providing much needed guidance for borrowers, as forgiveness is top of mind for many PPP recipients.

The Coronavirus Aid, Relief, and Economic Security (CARES) Act includes several changes that encourage charitable giving during the coronavirus (COVID-19) crisis. This is welcome news for certain public charities, including churches, educational organizations, hospitals, medical research organizations and food banks. Here’s an overview of the tax rules for deducting charitable contributions — and how they’ve temporarily changed for 2020.

On May 13, 2020, the SBA released additional FAQs regarding how it will review borrowers’ good faith certifications for PPP loan requests.

Many companies have questions about how to handle employee benefits, especially health care coverage while employees are on furlough due to the novel coronavirus (COVID-19) pandemic. Here’s an example of a common question some employers are asking.

Advice from Industry Experts

Our team includes specialists who have a proven track record of helping their clients reach their financial goals. For audit services, tax preparation, due diligence, IT security & compliance, wealth management, and 401(k) plan management, we can help answer your questions and get you on the right track.

Contact us today to schedule your consultation.

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