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Resources

Accounting for Business

Welcome to our Resources section, where you will find articles pertaining to accounting for business, business financial planning, financial advice, and the industries of our clients. This section is a great source of information, but please contact us if you feel you need professional financial advice. Maxwell Locke & Ritter is here to offer trusted guidance.

 

Crisis brings out the best — and worst — in people. Some dishonest people have already turned the coronavirus (COVID-19) pandemic to their advantage by preying on unsuspecting victims and exploiting their fears.

“History has shown that criminals take every opportunity to perpetrate a fraud on unsuspecting victims, especially when a group of people is vulnerable or in a state of need,” said IRS Criminal Investigation Chief Don Fort.

Here’s an overview of six COVID-19-related scams and practical advice on how to avoid them.

The coronavirus (COVID-10) pandemic has had adverse effects on many industries. Both employers and employees are seeking ways to respond to financial stress resulting from the economic slowdown and financial market volatility.

If your company’s revenue has plummeted, you might be considering eliminating or scaling back your contributions to employees’ 401(k) accounts. Here’s what you should know before making any cuts.

On April 6, 2020, the Small Business Association and U.S. Treasury released additional guidance regarding the Paycheck Protection Program (PPP).

Beginning April 3, 2020, both small business and sole proprietorships can apply for loans under the Paycheck Protection Program (PPP) of the CARES Act through existing SBA lenders. Starting April 10, 2020, independent contractors and self-employed individuals will be able to apply for the PPP loans through SBA lenders as well

The CARES Act and the Families First Coronavirus Response Act provides significant benefits and protections for nonprofit organizations. This article offers an overview of the key aspects of each.

On March 25th the Senate passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act.  The CARES Act, which includes significant tax provisions and other measures to assist individuals and businesses impacted by the economic effects of the COVID-19 virus, was passed by the House and signed by the President on March 27th.

The Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed by President Trump on March 27th, includes small business relief in the form of SBA “paycheck protection” loans.  Key provisions of this program are highlighted in this article.

Every company has faced unprecedented challenges in adjusting to life following the widespread outbreak of the coronavirus (COVID-19). Small businesses face particular difficulties in that, by definition, their resources — human, capital and otherwise — are limited. If this describes your company, one place you can look to for some assistance is the Small Business Administration (SBA).

On March 18, President Trump signed into law a COVID-19 relief bill. It’s called the Families First Coronavirus Response Act. The new law mandates paid leave benefits for small business employees affected by the COVID-19 emergency and establishes related tax credits and Social Security and Medicare (FICA) tax relief for their employers.

Treasury Secretary Steven Mnuchin announced on March 20th that taxpayers will have an additional three months to file their tax returns, to go along with the extension of the payment deadline announced earlier in the week.

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