CARES Act, Part II: How to Prepare

CARES Act, Part II: How to Prepare

The Federal Government is set to implement legislation that would allow more money to flow once again to small businesses affected by COVID-19–$322 billion more including $60 billion set aside for smaller lenders like community banks and credit unions. $60...
A Message From Our Partners

A Message From Our Partners

We are reaching out to simply let you know that all of us are thinking of you during these unprecedented times. Life has we know it has been challenged and changed: the new work environment shared with fury four-legged pets and “office mates” who know you...
CARES Act, Part II: How to Prepare

Deferral of Payroll Taxes

The IRS has clarified ability to defer paying the employer share of payroll taxes.  It was previously understood that you could not defer payroll taxes if you participated in the Payroll Protection Program (PPP). However, you are now able to participate and defer...
CARES Act, Part II: How to Prepare

FASB Considers Accounting Relief During COVID-19 Pandemic

The Financial Accounting Standards Board (FASB) held a public meeting on April 8, 2020 to approve measures intended to provide stakeholders with accounting relief and clarity during the COVID-19 crisis. In the coming days, the FASB will issue a proposal to provide...
CARES Act, Part II: How to Prepare

CARES Act – Entrepreneurial Development and Education

The House passed the Senate’s CARES Act yesterday. The Act includes a section related to entrepreneurial development that provides funding to educate small businesses and their employees on resources available during this time: MINORITY BUSINESS DEVELOPMENT...
CARES Act, Part II: How to Prepare

CARES Act – Provisions for Employers

The House passed the Senate’s CARES Act yesterday. The Act includes a section related to provisions and resources available during this time for taxpayers: CREDIT AGAINST EMPLOYMENT TAXES Receive a credit of Qualified Wages for each quarterLimited to $10,000 per...
CARES Act, Part II: How to Prepare

CARES Act – Individual Tax Relief Provisions

The House passed the Senate’s CARES Act today. The Act includes individual tax relief provisions that we have broken down below:  RECOVERY RELIEF Advance rebate against 2020 taxes$1,200 for Individuals; $2,400 for joint, $500 for each child$5 phases out for...
CARES Act, Part II: How to Prepare

Keeping American Workers Paid and Employed Act Summary

In the late hours of March 25, 2020 the U.S. Senate unanimously passed the Coronavirus Aid, Relief, and Economic Security Act (dubbed the CARES Act), an anxiously awaited bill to help Americans navigate this new COVID-19 induced economic environment. While the bill...
CARES Act, Part II: How to Prepare

CARES Act Summary

The senate passes the third bill to help the economy with current COVID-19 crisis, but what does it mean for you? Below is a brief summary of the CARES Act. We will be diving into the details today and we will get more information out to you as it becomes available....
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