Posted onOctober 27, 2020
Tax Implications When Lenders Cancel Debts in the COVID-19 Era
In the COVID-19-ravaged economy, debts can pile up beyond a borrower's ability to repay. Lenders sometimes may be willing to forgive (or cancel) debts that are owed by certain borrowers.
Posted onOctober 13, 2020
COVID-19 Relief: New Rules for Deducting Charitable Contributions
No matter what any of us have tried to accomplish in 2020, it certainly has been harder to achieve. That is the case for not-for-profit organizations, which depend on charitable giving to support their mission.
Posted onOctober 8, 2020
When accounting for your leases, will you benefit from FASB’s response to Covid-19?
In anticipation of disruptions resulting from the Covid-19 Pandemic (Covid-19), on June 3, 2020, the Financial Accounting Standards Board (FASB) granted a one-year effective date delay for certain entities implementing the new lease accounting standard (Topic 842).
Posted onSeptember 30, 2020
New York Paid Sick Time Frequently Asked Questions
Starting January 1, 2021 nearly all New York employers must offer paid sick leave to their employee under the recently enacted New York Labor Law.
Posted onSeptember 29, 2020
Buying a Distressed Business
Many businesses have suffered financial losses due to the COVID-19 crisis. Some may even be on the verge of bankruptcy or otherwise looking for an exit strategy.
Posted onSeptember 22, 2020
Achieving Financial Stability
Business owners may often experience the “pit in their stomach” feeling when they assess the financial stability of their organizations.
Posted onSeptember 20, 2020
SBA Paycheck Protection Program (PPP) Forgiveness FAQ's
Recently the SBA has updated its web page to reorganize their PPP Forgiveness FAQ’s section so that it is broken down into sections listed below
Posted onSeptember 20, 2020
Payroll Tax Deferral
On August 29, the U.S. Department of the Treasury released Notice 2020-65 in response to President Trump’s executive order allowing employers to defer the employee share of Social Security tax (6.2%) withheld from September 1 through December 31, 2010.
Posted onAugust 6, 2020
Five Compelling Reasons to Consider Outsourcing
In prior blog posts, we have discussed the Benefits of Outsourcing, the Economics of Outsourcing, and Metrics that Matter. In and through these blogs, we have articulated a rationale for utilizing outsourcing – specifically accounting and finance – within an organization.
Posted onAugust 5, 2020
COVID-19 Crisis May Affect Tax Angles For Rental Property Losses
The economic fallout from the COVID-19 crisis will cause many rental real estate properties to run up tax losses in 2020 — and possibly beyond. Here's a summary of important federal income tax rules for such losses.
Posted onJuly 22, 2020
Can Your Business Survive and Even Thrive in These Trying Times?
The novel coronavirus (COVID-19) pandemic has caused difficulties for millions of businesses — from family-owned restaurants and niche manufacturers to multinational airlines and oil companies.
Posted onJuly 10, 2020
COVID-19 Pandemic Poses Complex HR Policy Questions
Questions from employers and employees about coronavirus (COVID-19) pandemic are multiplying almost as fast as the virus itself. Employers need to rely on a combination of authoritative legal and medical advice, and their own common sense, to keep employees safe.
Posted onJuly 8, 2020
Economics of Outsourcing
In this article, we will explore the potential cost savings that an organization may realize through outsourcing. The economic argument to consider outsourcing is quite compelling.
Posted onJune 19, 2020
Metrics that Matter
Webster’s Dictionary defines metrics as standards of measurement and, while these are fundamentally quantitative in nature, metrics can also be viewed as pieces and parts of a story. In this article, we will discuss why metrics matter and how they play an important role in the story of a business.
Posted onMay 28, 2020
The Benefits of Outsourcing
Outsourcing - put simply - is looking outside of your organization for expertise. Organizations will often bring in external resources for knowledge in areas such as finance, law, HR, or payroll.
Posted onMay 21, 2020
Your Personal Finances Haven’t Been Immune to the Pandemic
Pandemics on the scale of the current COVID-19 crisis don’t come along very often. But the damage they cause is almost impossible to escape.