Essential Workers Are Second in Line for Vaccine
The article discusses the recent publication from the CDC outlining their plan for the second wave of coronavirus vaccines. Specifically, “essential workers” Are scheduled to receive the vaccine only behind healthcare workers. However, their publication listed “education, food, and agriculture, utilities, firefighters, correction officers and transportation” workers as examples. However, the vice president of the AGC is not worried that construction workers were not listed. Check out this link for more information! To view this article,...
Income Tax Brackets for 2020 and 2021
This article discusses the importance of being educated on the latest income tax brackets and trends to best optimize your hard-earned savings. Each year the IRS adjusts the tax brackets and knowing exactly which one you and your business fall into and can be very beneficial. Be sure to check out this link to compare last year to the expected upcoming 2021 federal income tax bracket and rates. To view this article, click HERE to access...
Maryland Enacts Pass-Through Entity SALT Deduction Workaround
On May 7, the governor of Maryland enacted SB 523 – Income Tax—Pass-Through Entities and Corporations. This new legislation aims to provide relief for taxpayers from the $10,000 cap on federal deductions for state and local taxes (SALTs). SB 523 goes into effect on July 1, 2020 and applies to tax years 2020 and beyond. SB 523 was created in response to a change made by the 2017 Tax Cuts and Jobs Act (TCJA). The TCJA...
What Contractors Can Expect from the New Administration
This article discusses the election effect that is going to be felt in the construction industry in the months to come. For example, Biden promised to “invest $2 trillion into the economy, creating millions of jobs in infrastructure, housing, building construction, and other projects.” Additionally, the strengthening of worker organizations and unions should be monitored. Be sure to check out this article for more information! To view this article, click HERE to access the original content. ...
Finding, Retaining, and Rewarding the Right Staff and Clients
This article discusses some of the best practices that you can incorporate into your startup or general business to keep adequate clients and customers surrounding your business. Whether it is superior customer service, being open and honest, and/or rewarding great work, these tips can set you apart from the competition. Be sure to check out this link for more details! To view this article, click HERE to access the original content.
Deducting Losses – Current NOL Rules Related to the CARES Act
This article discusses how the coronavirus pandemic impacted many businesses in a negative way. Despite government funding programs such as the CARES Act and PPP Loan, many businesses are going to finish the year with a negative net operating loss. However, because of these losses, “It is critical for those businesses and especially their financial advisers to be updated on the current rules surrounding the NOL deduction.” Be sure to check out this link for...
Assessing and Understanding Your Weaknesses
When a driver fails to check their blind spot before changing lanes, an accident can easily happen; similarly, when an accounting professional fails to have a clear understanding of their weaknesses, it can be very detrimental to their career. Today we want to talk about a potentially unpopular subject: assessing and understanding your own weaknesses. Benefits of Understanding Your Weaknesses Nobody really enjoys contemplating what they are bad at, but it is an exercise well worth the...
How Sustainable Development Can Qualify as R & D Tax Credits
This article discusses how many occupations including builders and property owners can benefit from research and development tax credits by pushing for sustainable development. Specifically, “Sustainable construction practices that involve innovative processes and activities may qualify for R&D tax credits.” These opportunities often go overlooked, but research and development tax credits are a significant part of the tax code in the United States and are aimed at keeping technology and other advancements within our nation....
Main Street Loans Opening Up for Smaller Businesses
This article discusses the most recent announcement from the Federal Reserve Board. This is significant for small businesses because the minimum loan amount went from $250,000 to $100,000 on three Main Street loan facilities. Additionally, they published a frequently asked clarification document that answers questions concerning the paycheck protection program. Be sure to check out this link for more information! To view this article, click HERE to access the original content.
Tax Credits Construction Firms Often Overlook
This article discusses significant construction projects that are set to begin rather soon in the Midwest. However, a major source of funding is being overlooked; a research and development tax credit. Although there are four qualifications a project must meet in order to receive a research and development tax credit, digging into whether or not your firm qualifies can be well worth it. In fact, “The R&D credit has recently been made a permanent federal...
Why Hiring a Tax Accountant is Good for Small Business
This article discusses how, although hiring a CPA for your small business comes with a cost, the pros may outweigh the cons in this situation. For example, hiring a CPA will allow you to save precious time and can be used as a trusted source for support. Additionally, your accountant can help you with all finance-related work as well as offer advice on a daily basis. Be sure to check out this article for more...
Getting Around the New Law That Impairs the Stretch IRA Strategy
Last December, the Setting Every Community Up for Retirement Enhancement (SECURE) Act became law. The SECURE Act was intended mainly to expand opportunities for individuals to increase their retirement savings and to simplify the administration of retirement plans. That’s the good part. But the act also included a big unfavorable change that kneecapped the so-called stretch IRA estate planning strategy that was employed by well-off IRA owners. The Stretch IRA Strategy The stretch IRA strategy involves keeping as much...
Don’t Let the IRS Set Your S Corporation Salary
You likely formed an S corporation to save on self-employment taxes. If so, is your S corporation salary nonexistent? too low? too high? just right? Getting the S corporation salary right is important. First, if it’s too low and you get caught by the IRS, you will pay not only income taxes and self-employment taxes on the too-low amount, but also both payroll and income tax penalties that can cost plenty. Second, in most cases, the IRS is...
Using Whole or Partial Rooms for Your Home Office
With the COVID-19 pandemic still going on, you may be spending more time working from your home office. You may have taken some extra rooms for your business use. Is that okay? Section 280A(c) states that you may claim a home office based on the portion of the dwelling that you use exclusively and regularly for business. Thus, the law dictates no specific number of rooms or particulars regarding the size of the office. The courts make this...
The Latest on Payroll Tax Deferral
If you have employees, you must withhold their 6.2 percent share of the Social Security tax from their wages up to an annual wage ceiling ($137,700 for 2020). You must pay the money to the IRS along with your matching 6.2 percent employer share of the tax. But under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, as you likely know, employers are allowed to defer paying their 6.2 percent share of the Social Security...
Unclaimed Property Distributions Allowed As Self-Certified Rollovers
The article discusses a recent publication from the IRS in response to multiple requests from stakeholders asking for guidance on self-certifications. Additionally, it outlines what is required within the report as well as the effective dates of this revision. Check out this article for more information! To view this article, click HERE to access the original content.
Fighting Financial Fraud
This article discusses how the coronavirus pandemic, and in particular, telecommuting, has raised a new set of problems for managers in terms of company fraud. Working from home has its benefits, but as a company owner or manager, it also has a lot of risks. Tools to fight fraud have been increasing through the years, but now more than ever, your company can benefit from understanding these tools and utilizing them in your business. Check...
Small Business Best Practices for the Remainder of 2020
This article discusses some of the best business practices that your business can partake in order to ensure or maintain results during this hard time. From knowing the weaknesses of your products to having a playbook and the right tools, these tips can be very useful as we continue on in 2020. Be sure to check out this article to view the full list! To view this article, click HERE to access the original content. ...
Virtual Interview Best Practices
As the coronavirus pandemic drags on, it is likely that any interview you attend—whether for a job, an internship, or a volunteer position—will be conducted virtually. While Google is rife with articles offering tips and tricks for acing job interviews, advice about how to handle the particulars of interviews conducted virtually is less common. Read on for some helpful best practices. Before Your Interview Prior to your interview, there are some special steps you should take to...
Video: Leading in Times of Uncertainty
Is your business merely surviving? Wouldn’t you rather have it thrive?Now, more than ever, businesses need strong leadership in order to make sure their organization is growing from a strong, solid foundation.So, how do you do it? How do you lead a team to sucess amidst precarious circumstances?In our latest video, Gravitas Impact Coach Zack Greene takes you through six actions to make your leadership more impactful.
What is Sustainable Construction
This article goes into detail about what it means to be sustainable. For private and public sectors, this definition may be totally different. However, “The U.S. Environmental Protection Agency defines sustainable construction as “the practice of creating structures and using processes that are environmentally responsible and resource-efficient throughout a building’s life-cycle from siting to design, construction, operation, maintenance.” Given this definition, there are many benefits to promoting sustainability within the construction industry. These benefits include...
Successful Employee Recruitment Strategies
This article is aimed at helping small businesses grow in the right direction through the recruitment process. Some of the best practices outlined in this link are identifying what your vacant jobs entail, advertising, and holding introductory calls. Be sure to check out this link and review all of the strategies because recruitment is a vital key for success in any small business. To view this article, click HERE to access the original content. ...
Family Business Trends in a Post-COVID-19 World
This article discusses how the coronavirus pandemic has impacted the national economy, and in particular, family enterprises. However, being educated on emerging trends such as the rise of small cities, an increase in digitalization, and a slowdown in globalization can help your family business get back on the right track. To view this article, click HERE to access the original content.
HeimLantz CPAs and Advisors Welcomes New Bookkeepers
The local public accounting and business advisory firm, HeimLantz, is pleased to announce the additions of Lynn Roy and Yvette Sosa to their professional team. Lynn Roy joined the HeimLantz team, part-time effective July 20, as an outsourced accountant. She brings with her six years of experience as a financial specialist with the US Army and 15 years of experience as a financial manager with a law firm. Yvette Sosa also serves the firm as an...
Opportunity Zone Tax Incentive Benefits
This article discusses a rare opportunity that the Tax Cuts and Jobs Act have produced for investors in the United States. Long story short, this act is incentivizing investors to invest in distressed communities in order to receive tax benefits in the hopes of “spur[ing] economic development and job creation” in those regions. Be sure to check out this article for more details surrounding the opportunity zones qualifications needed! To view this article, click HERE to...
IRS Issues Guidance Regarding Payroll Tax Deferral
On Friday, August 28, the Internal Revenue Service (IRS) released Notice 2020-65, which offers guidance regarding the implementation of the Presidential Memorandum on the deferment of some payroll taxes. The memorandum, which was released by the President on August 8th, called for a deferral of the employee share of social security tax (or the railroad retirement tax equivalent) due between September 1, 2020 and the end of the year. The deferral applies to employees who earn...
How COVID-19 Has Changed Business Forever
This article discusses how the coronavirus pandemic is impacting a number of industries in multiple ways. Some of the trends include working from home, hiring based on technology skill set, and restaurants teaming up with delivery services permanently. No matter your industry, being aware of these trends and how they will impact businesses on a day-to-day basis will provide a competitive edge during this unstable time. To view this article, click HERE to access the original...
August 2020 Tax Saving Tips
Spending the PPP Money on You and Your Employees If you report your business income and expenses on Schedule C of your Form 1040, your Payroll Protection Program (PPP) loan forgiveness is straightforward, as you see in the four answers below. Paying Myself Question. I know that I can achieve full forgiveness based solely on my 2019 Schedule C income in 10.8 weeks under the 24-week program. Do I have to pay myself every week for 10.8 weeks? Answer....
Making Federal Payments to the IRS – Past, Present and Future
In times past, mailing a tax payment to the IRS was reliable and simple. Due to recent changes at the United States Postal Service, a large majority of mail is unprocessed and backlogged throughout the country. Coupled with delays caused by the ongoing COVID pandemic, the IRS has been unable to process many 2019 tax payments. As a taxpayer, you may have mailed paper checks for tax obligations that were due on July 15, 2020. The...
The Impact of COVID-19 on the Construction Industry
This article discusses how the coronavirus has impacted the construction industry on a number of levels. However, the industry as a whole was recovering until the recent spikes in COVID-19 in some states. In fact, “Nonresidential building starts were down 7 percent year-to-date for this year compared to the same period in 2019.” To view this article, click HERE to access the original content.
11 Small Business Accounting Tips to Save Your Business Time and Money
This article discusses some accounting tips that your small business should consider following in order to become more efficient. There are many details business owners must consider, managing your accounting practices early on will allow you to focus on the work of growing your business. Whether it is as simple as separating your personal and business expenses or eventually making things automated, getting back to basics can go a long way to saving you time...
Presidential Memos Address Coronavirus Issues
Over the weekend, President Trump issued a series of executive actions. Three of the four memos aim at extending CARES Act provisions that have expired already or will expire soon. The fourth seeks to mimic the payroll tax holiday for which the President has been advocating. The four executive actions address the following areas: Unemployment Benefits – This memorandum authorizes an extension of the enhanced unemployment benefits legislated in the CARES Act. It lowers the weekly...
Construction Trends in 2020
This article outlines and discusses some of the latest trends within the construction industry. Whether it is the growth of modular construction, robotic advancements, or technology keeping project costs down, these trends are important to keep in mind as construction attempts to bounce back from the pandemic. To view this article, click HERE to access the original content.
4 Tips to Stabilize Your Small Business
In this time of uncertainty, knowing about and implementing some best practices within the industry can go along way in the health of your business. This article discusses four tips that you can take advantage of, such as keeping your customers up-to-date, shifting to an online focus, and managing expenses. To view this article, click HERE to access the original content.
IRS Publishes New Release Regarding Business Interest Expense Limitations
The Internal Revenue Service (IRS) recently announced finalized guidance regarding business interest expense limitations. In a helpful article from the Journal of Accountancy, author Sally Schreiber offers an overview of the new rules. Background The business interest expense limitation was created by the Tax Cuts and Jobs Act (TCJA) of 2017 and subsequently modified by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) of 2020. The TCJA established that for tax years 2018 and beyond,...
Required Directives for Construction Projects
This article discusses the latest mandated practices throughout the state of California in terms of construction projects. Although specifically published for the state of California, this article can be a great indicator of what is going to come for the rest of the states. To view this article, click HERE to access the original content.
Main Street Lending Program Provides Working Capital for Small Businesses
The Main Street Lending Program is designed to help credit flow to small and medium-sized businesses and nonprofit organizations that were in sound financial condition before the onset of the COVID-19 crisis, but now need loans to help maintain their operations until they have recovered from, or adapted to, the impacts of the pandemic. Loans originated under the program have several features that will help businesses and nonprofits facing challenges, and loan sizes start at...
The Future of Remote Working After COVID-19
This article discusses how the coronavirus pandemic has impacted the way businesses operate on a day-to-day basis. One major difference the pandemic has resulted in is the increase in telecommuting. This article outlines some of the best practices for remote work. These practices include getting a clearer picture of which roles are better suited for remote work, clarifying expectations, addressing specific needs, utilizing video calls, and thinking beyond technology. Putting these practices into place will go...
Overcoming COVID-19 Challenges in the Construction Industry
Whether the impact is on a global, national, or individual industry level, this pandemic is already changing the way businesses are operating on a day-to-day basis. As we venture past the peak of the pandemic, businesses are going to have to adapt to the new world in which they reside in order to survive. Specifically, this link gathers many articles about how workers are overcoming challenges in front of them within the construction industry. To view...
Promoting Collaboration During a Crisis
Whether the impact is on a global, national, or individual industry level, this pandemic is already changing the way businesses are operating on a day-to-day basis. As we venture past the peak of the pandemic, businesses are going to have to adapt to the new world in which they reside in order to survive. Specifically, within the business industry and as a business owner, it is crucial, now more than ever, to be familiar with...
PPP Gets Five-Week Extension
On Wednesday, July 1, the House agreed unanimously to an extension of the Paycheck Protection Program (PPP). The five-week extension originated in the Senate on Tuesday, where it was approved late in the evening. President Trump signed the bill into law on Saturday, July 4. With around $129 billion of loan funds still available through the PPP, the application window closed on Tuesday, June 30 at midnight. However, this extension means that the U.S. Small Business...
SBA Releases Guidance Regarding Early PPP Loan Forgiveness
On June 22, the U.S. Small Business Administration (SBA) released additional guidance regarding Paycheck Protection Program (PPP) loan forgiveness. A recent article from the Journal of Accountancy summarizes the information contained in the release. The new interim final rule primarily addresses changes made by the Paycheck Protection Program Flexibility Act of 2020. This is the second round of guidance following the new legislation. It seeks to respond to inquiries regarding applying early for PPP loan forgiveness. Monday’s...
10 States Where Construction Has Been Most Affected By Coronavirus
This article dives into how the coronavirus has impacted the construction industry nationwide. Specifically, the graphs within this article show which states were negatively impacted the most and what construction activities are on the decline. Additionally, this article offers insight into things such as the PPP loan and white may be next for the industry. To view this article, click HERE to access the original content.
Improving Cash Flow Post-COVID 19 With the R&D Tax Credit
As businesses attempt to get back on their feet post Covid-19, understanding programs that you may qualify for, such as the R&D tax credit, can help reestablish robust cash flow. This article outlines the ins and outs of the tax credit program, what the many benefits are, and what documents are needed in order to claim the credit. To view this article, click HERE to access the original content.
5 Questions to Consider Regarding Goodwill & Asset Impairment Testing
This article discusses how the coronavirus has impacted the business world on a number of levels including raising questions around Goodwill and long-lived assets. Whether it is trying to sort through Goodwill testing or estimated values for publicly traded companies, this article offers information from a general business perspective. To view this article, click HERE to access the original content.
Changes Coming to Construction Sites in Response to COVID-19
This article discusses different topics concerning the safety of construction workers as the industry attempts to make a recovery. Based on the knowledge that we know about the COVID-19, health professionals are recommending proper hygiene techniques such as washing hands after touching tools and equipment. Additionally, this article outlines some steps that employers should be taking to reduce transmission. To view this article, click HERE to access the original content.
The Future of Customer Service Agents Working from Home
As the country and even the world shift their attention to the seeming long-lasting impact of the Coronavirus, updates appear to be coming out each day. Whether the impact is on a global, national, or individual industry level, this pandemic is already changing the way businesses are operating on a day-to-day basis. As we venture past the peak of the pandemic, businesses are going to have to adapt to the new world in which they...
Senate Passes Paycheck Protection Flexibility Act
On Wednesday night, the Senate voted unanimously in favor of the Paycheck Protection Flexibility Act. This new legislation makes key adjustments to the timeline for spending Paycheck Protection Program (PPP) funds and revises how loan recipients are required to allocate the money. Here is a brief overview of the key provisions contained in the bill: Loan recipients now have 24 weeks to spend the funds. Previously, they had to use all the money within eight weeks. ...
New Guidance Regarding PPP Loan Forgiveness
On May 22, the Small Business Administration (SBA), in conjunction with the U.S. Treasury, released additional guidance for recipients of loans through the Paycheck Protection Program (PPP). A recent article from the Journal of Accountancy examines the details of the new release. The SBA issued two new interim final rules, one regarding requirements for loan forgiveness and the other covering procedures for loan review and responsibilities of borrowers and lenders. The article pulls out highlights from...
Key Considerations for Recalling Your Workforce
Have you thought about what it will look like to restore your workforce? As more and more businesses receive loans through the Paycheck Protection Program (PPP) and consider recalling their employees, there are several key considerations to take into account. Established by the CARES Act, the PPP is an initiative that offers aid to small businesses via forgivable federal loans. Borrowers can qualify for up to $10 million in 100% federal government guaranteed covered loans. The...
What Will the Post-Coronavirus Business World Look Like?
As the U.S. slowly starts to transition into reopening, many business owners are anticipating big changes—a new normal. While nobody can know for sure how things will turn out, today we want to spend some time pondering what the post-coronavirus business world might look like. What might reopening look like for businesses? Because of the governing system in the U.S., reopening will look quite different—and take place on a different schedule—from one state to another. Some states...
FASB Announces Further Delays of Revenue Recognition and Leases Standards
Following last month’s proposal to defer the effective date of two standards for private companies and nonprofit organizations, the Financial Accounting Standards Board (FASB) voted to delay the effective dates of revenue recognition and leases standards on May 20. The standards extension comes as a response to complications caused by the coronavirus pandemic. A recent article from Accounting Today examines the history of delays for these two items. This is not the first time that the...
The Future Impact of the Global Pandemic on the Construction Industry
This article discusses how the Coronavirus is going to impact the construction industry on a number of levels in the near future. From mild adjustments to safety regulations, the changes are going to be inevitable. However, this article outlines how you can best position yourself for what is ahead, both in the short and long term. To view this article, click HERE to access the original content.
Paycheck Protection Program Loan Forgiveness Best Practices
Whether the impact is on a global, national, or individual industry level, this pandemic is already changing the way businesses are operating on a day-to-day basis. As we venture past the peak of the pandemic, businesses are going to have to adapt to the new world in which they reside in order to survive. The Paycheck Protection Program loan has become a lifeline for small businesses. Some of these loans may even be forgiven if...
SBA Releases Application for PPP Loan Forgiveness
On Friday, May 15, the Small Business Administration (SBA) announced an important release for borrowers who received loans through the Paycheck Protection Program (PPP). The bureau made public a form and instructions for borrowers to use to apply for PPP loan forgiveness. The application must be completed and submitted to the lender that serviced the borrower’s PPP loan. It includes the following four components: A form for calculating the PPP loan forgiveness amount A PPP Schedule...
Maintaining Your Mental Health During the Coronavirus Pandemic
There is a lot of scary stuff happening right now. Many are struggling to maintain good mental health in light of the coronavirus pandemic. For some, the mental strain is exacerbated by the fact that so many are practicing social distancing. So how can you maintain or strengthen your mental health in the midst of these dire circumstances? A recent article from BBC News offers the following tips: Take a step back from the news –...
New SBA Guidance Regarding Loan Increases for Partnerships, Seasonal Employers
On May 13, the Small Business Administration (SBA) released new guidance regarding the Paycheck Protection Program (PPP), Business Loan Program Temporary Changes; Paycheck Protection Program – Loan Increases. This is a new interim final rule allowing for an increase in the amount of loan for which partnerships and seasonal employers are eligible. Let’s back up—why is further guidance in this area required in the first place? After the PPP was initially created, an interim rule released...
What to Consider When Reopening
Many businesses and organizations across the country are evaluating and making plans to reopen. Some calls for ending stay-at-home orders are due to economic necessity. Others stem from a desire to maintain mental well-being through social interactions. Regardless of one's stance on why the country should begin to reopen, what is clear is this: it is the responsibility of everyone to take reopening steps with as much care and caution as possible. Although much remains unknown...
New SBA Guidance Regarding Paycheck Protection Program
On May 13, the Small Business Administration (SBA) issued additional guidance regarding the Paycheck Protection Program (PPP). They added a highly anticipated new question to their lengthy FAQ: “How will SBA review borrowers’ required good-faith certification concerning the necessity of their loan request?” One of the requirements when submitting a PPP loan application is a self-certification by the applicant that the loan is necessary to support their ongoing operations in light of the current economic circumstances....
The New Normal for the Construction Industry
As the country and even the world shift their attention to the seeming long-lasting impact of the Coronavirus, updates appear to be coming out each day. Whether the impact is on a global, national, or individual industry level, this pandemic is already changing the way businesses are operating on a day-to-day basis. As we venture past the peak of the pandemic, businesses are going to have to adapt to the new world in which they...
Playbook for Re-Opening Your Business
As the country and even the world shift their attention to the seeming long-lasting impact of the Coronavirus, updates appear to be coming out each day. Whether the impact is on a global, national, or individual industry level, this pandemic is already changing the way businesses are operating on a day-to-day basis. As we venture past the peak of the pandemic, businesses are going to have to adapt to the new world in which they...
The CARES Act and CRE
How your business can benefit from the CARES Act legislation… Downalod the Handout (pdf) »
Is My PPP Loan Still Forgivable if My Employees Refuse to Come Back to Work?
The Paycheck Protection Program (PPP) is a loan initiative created by the CARES Act that targets aid to small businesses dealing with losses resulting from the coronavirus pandemic. The big appeal of the program is that the portion of the PPP loan funds used for certain “allowable purchases” is fully forgivable. Firstly, what are the requirements for achieving PPP loan forgiveness? The SBA guidelines state that PPP loan funds will be forgiven (1) if an employer...
SBA Releases Additional PPP FAQ Questions
On May 3rd, the Small Business Administration (SBA) issued a new round of guidance regarding the Paycheck Protection Program (PPP). They addressed three issues for which business owners have requested clarification, including: The impact of a laid-off employee refusing to be rehired on a borrower’s PPP loan forgiveness amount – If the borrower attempts to rehire laid-off employees at the same salary/wages and number of hours but the employees refuse, the employees may be excluded...
The Commercial Impact of the Coronavirus on the Tech Industry
As the country and even the world shift their attention to the seeming long-lasting impact of the Coronavirus, updates appear to be coming out each day. Whether the impact is on a global, national or individual industry level, this pandemic is already changing the way businesses are operating on a day-to-day basis. Specifically, within the technology industry, tips such as monitoring customer demands and assigning critical suppliers can be beneficial. To view this article, click HERE...
How The Office of the Future Will Look After Coronavirus
As the country and even the world shift their attention to the seeming long-lasting impact of the Coronavirus, updates appear to be coming out each day. Whether the impact is on a global, national, or individual industry level, this pandemic is already changing the way businesses are operating on a day-to-day basis. Specifically, changes to the workplace such as wider corridors and better air filtration are occurring. To view this article, click HERE to access the...
IRS Releases Notice Regarding Tax Deductions and PPP Loan Funds
On Thursday, April 30, the IRS released Notice 2020-32. The announcement effectively disallows a tax deduction for any expenses that are paid with forgiven Paycheck Protection Program (PPP) loan proceeds. The PPP was created by the Coronavirus Aid, Relief, and Economic Security (CARES) Act, a historic $2.2 trillion stimulus package. The loan program allows small businesses to borrow funds equal to 2.5 months of specified payroll from the Small Business Association (SBA). If their loan expenditures...
IRS Updates FAQ on Employee Retention Credit
On April 29, the Internal Revenue Service (IRS) released a large expansion of their FAQ on the Employee Retention Credit (ERC). The ERC was created as a part of the Coronavirus Aid, Relief, and Economic Stimulus (CARES) Act, a $2.2 trillion legislative initiative designed to stave off the impact of the coronavirus pandemic. It is a fully refundable payroll tax credit. Employers can use one of two methods to determine their eligibility for the ERC: The...
Further Clarification on PPP Loans
The Payroll Protection Program (PPP) loans are top of mind for most leaders and owners of small businesses. Recently the headlines that feature PPP have been about high-profile companies receiving large PPP loans. Many are questioning the appropriateness and need for the companies receiving these loans. Those who are considering applying for the second round of these loans are wondering if they should apply. Even those that have already received loans are reconsidering whether to retain...
Employee Retention Tax Credits and Your Business
As the country and even the world shift their attention to the seeming long-lasting impact of the Coronavirus, updates appear to be coming out each day. Whether the impact is on a global, national, or individual industry level, this pandemic is already changing the way businesses are operating on a day-to-day basis. As a small business owner, it is important, now more than ever, to be familiar with the ins and outs of your business,...
President Enacts $484 Billion Virus Aid Bill
On Friday, April 24, President Trump signed the Paycheck Protection Program and Health Care Enhancement Act into law. The new aid bill boosting funding for various initiatives in response to the coronavirus pandemic was passed in the Senate on Tuesday and by the House on Thursday. The legislation includes the following: $310 billion in additional funding for the Paycheck Protection Program (PPP). The original $349 billion that funded the program was depleted last week. $60...
CARES Act Guide: Tax Modifications
Download the CARES Act Guide: Tax Modifications here (.pdf) »
CARES Act Guide: Loans
Download the CARES Act Guide: Loans here (.pdf) »
Achieving PPP Loan Forgiveness
Businesses that have managed to secure financing through the Paycheck Protection Program (PPP) are fortunate—but also saddled with a lot of red tape. Business owners and managers should be careful that they adhere strictly to the terms of the program in order to qualify for loan forgiveness. In response to the coronavirus pandemic, Congress created the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The historic $2.2 trillion stimulus bills included $350 billion towards the PPP,...
Where’s My Recovery Rebate?
As part of the recently enacted Coronavirus Aid, Relief, and Economic Security (CARES) Act, direct economic recovery payments are being distributed to eligible American taxpayers. Distribution of recovery rebates began this week. If you are expecting a federal recovery rebate, but have not yet received it, visit the IRS website for more information. The IRS recently released a tool to provide information about: Your payment status Your payment type Whether the IRS needs more information from...
SBA Issues Supplemental PPP Guidance
NOTE – on Thursday, April 16, 2020, the SBA announced it had fully committed the entire $350B PPP appropriation. Consequently, the SBA and banks are no longer accepting applications for PPP loans. This could change in the event Congress appropriates additional funding to the program. On April 14, the Small Business Administration (SBA) released new guidance regarding the Paycheck Protection Program (PPP), a $350 billion program that targets aid to small businesses dealing with losses resulting...
CARES Act FAQ: Mid-Sized Business Lending Program
On March 27th, President Trump enacted the Coronavirus Aid, Relief, and Economics Security (CARES) Act. The historic $2.2 trillion stimulus bill includes $454 billion to support Federal Reserve emergency lending facilities to help mid-sized businesses dealing with losses resulting from the coronavirus pandemic. The legislation instructs the US Department of the Treasury to create a Federal Reserve program designed to funnel financing to banks and other lending institutions that make direct loans to mid-sized businesses. Below,...
How Coronavirus Crisis is Affecting Construction
As the country and even the world shift their attention to the seeming long-lasting impact of the Coronavirus, updates appear to be coming out each day. Whether the impact is on a global, national or individual industry level, this pandemic is already changing the way businesses are operating on a day-to-day basis. Specifically, within the construction industry, changes such as supply chain challenges and the CARES Act are occurring. To view this article, click HERE to...
Small Business Funds from Virus Aid Package Are Dwindling
As the country and even the world shift their attention to the seeming long-lasting impact of the Coronavirus, updates appear to be coming out each day. Whether the impact is on a global, national or individual industry level, this pandemic is already changing the way businesses are operating on a day-to-day basis. As a small business owner, it is important, now more than ever, to be familiar with the ins and outs of your business,...
IRS Announces Additional Tax Deadline Relief
On April 9, the Internal Revenue Service (IRS) released Notice 2020-23, announcing their extension of many additional key tax deadlines for businesses, individuals, estates, trusts, and not-for-profit organizations. The tax bureau had already extended the April 15 tax filing deadline for federal income taxes to July 15, 2020 in response to the coronavirus pandemic. The broad tax filing and payment deadline relief covers all taxpayers that have either a filing or payment deadline that falls between...
Productivity Tips for a Virtual Environment
Social distancing measures imposed in response to the Coronavirus pandemic mean that many teams have suddenly found themselves working virtually for the first time. It is fortunate that modern technology makes this a feasible reality. However, it is still uncharted territory for many. While there are many advantages to virtual workforces, this arrangement also comes with its own set of challenges and difficulties. Today we want to examine some helpful productivity tips for working from home,...
Emergency Paycheck Protection Loans
As the country and even the world shift their attention to the seeming long-lasting impact of the Coronavirus, updates appear to be coming out each day. Whether the impact is on a global, national or individual industry level, this pandemic is already changing the way businesses are operating on a day-to-day basis. On March 27th, President Trump enacted the CARES Act, a $2.2 trillion piece of legislation designed to lessen the economic impact of the...
Coronavirus is Rewriting the Future of Business
As the country and even the world shift their attention to the seeming long-lasting impact of the Coronavirus, updates appear to be coming out each day. Whether the impact is on a global, national or individual industry level, this pandemic is already changing the way businesses are operating on a day-to-day basis. Specifically, topics such as strategic remote work, the rise of trust-based cultures, and operation practices being elevated are all discusses in this article. To...
CARES Act Summary
On March 27, 2020, President Trump signed into law a sweeping $2.2 trillion stimulus package designed to abate the economic damages caused by the coronavirus (COVID-19) pandemic. The Coronavirus Aid, Relief, and Economic Security (CARES) Act is the third piece of legislation crafted to address the economic havoc being created by COVID-19. The bill contains many provisions, including an expansion of unemployment insurance, direct payments to Americans, a loan guarantee program for industries, a suite...
Coronavirus’ Impact on the Construction Industry
As the country and even the world shift their attention to the seeming long-lasting impact of the Coronavirus, updates appear to be coming out each day. Whether the impact is on a global, national or individual industry level, this pandemic is already changing the way businesses are operating on a day-to-day basis. Specifically, within the construction industry, changes such as material delays and travel bans are occurring. To view this article, click HERE to access the...
Maintaining Your Mental Health During the Coronavirus Pandemic
There is a lot of scary stuff happening right now. Many are struggling to maintain good mental health in light of the Coronavirus pandemic. For some, the mental strain is exacerbated by the fact that so many are practicing social distancing. So how can you maintain or strengthen your mental health in the midst of these dire circumstances? A recent article from BBC News offers the following tips: 1. Take a step back from the news –...
Refundable Tax Credits Would Finance Paid Leave
FAMILY LEAVE SICK LEAVE Covered employer Private sector employers with fewer than 500 workers and government entities Private sector employers with fewer than 500 workers and government entities Qualifying circumstances Care giving for child younger than 18 whose day care or school closed Quarantine, medical diagnosis, care giving for another quarantined individual or for child whose day care or school closed Length of leave As many as 12 weeks Two weeks for full time workers and similar equivalent for part-time workers Benefit amount Unpaid for first 10 days, then at least two-thirds of a worker's normal pay rate, capped at $200...
Federal Tax Return Filing Deadline Moved to July 15
On Friday, March 20, 2020, Secretary of the Treasury Steve Mnuchin released a statement that the federal tax filing deadline has moved in response to the ongoing coronavirus (COVID-19) pandemic. The new deadline of July 15, 2020, corresponds with the tax payment deadline previously delayed earlier in the week. However, there are some details that are not known at this point and we will hopefully receive more guidance from IRS soon. WHAT DOES THIS MEAN FOR...
Families First Coronavirus Response Act
Congress passed H.R. 6201, Families First Coronavirus Response Act earlier this week. Below are some important benefits. Please refer to this link for the summary of the bill. The Emergency Paid Sick Leave Act, Section 5102 This bill requires employers with fewer than 500 employees and government employers to provide employees two weeks of paid sick leave, paid at the employee’s regular rate, to quarantine or seek a diagnosis or preventive care for coronavirus. The bill also...
An Update on Office Procedures
We would like to share an update on how HeimLantz is responding to the rapidly changing environment caused by the continued spreading of coronavirus (COVID19). At HeimLantz we feel well prepared to maintain our services to our clients, but we acknowledge there will be adjustments needed along the way as we, along with the rest of the country, navigate these unprecedented times. We highly value your business and we appreciate your patience with us during...
Maryland Extends Business Tax Deadlines
To assist businesses affected by the economic impact of COVID-19, Comptroller Peter Franchot today announced he will extend business-related tax filing deadlines. The deadline has been extended to June 1st. The extension applies to certain business returns with due dates during the months of March, April and May 2020 for businesses filing sales and use tax, withholding tax, and admissions & amusement tax, as well as alcohol, tobacco and motor fuel excise taxes, tire recycling fee and...
How HeimLantz is Addressing the Coronavirus (COVID-19)
At HeimLantz CPAs & Advisors the health and safety of our employees and our clients is of paramount importance. For this reason, we are taking specific precautions to protect our staff and visitors during the current outbreak of Coronavirus. With confirmed cases reported in our immediate geography, we are considering the potential impact and how we can best protect our clients and staff. According to the most recent information from the CDC, for most people, the...
Construction Technology to Watch
This article acknowledges How the construction industry is one of the largest in our economy, while at the same time being one of the least efficient. However, technology solutions such as the design-build approach, sustainability, and modular construction are all expected to have a significant impact this year. To view this article, click HERE to access the original content.
Choosing the Right Valuation Method for Your Company
This article discusses three different methods that one can use to value a business. For example, the asset approach, market approach, and income approach are all unique in their own way and could provide different benefits to meet what you are looking for. To view this article, click HERE to access the original content.
Construction Technology to Watch
This article acknowledges How the construction industry is one of the largest in our economy, while at the same time being one of the least efficient. However, technology solutions such as the design-build approach, sustainability, and modular construction are all expected to have a significant impact this year. To view this article, click HERE to access the original content.
Improving Your Small Business’ Financial Health
This article discusses how the financial health of a small business is comprised of more than just the amount of sales. Taking a look at topics such as revenue, expenses, cash flow, and automation can be very beneficial in this competitive business market. Five key questions to ask yourself are also outlined in this article. To view this article, click HERE to access the original content.
Making Smart Risk Management Decisions
This article discusses what it is like to be in charge of making important decisions when it comes to day-to-day operations in a business. Topics such as risk tolerance, risk appetite, and insurance programs are all outlined in great detail. No matter your business industry or current business position, these insights are worth taking a look at! To view this article, click HERE to access the original content.
Delivering Excellent Customer Service
In the business world, there is a bar that individuals must meet or exceed in terms of customer service. No matter how difficult the customer may be, claiming yourself as a professional implies that you hold yourself to a gold standard in the workplace. This article discusses some of the best ways to ensure great customer experiences. To view this article, click HERE to access the original content.
Don’t Wait To File Your 2019 Taxes!
Below are some deadline dates to keep in mind for the 2020 Tax Year- March 16th, 2020 Partnership Returns S-Corporation Returns Estimated Tax Payments: April 15th, June 15th, September 15th, January 15th April 15th, 2020 Individual Tax Return Deadline Estate and Trust Income Tax Return C-Corporation Last Day to make an IRA Contribution Foreign Bank Account Reports (IRS FinCen Form 114) September 15th, 2020 Extended Deadline for Partnership Return September 30th, 2020 Extended Deadline for Estate and Trust Income Tax...
Budget Tips for Covering A Surprise Tax Bill
Tax time is always a bit unnerving, but when you’re hit with a large, unexpected tax bill, it can be shattering. There are few people who have the resources to simply pull out their checkbook and write a check for thousands of dollars, yet it can feel like that’s your only choice. The truth is that even people who owe significant amounts of money have several options available to them, including taking advantage of the IRS’...