COVID-19 Weekly Update – September 16th 2020

As the world becomes more tech-centric, our behaviors have changed in ways that Emily Post could not have envisioned when she first compiled her guidance on etiquette. Fortunately for my firm we have been using video-chat software for years and have a system in place for two of our staff members NOW THREE to work remotely without skipping a beat.  Elizabeth Spradley is now a “southern girl” having relocated to…  Read more

COVID-19 Weekly Update – September 9th 2020

After a solid week of number-crunching, a supercomputer at Oak Ridge National Lab in Tennessee analyzed the genetics of the COVID-19 virus to understand why it impacts so many different systems of the body. Analysis of the data resulted in a new theory about how the virus operates and why it causes so much havoc. Unlike many viruses that target just one or two systems in the body, the researchers…  Read more

COVID-19 Weekly Update – September 2nd 2020

Shutting down economies around the world to fight the coronavirus has been a blunt and costly instrument, as this piece in the Wall Street Journal describes. Taiwan, South Korea and Hong Kong demonstrated that it was possible to reduce infection rates by widespread testing, contact tracing, cutting off travel with China and adopting masks. Such stringent controls were not possible in most states in the U.S., so instead we resorted…  Read more

We Are Running Out of Time, or Payroll Tax Deferral Without Guidance is…

It’s been almost 3 weeks and we accountants, employers and employees have been waiting for answers so that we can make an informed decision.  When I first read the memo I was concerned about the unforeseen consequences.  Please click through to my blog post of August 10th, for the full details and concerns as next week starts the clock and I am still concerned. So are many who have been…  Read more

10 Cyber Security Tips Your Business Needs Now and “The Morning” from the NYT…

Security has always been important to me as my firm started using: cloud based accounting software more technology solutions for transferring data between my clients, the tax authorities and my staff more technology solutions for client business efficiencies communicating between remote staff and clients As read through my on-line newsletters this morning I was reminded that although I have been writing and talking about the importance of protecting client data…  Read more

COVID-19 Weekly Update – August 26th 2020

In the past, automation and technological advances created more jobs than it disrupted, and innovation has greatly improved our lives. However, as this article in the Wall Street Journal reports, economists caution that the COVID-19 pandemic may have accelerated the changes that have already been happening for the last several decades which may be creating a divide between skilled and low-skilled workers. “For many professionals, technology has been a lifeline…  Read more

COVID-19 Weekly Update – August 19th 2020

Until scientists develop an effective and safe vaccine, and that vaccine is administered to millions of people, our best means of protection from COVID-19 is herd immunity. Recent models hint that the protective effects of a population that has already been infected by the COVID-19 virus may exist at much lower percentages than previously thought. Instead of requiring that 70 to 80 percent of a population be immune, that threshold…  Read more

COVID-19 Weekly Update – August 12th 2020

Even though unemployment still remains high, and the US economy took a nosedive during the second quarter of 2020, US households managed to decrease their overall debt for the first time in six years. Even in the face of unemployment, credit card debt dropped by $76 billion during the second quarter as households cut back on non-essential spending. In the first six months of 2020, consumers reduced their credit card…  Read more

White House Memorandum; To Defer or Not to Defer Payroll Taxes….

Presidential Memoranda – Budget & Spending Issued on: August 8, 2020 Memorandum on Deferring Payroll Tax Obligations in Light of the Ongoing COVID-19 Disaster I knew it was too good to be true that this weekend I would not be studying yet another new tax act, policy, rev.proc. or similar! This weekend the White House has issued a Memorandum on Deferring Payroll Tax Obligations in Light of the Ongoing COVID-19 Disaster. Here…  Read more

COVID-19 Weekly Update – August 5th 2020

It’s no surprise to most Americans that the U.S. economy has suffered greatly from the impacts of the COVID-19 pandemic. But what may surprise you is the extent of the decline: a record 32.9% contraction during the second quarter of 2020, the biggest drop since 1947. The virus is still spreading across much of the country, and for 19 straight weeks, more than 1 million people have submitted new claims…  Read more

COVID-19 Weekly Update – July 29th 2020

Perhaps the most challenging part of dealing with the COVID-19 pandemic is that many infected people never show symptoms or have such mild symptoms it’s easy to chalk that out-of-sorts feeling to a poor night of sleeping. Some estimate that as many as 40% of those infected never exhibit symptoms, and these people could be shedding nearly as much contagious virus as those with full-blown symptoms. This high rate of…  Read more

NYT Morning Briefing, PPP Loan Forgiveness, SBA Loans and …

Good morning again I am happy to be taking a short break after this long tax season.  Blogging from Michigan where I am visiting with my family while MI Morning practicing social distancing.  I am so glad the weather is cooperating as last night we were able to catch up and then eat dinner together while sitting at different locations in the backyard.  Check out this beautiful MI morning  as…  Read more

COVID-19 Weekly Update – July 22 2020

Are you feeling out of balance from the changes brought on by the pandemic? You’re not alone, according to economist Jeffrey Tucker. Thanks to the media, many of us have been overtaken by fear, which may cause us to act irrationally. Tucker recalled a book from 1841, Extraordinary Popular Delusions and the Madness of Crowds, in which the author Charles Mackay describes many panic-inducing events of the past that resulted…  Read more

Should I Accept my SBA Economic Injury Disaster Loan Offer?

“I got an Offer for an SBA Loan Now What Should I Do?” A few weeks ago I clicked on the email from disastercustomerservice@sba.gov and was a bit surprised that they were inviting me to set up my portal so I could continue my SBA Economic Injury Disaster Loan Application. I said to myself “I got an Offer for an SBA Loan Now What Should I Do?” Then I said…  Read more

“It Was the Best of Times, It Was the Worst of Times…”

This tax season which (really) started December 2019 and just ended Wednesday,  July 15th as we e-filed the last of the 2019 personal tax return extensions gives new meaning to the quote from Charles Dickens’, A Tale of Two Cities. While drafting the polling questions for our week’s NCCPAP tax and accounting live stream seminar  which is focused on individual and business tax consequences of  working at a “home location”…  Read more

COVID-19 Weekly Update – July 15th 2020

It’s the morning of July 15, 2020 and as I post this the clock is ticking on the last day of “Tax Season 2020”.  With the  countdown to the end of Tax Season 2020 on the opportunity will pass for a few time sensitive actions on your part: Today is the last day you can timely pay your 2019 tax liability with either your tax return or extension and the…  Read more

There’s Still Time to Make an IRA Contribution!

The July 15th deadline is coming up, but it’s not too late to make an IRA contribution! Even though tax filing season is well underway, there is still time to make a regular (traditional) IRA contribution for 2019. You have until your tax return due date (not including extensions). For most taxpayers, the contribution deadline is July 15, 2020. Watch the video to see what actions to take now: Making a last-minute…  Read more

COVID-19 Weekly Update – July 8 2020

One of the baffling aspects of the COVID-19 pandemic is the fact that we don’t yet know precisely how deadly this virus is. Estimates of the fatality rate range from a low of 0.64%, estimated by analysis of data by Australian researchers, to a high of 16% in Belgium. Many infections are asymptomatic or mild, which means there may be 10 unrecorded cases for each documented infection. What we do…  Read more

COVID-19 Weekly Update – July 1, 2020

In the six months since the coronavirus began spreading around the world, doctors have learned many lessons. For example, placing patients on their stomachs seems to alleviate pressure on the lungs, and prevention is crucial. However, some unknowns remain, such as long-term effects of COVID-19 infections and how long it will take patients to recover. A big surprise to medical professionals was how widely asymptomatic carriers could spread the virus.…  Read more

NYT Morning Briefing, PPP Loan & P4 Updates

The PPP loan applications close today at midnight, the rules have relaxed, so if you have not yet applied, today is the day to do so. It’s hard to believe that we have been researching the guidance on these programs for four (4) months and there are still so many unanswered questions. Please follow this link for the SBA Lender Match Tool if you have not applied yet. If you…  Read more

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