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 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 – 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

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

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

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

PPP Loan Forgiveness, Cash Flow Forecasts, Re-opening Consequences & this Morning’s Photo Opp…,

Managing cash flow is a vital part of running a successful business. Some business owners think managing cash flow simply means keeping track of how much money enters and leaves their business, but there’s actually more that goes into it. As I take my morning run I try to clear my head and think about what I can do to help alleviate the pressures we are all facing.  Our firm…  Read more

Business Lessons Learned During COVID-19

If you’re like many small business owners you’re probably astounded by how the world has changed in a very short time. While we can all hope that the pandemic is a once-in-a-lifetime scenario, the truth is there is a lot in life and in business that is uncertain, and there is a great deal we can learn from the response to COVID-19 to help plan for the future. Yes, your…  Read more

“I Got an Offer for a SBA Loan Now What Should I Do?” …

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 a SBA Loan Now What Should I Do?” then I said to myself this is an opportunity and I should approach this as I would any other opportunity…  Read more

Tuesday Morning Briefing, and News of the NYS Forward Loan Fund…

I am hoping that everyone practiced safe social distancing as we celebrated our war heroes this memorial day weekend. NYS has just opened the New York Forward Loan Fund (NYFLF) for pre-applications.  This is a new working capital economic recovery loan program aimed at supporting New York State small businesses, nonprofits and small landlords as they reopen after the COVID-19 outbreak. NYFLF targets the state’s small businesses with: Gross revenue…  Read more

COVID-19 Business Update – 20 May 2020

Resources to Help You Survive – and Thrive – During the COVID-19 Pandemic The COVID-19 pandemic has impacted nearly every part of the economy. According to a survey by the Census Bureau, 75% of all small businesses in the U.S. have applied for a loan through the Paycheck Protection Program, but as of May 2, only 38% had received funding. For unknown reasons, businesses in some parts of the country…  Read more

Tuesday Morning Briefing, Forgiveness for PPP Loans and Time to Plan …

May 19 2020 I am glad to not only share a beautiful morning sunrise with you, but also the links and important information and guidance regarding the Paycheck Protection Program loan forgiveness process. New guidance has come out about the Paycheck Protection Program loan forgiveness process, as well as an application form and instructions.   Here is the link to the:  Paycheck Protection Program Loan Forgiveness Application with Instructions Reminders…  Read more

The Morning Briefing and Sharing Today’s Beautiful Sunrise

Every country around the world has its own strategy for dealing with the COVID-19 pandemic. Some countries, like Sweden, are relying on the development of “herd immunity.” However, that approach is not without risks, and shouldn’t be adopted by other countries without consideration of those risks. On the other end of the spectrum, New Zealand effectively eliminated coronavirus. Like Sweden’s approach, New Zealand’s won’t work everywhere. Here in the U.S.,…  Read more

A New Normal Mother’s Day, Office Safety Protocol & Your Morning Briefing…

I spent my mother’s day morning with a friend on a plant buying expedition Mother’s Day Greenhouse Plants garbed in gloves hats, masks and glasses and as we practiced social distancing while meeting other gardening enthusiasts at the Brooklyn Terminal Market. I know others who hosted mother’s day dinners via video chat software or FaceTime. It was not quite “business as usual” but it was good to be out among…  Read more

How Hurricane Sandy Prepared us to Work During the COVID-19 Pandemic

This video is a portion of a recent panel discussion with Andrea and other tax professionals on how they set up their offices and were able to support their clients during the COVID-19 Pandemic. Andrea also discusses how cloud software, payroll portals, and document portals enabled her team to support their clients’ grant applications. We are not sure what the new normal will look like once we “open our doors”…  Read more

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