COVID-19 Business Update – 3 June 2020

Resources to Help You Survive – and Thrive – During the COVID-19 Pandemic Now that some states are lifting lockdown restrictions, retailers whose offerings differ by the season are having an especially challenging time with reopening. Many were not able to fully restock their stores with spring items before they had to shut down, and have warehouses and stores full of items that no one wants now. Restaurants are also…  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

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 New News on the PPP Loan Calculations…

In this video, I talk about how the Economic Injury Disaster Loans & Emergency Economic Injury Grants can help your business. I remember the joke that “Ask an accountant how much is 1+1”, and they say “what would you like it to be”.  It sounds like the new Non-Joke “what is my average monthly payroll cost” and we say “what day is it” … Please watch my video, which I…  Read more

The C.A.R.E.S. Act overview and other useful resources…

Over the course of a few weeks nearly everyone’s business and life has been turned upside down. It’s been a crazy time with businesses forced to close, an overload of information (and mis-information on social media) and people risking their lives to save others. With the recent disruption in mind, we have been working to help support you however we can. We’ve seen a number of our clients already impacted…  Read more

Your Morning Briefing – Wednesday March 25th…

I have been checking the New York Times Morning Briefing daily as well as my online accounting and business newsletters, the IRS and NYS website, et al, to see what’s going on with our country, our government, our economy, taxes and of course, the Coronavirus.  Here’s the link for today’s NYT briefing My team and I have also been researching valuable resources for loans, grants, and best health and business…  Read more

The Families First Act Was Signed into Law – here’s what it means

The Families First Act (H.R. 6201) – what it means for you and your employees Employers will still be able to claim a new quarterly payroll tax credit intended to fund the paid sick leave if it is used for qualified purposes — that is, for employees who are unable to work or telework because of the Coronavirus. The credit will cover 100% of the sick leave wages paid to…  Read more

Changes for Paying Taxes and the NYT Morning Briefing …

On Tuesday, March 17, the Treasury Department announced that taxpayers will be able to defer paying their taxes for 90 days past April 15th. BUT…there are some things you need to know: The filing deadline has not changed, it is still April 15, 2020. An extension is required to extend the filing of your 2019 tax return. Income tax payments for returns with a due date of April 15, 2020,…  Read more

Tech Forward Offices Still Function While Following Preventive Measures Against the Spread of the Coronavirus

Do you have a policy regarding the Coronavirus in place in your office yet? We lived through hurricane Sandy and now the reports of food shortages due to the outbreak and spreading of the coronavirus (COVID-19) are feeling a bit like deja vu.  We request that you join with us in following the preventive measures outlined below as recommended by the Centers for Disease Control and World Health Organization for…  Read more

Caught on Tape “Why I Love Working with My Clients”…

I was asked to contribute to a feature in a short video montage at Intuit’s QuickbooksConnect conference.  Several accountants spoke about aspects of accounting. I was happy to answer “what do you love about your clients?” Any guesses as to what I replied? Here’s the gist: I love that I’m able to speak with my clients and they understand what I’m saying. At A. Parness Company CPA we believe in…  Read more

Why Two Factor Authentication is Critical for Safeguarding Patient Data

For medical practices and other professional practices the risk of data breaches and fraud is high, so taking all the necessary steps to protect your patient’s or client’s sensitive data is a must. Unfortunately for many practitioners the decision to increase their company’s data protection comes too late – after they’ve been victimized by a malicious hacker. The good news is, simple and inexpensive steps can be taken to avoid…  Read more

A.I. Integration can Ease Your Administrative Burden…

You and your staff can really benefit from using technology to handle repetitive administrative work; this will help free up staff time to be used for higher level tasks like speaking with customers and analyzing the data.  These days, you can use technology to take care of almost any issue facing your business. Artificial Intelligence can be used as an interface with other software so that you and your…  Read more

The Passing of the SECURE Act, One More Reason to Get Proactive About…

No one really likes talking about their death, which makes updating—or even writing—a will an unpleasant experience. Often, people put off thinking about their will for another day, assuming they have a lot of time to deal with it. Along comes the SECURE Act and we see the importance of proactive planning, not just for your retirement, but for your beneficiaries as well. NEIL D. KATZ, J.D., LL.M., CPA Last…  Read more

com·mu·ni·cate  verb

I offered my top tip for accountants and their clients for an article which was published last week, then I googled communicate and this is what I found: com·mu·ni·cate verb 1. share or exchange information, news, or ideas. Similar:   liaise, be in touch, be in contact, be in communication Use it in a sentence  “We as effective tax advisers communicate with our clients so we can understand what their needs are…  Read more

What is Your #1 Piece of Advice to Clients in 2020?

I was asked to contribute to this online article as posted by Intuit for other tax professionals. My tip: “We find that our business and individual clients are still confused about how the TCJA affects various issues, such as their overall tax liability, entity structure, retirement benefits and deductible expenses. We will continue to encourage strong communication and engagement with our team of professionals. Our clients are comforted when they see that we are there…  Read more

New IRS W-4 Form Could be Confusing…

You may feel overwhelmed by this new form and the calculations involved with setting up sufficient 2020 tax withholding.  We certainly understand as it seems that to do it correctly you need to be a tax professional or have a really good grasp on how your income is earned as well as what deductions and tax credits you are entitled to. Watch this video to see our reaction to the…  Read more

The 90 Day Action Plan, a Great Tool for Creating Professional Development Plans for your Employees…

Showing your employees that you appreciate them by investing in their future will pay big dividends. Hopefully you have been using 90 Day Action Plans for you and your firm/medical practice/business.  Now that you are familiar with the process, lets expand to create Professional Development Plans for you and your employees as it relates to your business. It seems that no matter the subject of my presentation, I will usually include…  Read more

Planning the Year Ahead – Use a 90 Day Action Plan for Your Employees’ Professional Development

A great way to start the new year is to implement a 90 Day Action Plan for your company/medical practice/business; you may what to enhance that strategy by creating your own Professional Development Action Plan and by helping your employees create their Professional Development Action Plan as well. I love and recommend using a 90 Day Action Plan for this project! An Employee Professional Development Plan can follow all the…  Read more

New Year, New Leaf, What are Your Business Plans for 2020?

It’s hard to believe but 2019 is over and it’s time to create or update your business plan. If you’re like us you’re are currently working on your 2020 business plan too (writing 2020 might take a bit of getting used to!) We are recommending that our clients  “take stock” at this time of year and think about their business & strategy for the year ahead. If you’re looking to…  Read more

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