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 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

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

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

How do you Draw the Line Between Work and Home?

It seems appropriate to discuss this topic as the news this week is focused on “returning to work”.   I wonder what that will look like for people, I believe it depends on our ability to be flexible, creative, careful, courageous, determined and considerate  as we  continue to work remotely or create processes for a sustainable remote/onsite system. I was asked to contribute to a recently published online article here is…  Read more

Remote Life and Taxes Our New Normal…

Even with our “new normal”, life and taxes go on with a slight shift in our process. It’s a rainy Tuesday morning in NYC but I wanted to share yesterday’s sunrise from Rockaway Beach which is right down my block. Take a deep breath as you start your day and try to stay calm as we head into what will probably be another challenging day. Yesterday our firm met the…  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

What is “Business Advisory” and How Does it Help Your Small Business or Medical Practice

The phrase “business advisory” is used a lot in the accounting industry, more now than ever, but what is it really? More and more small business owners and medical practitioners are realizing they want and need more than just an accountant to fill in the boxes on their tax returns, and frankly, they are right, they do need more than just tax compliance! What does business advisory look like for…  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

Tips on “Silencing” Email; The Productivity Killer for Your Medical Practice or Small Business

Is email the new silent killer?  At one point in time everyone thought it would vastly improve communication while freeing up time. It still is a great way to communicate and under the right conditions can help create efficiencies for medical practice or small business owners and their staff. It seems like we wade through hundreds of emails in our inbox each day; the productivity killer arises from those who…  Read more

Tips on How A.I. Can Improve Back Office Efficiency and Free-Up Your Time

These days, you can use technology to take care of almost any issue facing your business. If you have a task you don’t like to do, there’s an app or software program to take care of it for you. It might take a bit of your time to learn and understand how the software or app works, but doing so will save you valuable time and precious energy. It will…  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

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

What Does the End of Windows 7 Support Mean to Me…

Businesses in all industries deal with similar problems due to the nature of their technology solutions.  Many businesses in the financial world use Microsoft Products.  If you are one of them, the clock is ticking and you need to do something about upgrading your operating system as your data security could depend on it. Windows 7 support will end January 14, 2020. PCs with Windows 7 will still work, but…  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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