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President Trump has signed into law the Families First Coronavirus Response Act (H.R. 6201) despite objections from some lawmakers that the act doesn’t offer enough assistance and could hurt some small businesses by mandating paid sick and family leave. The act includes a wide range of provisions, including: Insurance coverage Reimbursement of diagnostic testing costs Expanded safeguards for economically disadvantaged individuals For more information on this topic, please click here.

Global efforts to contain the spread of COVID-19, have significantly impacted many businesses and the global economy. While the situation is evolving rapidly, and the full impact is not yet known, the disruption caused by the coronavirus is affecting business and consumer activities worldwide–including disruption to major financial markets, supply chains, interruption of production, limited personnel, facility and store closures, and decreased demand from both business customers and consumers. The disruption and uncertainty caused by the coronavirus is far-reaching. These events will result in unique accounting, disclosure, and internal control considerations that should be carefully evaluated by entities and their stakeholders. A complete overview of these business disruptions. To view this information, please click here:

In response to the COVID-19 pandemic, also known as coronavirus, many work forces are operating remotely to keep their employees safe. However, an increase in people utilizing a work-from-home environment has led to a rise in cybersecurity risks. A complete overview of the risks your organization could face, a list of action items, and next steps to take is available here.

The Small Business Administration issued revised guidance for small businesses seeking economic relief as a result of COVID-19 pandemic on March 12, 2020. Organizations who are suffering substantial economic harm from the pandemic can seek economic injury disaster relief loans (EIDLs) from the SBA for working capital. For more information and to learn more about the availability, terms, criteria, and submission process, please click here.

The Internal Revenue Service (the IRS) issued official guidance on March 18, 2020, that some income tax payments can be delayed for 90 days until July 15, 2020, with some limitations, due to the impacts of the COVID-19 pandemic. However, taxpayers still need to file either their income tax return or extension request with the IRS for the 2019 tax year by April 15, 2020. The guidance clarifies Treasury Secretary Steve Mnuchin’s earlier announcement on March 17, 2020, that businesses and individuals would be able to delay some tax payments, which led to confusion about the April 15 tax return filing date. If you have questions about this or other aspects to the recent efforts to curb the economic effect of the COVID-19 pandemic, please feel free to contact me directly. These things are developing rapidly and we’ll endeavor to keep […]