Knowledge and Insights: Newsletters

An Overview on the CARES Act & What It Means For Businesses

The Coronavirus Aid, Relief and Economic Security (CARES) Act (the “Act”), a $2 trillion stimulus package, has officially been signed into law. The bipartisan deal allocates $2 trillion in an effort to mitigate the fallout from the COVID-19 crisis, including $1.5 trillion in spending and tax cuts and $500 billion in loans—$454 billion of which was…

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An Overview on the CARES Act & What It Means For Individuals

The Coronavirus Aid, Relief and Economic Security (CARES) Act (the “Act”), a $2 trillion stimulus package, has officially been signed into law. The bipartisan deal allocates $2 trillion in an effort to mitigate the fallout from the COVID-19 crisis, including $1.5 trillion in spending and tax cuts and $500 billion in loans—$454 billion of which was…

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Tax Notice 2020-18: What You Need to Know

This week in Notice 2020-18, the Treasury Department and the Internal Revenue Service (IRS) announced special federal income tax return filing and payment relief in response to the ongoing Coronavirus (COVID-19) emergency.  This notice expands on and supersedes 2020-17 issued on March 18, 2020.  Just as news of the virus changes frequently, so does the…

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Coronavirus (COVID-19) Impact, Risk & Response Toolkit

Due to the rapid acceleration of the COVID-19 pandemic, countless organizations are putting together strategic plans in order to alleviate the potential effects on their operations, while continuing to meet the needs of their customers and constituents. As of right now, it is too premature to be able to evaluate the final outcomes this pandemic…

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Business Sustainability Checklist for Nonprofit Organizations During Crisis

During an unprecedented crisis such as the coronavirus (COVID-19) outbreak, an organization’s greatest chances of survival dramatically improve if it takes proactive measures to preserve cash immediately instead of taking a purely reactive “wait and see” mentality. The expression “cash is king” refers to the importance of cash flow in the overall fiscal health of a business.  This…

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Business Sustainability Checklist for Organizations During Crisis

During an unprecedented crisis such as the coronavirus (COVID-19) outbreak, a business’s greatest chances of survival dramatically improve if it takes proactive measures to preserve cash immediately instead of taking a purely reactive “wait and see” mentality. The expression “cash is king” refers to the importance of cash flow in the overall fiscal health of a business.  This…

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Nonprofits, Tax Changes & The SECURE Act

On December 20, 2019, Congress passed the Setting Every Community Up for Retirement Enhancement (SECURE) Act, the broadest piece of retirement legislation passed in 13 years. It went into effect on January 1, 2020. The President also signed into law several other Acts on the same day, which have become part of the Further Consolidated Appropriations…

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Nonprofit Grants & Contracts – It’s Time to Implement FASB ASU 2018-08

In June 2018, the Financial Accounting Standards Board (FASB) released Accounting Standards Update (ASU) 2018-08, Clarifying the Scope of the Accounting Guidance for Contributions Received and Contributions Made. The update aims to minimize diversity in the classification of grants and contracts that exists under current guidance. Following are key considerations, as well as a flowchart…

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3 Ways to Position Yourself & Your Family for Future Success

Many business owners support their families through their businesses. If something were to happen to you, such as a sudden death or permanent incapacitation, it may affect both your business and the lifestyles of the people who rely on you. Here are three things you should consider when planning for the future success of your…

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Tax Watch: How the IRS W-4 Changes Will Affect Employees & Employers

The IRS has completely changed income tax withholding with the release of a new W-4 form for 2020.  There are differing opinions on whether this is a good thing or not.  If filled out correctly, the form should approximate the correct withholding for a person.  The form is very different from prior year W-4s, however,…

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