Paycheck Protection Program Application

[ updated April 7, 2020 | 8:35am ] The Department of Treasury has released the Paycheck Protection Program application and supplemental information, all available on their website. As a reminder, funds from this program: Can be used for employee salaries under $100,000, paid sick or medical leave, insurance premiums, and mortgage, rent and utility payments; Are 100% forgivable… Read more »

Security Implications and Resources for Enabling Your Remote Team

We are more than two weeks into the “new normal” created by COVID-19. An unprecedented number of employees have been sent home to work and the immediate goal has been enabling the workforce to be productive, responding to Human Resource challenges like paid time off and child care, and protecting revenue streams by adjusting operations…. Read more »

SBA Guidance and Loan Resources

[ updated March 27, 2020 | 11:30am ] The U.S. Small Business Administration (SBA) has released several resources to assist small businesses impacted by the COVID-19 including low-interest disaster loans. We will update this page as health and government officials continue to release new funding, grants and resources. Contact us with any specific questions and… Read more »

Construction Industry | COVID-19 CONSIDERATIONS

[ Updated April 3, 2020 |3:30pm ] At YHB we work with clients in the Construction Industry across the region, of all shapes and sizes. Over the past few days we have been in touch with many of our clients as we work together to lead through this pandemic. Below we have included some ideas… Read more »

Virginia Tax Update

As Federal measures to mitigate the economic effects of the COVID-19 (Coronavirus) pandemic continue to roll out, states are slowly adopting their own guidance. On March 19, 2020, Governor Northam announced tax changes to assist Virginia residents and businesses in hope of lessening the economic impact caused by COVID-19. [ Updated March 20, 2020 | 1:52pm… Read more »

Federal Tax Filing Delayed until July 15

[ Updated March 28, 2020 | 1:00pm ] Federal measures to mitigate the economic effects of the COVID-19 pandemic continue to roll out. On March 20, Treasury Secretary Mnuchin announced that the federal income tax filing deadline has been extended to July 15, 2020.  As of this writing, there are few details concerning the new extension and specific… Read more »

IRS Issues Guidance on a 90-Day Extension for Tax Payments

[ Updated March 24, 2020 | 3:45pm ] Federal measures to mitigate the economic effects of the COVID-19 pandemic continue to roll out almost daily. As of this writing, there are few details concerning the new federal income tax payment or filing deadline extension and specific requirements. However, it’s important to state what we know… Read more »

7 tips for avoiding construction disputes

A single construction dispute can turn a profitable job into a loss; multiple ones can put a contractor out of business. This article describes seven strategies for avoiding them, including careful drafting of contracts, adhering to accurate scheduling and considering alternative delivery approaches. A single construction dispute can turn a profitable job into a loss;… Read more »

Respond quickly to succession plan troubles

Family-owned construction businesses often face distinctive challenges when it comes to succession planning. Emotions can run high, and the business owner’s lifelong working legacy may be at stake. This article discusses various ways to address succession planning concerns and conflicts. Family-owned construction businesses often face distinctive challenges when it comes to succession planning. Emotions can… Read more »

New accounting standard: Are there leases hiding in your contracts?

Construction businesses with a calendar year end have until 2021 to implement Accounting Standards Codification (ASC) Topic 842, Leases, to stay in compliance with Generally Accepted Accounting Principles. This article explores one of the biggest new challenges: embedded leases. A sidebar provides a brief recap of the overall rule changes under ASC 842. Late last… Read more »