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 »

Healthcare Organizations | Tips for Dealing with COVID-19

We are experiencing an unprecedented time: exponential growth of Covid-19 (Coronavirus) cases, social distancing, and growing unemployment. As the United States economy and daily life is being reshaped by COVID-19, maintaining “normal” business functions during these times is a challenge. At YHB we work with Healthcare organizations across the region of all shapes and sizes. Over… 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 »

“Yeah, I Know I Need to Work On My Estate Plan, But……”

As CPAs, we assist our clients with many aspects of their financial life, such as tax matters, acquiring and disposing of assets, how their investments are structured, and more. Therefore, we often assist clients with their estate planning, from the initial planning, to periodic updates, and the implementation of the plan, as well as assisting… Read more »

What is the Legacy You are Leaving to Your Family?

As a CPA, I often talk to our clients about wealth transfer, avoiding probate, and minimizing estate and income tax. Understanding client desires and family dynamics has always been a part of that process. However, rarely do we discuss the stories, wisdom, and recipes accumulated over a lifetime and passing that to the next generation…. Read more »

Understanding the contents of a will

You probably don’t have to be told about the need for a will. But do you know what provisions should be included and what’s best to leave out? The answers to those questions depend on your situation and may depend on state law. Basic provisions Typically, a will begins with an introductory clause, identifying yourself… Read more »

What’s the difference between the two types of power of attorney?

When drafting your estate plan, you and your attorney must account for what happens to your children and your assets after you die. But your plan must also spell out your wishes for making financial and medical decisions if you’re unable to make those decisions yourself. A crucial component of this plan is the power… Read more »

Converting IRAs from traditional to Roth

Converting your traditional IRA funds into a Roth IRA could have significant tax benefits to yourself and your family members, if planned correctly. Thanks to the Tax Cuts and Jobs Act (TCJA), there is an opportunity to take advantage of historically low tax rates before the rates are scheduled to reset to the previous levels… Read more »