Beware: Coronavirus may affect financial reporting

The coronavirus (COVID-19) outbreak — officially a pandemic as of March 11 — has prompted global health concerns. But you also may be worried about how it will affect your business and its financial statements for 2019 and beyond. Close up on financial reporting The duration and full effects of the COVID-19 outbreak are yet unknown, but… Read more »

Fake COVID-19 treatments and other new fraud schemes

Like the coronavirus (COVID-19) pathogen itself, incidents of COVID-19 fraud are surging and financial losses are piling up. The Federal Trade Commission (FTC) reports that the number of 2020 COVID-19-related complaints doubled in just one recent week. As of March 31, losses attributed to the outbreak stood at $5.9 million. Here are some of the… Read more »

The CARES Act Employee Retention Tax Credit

Answers to Questions about the CARES Act Employee Retention Tax Credit The recently enacted Coronavirus Aid, Relief, and Economic Security (CARES) Act provides a refundable payroll tax credit for 50% of wages paid by eligible employers to certain employees during the COVID-19 pandemic. The employee retention credit is available to employers, including nonprofit organizations, with… 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 »

What you need to know about the Families First Coronavirus Response Act

President Trump has signed into law the Families First Coronavirus Response Act. Among other things, the new law: Requires certain employers to provide paid leave benefits to employees affected by the coronavirus outbreak; expands unemployment benefits and offers grants to states to process and pay claims; and mandates coverage of coronavirus testing with no cost-sharing…. 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 »

Financing your Government Contracts

How will you meet the demands of that forthcoming task order without an ample supply of working capital? Many small businesses fail because they do not have the proper resources to support their goals. Insufficient capitalization at the company’s inception can haunt your business for years. What are your options? Should you borrow money from… Read more »

What is missing? | Disaster Recovery Planning

With all of the focus on Cybersecurity in IT these days I think it is important to not forget about your disaster planning.  A cyber-event can definitely be considered a disaster and sometimes your Disaster Recovery Plan (DRP) could save you from a cyber-event but I want to talk about a basic element of a… Read more »