Economists will look back on 2020 as a year with a distinct before and after. In early March, most companies’ sales projections looked a certain way. Just a few weeks later, those projections had changed significantly — and not for the better. Because of the COVID-19...
Charitable contributions are not always eligible for tax deductions — even when the non-profit recipient is tax exempt and the donor itemizes. Take ‘quid pro quo’ donations. These transactions occur when your organization receives a payment that includes a contribution and you provide the donor...
During a crisis like the COVID-19 pandemic, connecting with customers and prospects via social media platforms is essential to maintaining visibility, building goodwill, and perhaps even generating a bit of revenue. The challenging part is that the social media strategy you deployed before the crisis...
Thanks to affordable technology, more and more companies have been allowing employees to work remotely in recent years. It has become feasible to procure laptops, set up security protocols, use cloud servers, and rely on employees’ home Wi-Fi connections to create functional virtual workspaces. In...
Many small businesses continue to struggle in the wake of the COVID-19 pandemic. Some have already closed their doors and are liquidating assets. Others, however, may have a relatively less onerous option: bankruptcy. Although bankruptcy is not an optimal outcome for any small company, there may...
A natural place to turn when disaster strikes is insurance. The very reason you pay premiums and deal with the paperwork is to have these risk management policies in place when necessary. But, when it comes to business interruption coverage, you may have to adjust...
The IRS recently issued Notice 2020-23, expanding on previously issued guidance extending certain tax filing and payment deadlines in response to the novel coronavirus (COVID-19) crisis. This guidance applies to specified filing obligations and other ‘specified actions’ that would otherwise be due on or after...
As businesses across the country grapple with the economic fallout from the novel coronavirus (COVID-19) pandemic, many must decide whether to downsize their workforces to lower payroll costs and stabilize cash flow. If your company is contemplating such a move, you will likely want to...
To stem the tide of joblessness caused by the coronavirus (COVID-19) outbreak, the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) is now available. The program’s stated objective is, “to provide a direct incentive for small businesses to keep their workers on the payroll.” What Does...
The economic fallout from the coronavirus (COVID-19) pandemic has forced business owners to reevaluate their operations and make difficult decisions. One place to look for the information you need to make rational, reasonable moves is your financial statements. Under U.S. Generally Accepted Accounting Principles, these...