The relationship you have with your accountant can be one of your most valuable connections, but only if you take advantage of it. You can capitalize on that relationship with a little prep work. Your accountant is here to help you achieve your business goals, and it’s a team sport, so they need your help. [...]
For weeks, the nation has been trying to adapt to new changes caused by the COVID-19 virus. While organizations across the board have felt the impact of these changes, state and local governments have felt the hit equally as hard. Governments have been trying to maintain healthcare and other essential services by modifying working practices [...]
The effects of the COVID-19 pandemic will be felt for months, if not years. As state and local governments look towards the future, the landscape is filled with uncertainty. Governmental entities are now looking to teams of experts to gather and communicate guidance and best practices as the “new normal” environment come into shape. Overall, [...]
Many states have started to reduce restrictions that have been put in place to combat the COVID-19 outbreak. In addition to managing this next phase of the pandemic, states and local governments are also trying to administer new relief fund programs created by the crisis. This process already lends itself to be somewhat tricky in [...]
As governmental and not-for-profit entities begin to receive and spend funds provided under the CARES Act, many unanswered questions related to the administration and treatment of the myriad funding sources remain. Auditors and auditees are looking ahead to determine the effect of these programs on upcoming audits. While there is very little conclusive information available [...]
The IRS released a notice on April 30, 2020, stating that tax deductions for wages, mortgage interest, and rent paid with forgivable Paycheck Protection Program (PPP) loans are not permitted, viewing it as a “double-dipping” of tax benefits provided. Specifically, the notice clarified that no deduction is authorized under the Internal Revenue Code for an [...]
The IRS has released guidance (Revenue Procedure 2020-25) that will help affected taxpayers determine how best to utilize the depreciation relief offered for qualified improvement property (QIP) in the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The recent legislation corrected a drafting error in 2017’s Tax Cuts and Jobs Act (TCJA) that made certain [...]
In a matter of weeks, the U.S. has gone from a booming economy with record low unemployment to a virtual standstill. Many construction contractors are still awaiting potential impacts, while others are struggling to stay alive. Cash flow for contractors is always a key factor in any successful business, and in times of crisis, it [...]
The construction industry faces unprecedented challenges amid the COVID-19 pandemic, and there is no time like the present to rise to the challenge. In everyday work, managing change is instilled in our routines, such as changes in schedules, budgets, and weather. In light of the COVID-19 virus, change has taken on a new shape for [...]
The Coronavirus Aid, Relief, and Economic Security (CARES) Act enacted on March 27, 2020, provides a number of tax changes that offer relief during the Coronavirus crisis. Three significant changes include: 1. Rollback of restrictions on using tax losses to recover taxes paid in profitable years, 2. Cash payments to individuals and families, and 3. [...]
With the influx of new accounting standards over the past couple of years, the burdens added to smaller accounting departments seem to be continuously mounting. Add in the COVID-19 pandemic, and now accounting departments and business owners are burdened with how to keep businesses afloat when collections take longer to come in, vendors requesting payment [...]
The CARES Act, which was signed into law on March 27, 2020, allows a “qualified individual” to take $100,000 in distributions from an IRA, 401k, or other qualified retirement plan during 2020 and reap the following benefits: You will not have to pay the 10% early distribution penalty if you are under the age of [...]
ENTERPRISE, ALABAMA – APRIL 22, 2020: Carr, Riggs & Ingram (CRI) McAllen’s Jeanette Pierro Smith was named by Governor Greg Abbott to the Texas State Board of Public Accountancy on April 20, 2020, with a term set to expire on January 25, 2025. Jeanette is the Partner-in-Charge of the firm’s Rio Grande Valley market, which [...]
ENTERPRISE, ALABAMA – APRIL 20, 2020: Joining more than 50 other accounting firm CEOs in the nation, Carr, Riggs & Ingram’s (CRI) Managing Partner and Chairman, Bill Carr, signed the CEO Action Pledge for Diversity & Inclusion™, further solidifying the firm’s commitment to fostering an inclusive and diverse workplace. The CEO Action for Diversity & [...]
While we can’t know what is ahead of us over the next weeks and months, it’s certainly likely that the global economic repercussion of COVID-19 will cause revenue reductions to local governments. The last major recession in 2008 and 2009 gives us learned lessons and successful techniques for navigating the potentially rough fiscal roads ahead. [...]
Economic Injury Disaster Loans (EIDL) As of April 16, 2020, the Small Business Administration (SBA) noted on its website that it is currently no longer able to accept new applications for the Economic Injury Disaster Loan (EIDL) assistance program (including EIDL advances) based on available appropriations funding. Please note that if you have already submitted [...]
Although many authors have written the same message across different industries, these are unprecedented times that have our governments, health professionals, financial markets, and so many other industries. Everyone is scrambling to address what has happened and anticipate what may come next. These preparations include the insurance markets—state insurance departments around the U.S. are rushing [...]
The coronavirus has been described by many as both a healthcare crisis and an economic crisis. This pandemic has wreaked havoc on both our healthcare systems and infrastructure, while also having an unprecedented impact on financial markets and investor confidence. Most insurance business models depend heavily on a successful investment portfolio strategy and, therefore, are [...]
The strong economy of the last few years brought many benefits with it, including easier access to credit with lenders. With low interest rates and soft demand for loans, lenders focused on credit quality while streamlining the loan application process and relaxing documentation requirements. Those practices will now change in response to the economic uncertainties [...]
In the span of less than 90 days, the United States government made unprecedented changes to existing regulations and authorized the injection of $175 billion of funding into the healthcare space – and they aren’t finished yet. These bold actions were taken to (hopefully) ensure that healthcare providers are able to remain open and service [...]
