Scenario Planning in the Age of COVID-19 https://claytonmckervey.com/scenario-planning-covid-19/ Posted10 days AGO As 2020 has shown, simply saying that “scenario planning is important” is an understatement. Scenario planning is essential.Since March, COVID-19 has changed the world, and in doing so has challenged every modern assumption about enterprise as we know it. Businesses in every sector can no longer take anything for granted Read More
Payroll Tax Deferral IRS Guidance https://claytonmckervey.com/payroll-deferral-irs-guidance/ PostedTuesday, September 1,2020 at 8:50 AM Late Friday, August 28, 2020 the Treasury issued guidance on President Trump’s executive order deferring the payment of certain employee payroll taxes. The period eligible for deferral is September 1, 2020, and ends December 31, 2020. This deferral is only available for those earning a bi-weekly pay period of less than $4,000 threshold amount. Read More
Payment Processing Delays Due to COVID-19 https://claytonmckervey.com/payment-processing-delays-covid-19/ PostedWednesday, August 26,2020 at 9:26 AM Taxpayers may unfortunately find that their checks, mailed with tax returns, are on backlog at the Internal Revenue Service (IRS) due to processing delays as a result of COVID-19. Read More
New Interim Final Rule Issued https://claytonmckervey.com/new-interim-final-rule-issued PostedTuesday, August 25,2020 at 2:58 PM The Small Business Administration (SBA) and Treasury issued a new interim final rule on August 24, 2020 with updates regarding owner-employee compensation and forgiveness eligibility associated with Paycheck Protection Program (PPP) forgiveness. Read More
CARES Act State Tax Implications https://claytonmckervey.com/cares-act-state-tax-implications/ PostedTuesday, August 25,2020 at 8:07 AM The Coronavirus Aid, Relief, and Economic Security (CARES) Act, enacted March 27, 2020, was designed to assist taxpayers during difficult times by introducing new and modified tax law provisions intended to allow businesses to retain more cash to help them survive the crisis. As the country is trying to adjust to the “new normal”, what state and local tax implications should business owners consider when budgeting cash needs? Read More
COVID-19 Relief: Executive Orders https://claytonmckervey.com/covid-19-relief-executive-orders PostedWednesday, August 12,2020 at 8:49 AM The news over the past few weeks has been filled with stories about the failed attempts of Congressional leaders and the White House to agree upon new COVID-19 relief legislation. Read More
PPP Loan Forgiveness FAQs https://claytonmckervey.com/ppp-loan-forgiveness-faqs/ PostedMonday, August 10,2020 at 1:19 PM The COVID-19 pandemic caught many by surprise including business owners who were required to comply with forced business closures and others who experienced modified operating rules or dwindling demand. Read More
Cloud Accounting Drives Efficiency in our “New Normal” https://claytonmckervey.com/cloud-accounting-efficiency/ PostedTuesday, August 4,2020 at 9:16 AM The COVID-19 outbreak presented new challenges for accounting teams adapting to a remote work environment while trying to keep pace with management’s demand for accurate and timely access to data to make critical business decisions. Read More
New Nexus Standards for Remote Sellers https://buff.ly/3fUt87N PostedThursday, July 23,2020 at 1:48 PM Most equipment manufacturers in manufacturing-friendly states like Michigan take it for granted that equipment used in manufacturing is exempt from sales tax in other states. Much to their unhappy surprise, it is not the case in all states! Read More
The Role of Data Analytics in COVID-19 Recovery https://claytonmckervey.com/data-analytics-covid-19-recovery/?utm_content=buffer... PostedTuesday, July 14,2020 at 9:38 AM As more and more states begin to reopen their economy, the COVID-19 conversation is shifting from survival to recovery. In early June, Michigan entered phase IV which permits additional businesses to reopen provided they follow state-mandated guidelines. Read More