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Contractors: 6 Ways to be Proactive to Getting Paid

6/23/21 – One of the greatest challenges of running a construction company is getting paid in a timely manner. Waiting on unpaid invoices can put a serious dent in your cash flow — not to mention increase pressure in an already stressful job. It is possible to put processes in place or fine-tune your existing ones to facilitate prompt remittance.

Supreme Court Spurns Most Recent Attempt to End Affordable Care Act

6/23/21 – Supreme Court Justices voted to spurn proposed changes to the Patient Protection and Affordable Care Act (PPACA) P.L. 111-148. The challenge came from more than a dozen states in opposition of individual mandate P.L. 115-97 of the Tax Cut and Jobs Act, which removed the penalty for those individuals who select to forego minimum essential health coverage. The latest case is the third attempt to challenge the Act, established in 2010.

Manufacturers: How Can you Benefit from Blockchain Technology

6/23/21 – To succeed in the 21st century, manufacturers must embrace the latest technological innovations. As part of this trend, factories around the world are becoming increasingly interrelated using blockchain technology. Although the concept is shared by businesses in various industries, it's particularly conducive to the manufacturing sector. Here are some ideas to maximize the benefits of this technology.

HHS Issues Revised Post-Payment Notice of Reporting Requirements for Provider Relief Funds

6/21/21 – On Friday, June 11, 2021, the U.S. Department of Health and Human Services (HHS) through the Health Resources and Services Administration (HRSA) issued revised reporting requirements for recipients of CARES Act Provider Relief Fund (PRF) payments. The release also included updated reporting requirements and auditing issues as well as updated Frequently Asked Questions (FAQs).

ACE Act Ensures Donor-Advised Funds are Made Available to Working Charities in a Reasonable Time - Reforms Private Foundations and the Public Charity Support Test

6/16/21 – Senators Chuck Grassley (R-IA) and Angus King (I-ME) introduced the Accelerating Charitable Efforts Act (ACE Act) last week. The press release states that the purpose of the ACE Act is to reform private foundations and ensure that philanthropic funds in donor-advised funds are made available to working charities within a reasonable time.

How Nonprofits Can Lose Their Tax-Exempt Status

6/10/21 – With all the legal hoops involved, it can be difficult for a nonprofit to secure its tax-exempt status. The last thing you want after gaining this critical designation is to lose it. In the current political climate, it may be easier than ever to forfeit your tax-exempt status. So if you lead a 501(c)(3) organization, be sure to familiarize yourself with the IRS's tax-exempt rules. In particular, watch out for the following prohibited activities:

CMS Updates the Medicare Home Health Cost Report Form 1728-20

6/7/21 – As you probably know, the Centers for Medicare and Medicaid Services (“CMS”) implemented a new Medicare Cost Report Form for Home Health Agencies. The new form set, known as Form 1728-20, was released on October 2, 2020, in Transmittal 1 in Chapter 47. This article will highlight some of the significant changes to the new form as well as review additional changes that CMS published in Transmittal 2 that was released on April 30, 2021.

Manufacturers and Distributors: Lessons Learned from the Pandemic and How to Prepare Against Future Disruptions

6/7/21 – The world has been dealing with the Coronavirus for over a year now, and businesses have come a long way since the beginning of the pandemic. As restrictions begin to ease and vaccines continue to be administered, now is the time for companies to look back on the lessons learned over the past year and begin planning for the future. Below is a look at different ways companies had to adapt during the past year.

Top Payroll Tips for Construction Businesses

6/3/21 – Construction payroll is complex – job costing, localities, unions and prevailing wage rates all make it stressful for employees and accounting staff alike. The decision between processing payroll in house or utilizing an outside payroll service involves an evaluation of how you can save time and money, better manage payroll tax compliance, produce timely and accurate reports, and integrate systems for timekeeping and accounting. Here are some best practices to consider:

Contractors: 3 Ways to Prevent Profit Fade on Your Projects

5/13/21 – Have you ever completed a job only to realize that the cost of performing the work equals or exceeds the revenue that the project brought in? This is called "profit fade" and, if it occurs repeatedly, it can prove fatal to your business.

DOL Withdraws the Independent Contractor Rule

5/13/21 – The U.S. Department of Labor (DOL) announced that it has withdrawn the "independent contractor rule" to maintain workers' rights to the minimum wage and overtime compensation protections under the Fair Labor Standards Act (FLSA). The rule was enacted by the department under the Trump administration and would have generally considered "gig economy" and certain other workers as independent contractors for purposes of federal labor law.

Why All Nonprofits Should Periodically Assess Their Risk

5/12/21 – Nonprofits have at least one thing in common with for-profits: Only the strong survive. The nonprofit sector is extremely competitive and even a relatively small shift of fortunes can threaten an organization's future. With events such as the death of a major donor or the loss of grants, organizations turn to their leaders to minimize the damage and restore stability. But all too often, there is no plan in place to tackle risks.

3 Strategies to Keep Your Valued Employees

5/11/21 – Are you paying fair wages to your employees? Do the wages motivate your employees? Find out by classifying or ranking the job positions in your workplace.

Capture the Intellectual Property of Retiring Employees

5/10/21 – How many Baby Boomer employees (those born between 1946 and 1964) will be leaving your organization in the next five years? When retiring employees clear out their desks and walk out the door for the last time, they often leave with fond memories — as well as vast amounts of intellectual property stored in their brains.

Top 5 Tax Breaks for Green Manufacturers

5/7/21 – In recent years, lucrative tax breaks for energy-efficient investments have enticed many manufacturers to "go green." At the end of 2020, the Consolidated Appropriations Act (CAA) was enacted, which includes various provisions that expand and improve certain green tax breaks. Here are five examples that could benefit your company.

Tax Overhaul: Biden Administration Proposes Changes

5/6/21 – President Biden recently announced his $1.8 trillion American Families Plan (AFP), the third step in his Build Back Better policy initiative. The announcement followed the previous releases of the proposed $2.3 trillion American Jobs Plan and the Made in America Tax Plan. These plans propose major investments in various domestic initiatives, such as expanded tax credits for families, offset with tax increases on high-income individual taxpayers and corporations.

The Latest from President Biden and the American Families Plan

4/29/21 – On April 28, President Biden's proposals for individual taxpayers were outlined in an address to Congress and in an 18-page fact sheet released by the White House. The “American Families Plan” contains tax breaks for low- and middle-income taxpayers and tax increases on those “making over $400,000 per year.”

SBA sets Opening Date for Restaurant Revitalization Fund

4/28/21 – The SBA has announced a start date for the Restaurant Revitalization Fund (the Fund) application window. The Portal will be open for registration beginning Friday, April 30, 2021. Grant applications may be submitted beginning the following Monday, May 3, 2021. Eligible entities include restaurants, bars, food stands, food trucks, caterers, bakeries, brewpubs, tasting rooms, taprooms, inns, taverns, and other similar places of business in which the public or patrons assemble for the primary purpose of being served food or alcohol.

Audits Are The Key To A Healthy Nonprofit

4/28/21 – Audits have become increasingly important due to heightened public and government scrutiny of nonprofit organizations, their management and their boards. Audits not only provide you with a fair assessment of your organization's financial health, but also can reveal vulnerabilities such as weak internal controls, insufficient cash reserves and poor investment policies. Perhaps most important, regular audits reassure your donors, members and other stakeholders that you run a healthy organization.

Preparing for the Updated Lease Standards

4/27/21 – The impact of the COVID-19 pandemic has required businesses to navigate through rapidly changing environments and regulations like never before. The Financial Accounting Standards Board (FASB) recognized the impact of COVID-19 on private businesses and organizations. As a result, Accounting Standards Update (ASU) 2020-05, Leases (Topic 842), was released in June 2020, extending the compliance deadline for private companies and nonprofit organizations. The standard is now effective for fiscal years beginning after December 15, 2021. However, despite the standard implementation being postponed by a year, now is the time to be working towards compliance and understanding of the standard so that you are fully prepared for implementation.

Net Working Capital and its Impact on Valuation

4/26/21 – Most business owners understand the concept of an earnings multiple or an income-based approach to valuing their operating company. As a valuation expert, many of the questions asked when reviewing the report involve the concept of net working capital (“NWC”). In this two-part article, we will discuss the concept of net working capital and how it impacts the value of a company and how target net working capital calculations impact the closing of a transaction upon the sale of a business.

Cybersecurity Risks for Retirement Plans

4/23/21 – Every year, tens of millions of people fall victim to cybercriminals and, unfortunately, many of them don’t realize what is happening until it is too late. From social security theft to full identity fraud, cybercriminals can do a lot of damage with just a bit of your personal information. For companies, the risks associated with cybersecurity are on a much higher level. Not only do most companies have access to large sums of money, but they also harbor the private information of their employees and customers.

Model Risk Management for Financial Institutions

4/6/21 – Financial institutions are under constant scrutiny and supervision. The Board of Governors of the Federal Reserve System, Office of the Comptroller of Currency, issued SR Letter 11-7, also known as the “Supervisory Guidance on Model Risk Management.” This complex letter outlines the rules and regulations that financial institutions need to follow when using certain models for financial and business decisions. Here are a few of our takeaways from SR Letter 11-7.

Nonprofits: 5 Trends to Act on in 2021

4/1/21 – What can nonprofit organizations expect in 2021 and beyond? One recent report, "11 Trends in Philanthropy for 2021," offers some answers. Produced by the Dorothy A. Johnson Center for Philanthropy at Grand Valley State University (Grand Rapids, Mich.), the 32-page report pinpoints trends such as the growth of social justice funding and new opportunities to build public trust.

Do You Know Your Retirement Plan Document?

3/31/21 – Have you ever walked into an automobile dealership to buy a vehicle only to find yourself confused by the options available on the same style of vehicle? There’s the base model, which gets you from here to there and has a few but not many creature comforts. The LX is an upgraded version with a few additional bells and whistles. The EX has even more upgrades but not as many as the premium EX-L. Finally, if you love driving, the sport edition might be best.

PPP Update: Application Deadline Extended to May 31, 2021

3/30/21 – President Biden has signed the PPP Extension Act of 2021. The new law extends the Paycheck Protection Program (PPP) application filing deadline from March 31, 2021, to May 31, 2021, thus providing potential PPP borrowers additional time to submit their applications. The law doesn’t provide the PPP with any additional funding. However, $7.25 billion in additional funding was recently provided in the American Rescue Plan Act.

What Qualifies Your Employee Benefit Plan for an Audit?

3/24/21 – The season of employee benefit plan audits is quickly approaching. Does your company’s plan require an audit? Employee benefit plans exceeding 100 participants might require an Independent Certified Audit Opinion submitted with the filing of their Form 5500.

Manufacturers: Top 5 Ways to Maximize Sales in a Remote Environment

3/23/21 – For manufacturers, many day-to-day aspects of business operations haven't changed during the COVID-19 pandemic. For example, when special machinery is required for production, you can't simply move a plant to an apartment building or another site. But some manufacturing personnel have shown that they are able to easily work from remote locations — including their homes — without missing a beat.

Employee Retention Credit: Is Your Business Taking Full Advantage?

3/22/21 – The Employee Retention Credit (ERC), which was created to encourage employers to keep their workforces intact during the COVID-19 pandemic, has been with us for a year. But questions about it remain for many employers. With the new American Rescue Plan Act (ARPA) extending the credit and expanding eligibility — and the credit worth as much as $28,000 per employee for 2021 — employers should brush up on the details.

Individuals: What Does the Extended Tax Deadline Mean for You?

3/18/21 – The IRS has announced that the federal income tax filing deadline for individuals for the 2020 tax year is extended from April 15, 2021, until Monday, May 17, 2021. The IRS extended the deadline to provide relief to taxpayers facing challenges as a result of the pandemic and because it’s grappling with a rising backlog of 24 million unprocessed returns. As part of its announcement, the IRS stated it would soon be issuing additional guidance about the deadline extension

What’s Inside? American Rescue Plan Act Provides Relief Measures for Families & Businesses

3/17/21 – Recently, President Biden signed into law the American Rescue Plan Act (ARPA). The $1.9 trillion law is intended to provide far-reaching relief from the economic and other repercussions of the ongoing COVID-19 pandemic. In addition to funding for testing, contact tracing, vaccinations, education, and state and local governments, the ARPA includes extensive relief that could directly impact you and your business.

Healthcare Update: Are You Ready for Recoupment on Medicare Accelerated Payments?

3/16/21 – In October 2020, the Centers for Medicare and Medicaid Services (CMS) announced revised repayment terms for those providers and suppliers that received Accelerated and Advance Payments (AAP). This was in response to the Coronavirus, Aid, Relief and Economic Security (CARES) Act to address cash flow problems for providers that might be caused by the coronavirus pandemic. Accelerated payments have existed for a long time but the qualifications were significantly reduced during COVID.

Overview of the Restaurant Revitalization Fund

3/12/21 – On Thursday, March 11, President Biden signed into law the American Rescue Plan Act. As the latest COVID-19 relief bill, the Act includes many economic and tax provisions that will have immediate impact on individuals and businesses.

American Rescue Plan Act Passes: What Does That Mean for You?

3/11/21 – Congress has passed the latest legislation aimed at providing economic and other relief from the COVID-19 pandemic. President Biden is expected to sign the 628-page American Rescue Plan Act (ARPA), which includes $1.9 trillion in funding for individuals, businesses, and state and local governments.

9 Cash Flow Best Practices for Construction Companies

3/10/21 – Construction leaders trying to keep their companies financially healthy face two difficult challenges: the unpredictability of an invoice-based business and the seasonal nature of construction work. Both can disrupt cash flow and make collecting and paying bills challenging.

Is Your Organization Required to Register for Charitable Solicitation?

3/8/21 – Having a 501(c)(3) status recognized by the IRS is just the start, and it does not mean a charity can solicit donations wherever they want. Most states have their own laws regulating charitable solicitations. States have an interest in protecting their residents from fraudulent or dishonest practices. Registration requirements are designed to increase transparency and improve public trust in your nonprofit.

2020 Form 990/990-PF Changes

3/5/21 – The 2020 Form 990 has various minor changes to both the form and instructions. Listed below are some of the key changes you should be aware of this filing season:

4 Taxpayer Friendly Changes on Your 2020 Tax Return

3/4/21 – Your tax advisor is geared up and ready to prepare your 2020 federal and state returns — but are you ready? The pandemic has led to several changes to the tax rules for last year. In this article we’ve highlighted four taxpayer friendly changes that may affect your 2020 federal income tax return.

HR Update: Biden Executive Orders Indicate Future Employment Regulation Changes

2/26/21 – Presidential executive orders (EOs) often lack the power to immediately alter the ways that employers and citizens are required to act. However, they get the ball rolling towards changes that are likely to be coming, in the form of federal regulations and policies. That is, as long as they can be justified by the laws of the land as enacted by the Congress and signed by the President.

Nonprofit Organizations and the New/Updated Employee Retention Credit

2/25/21 – The Consolidated Appropriations Act (CAA), passed at the end of December 2020, made substantial changes to the Employee Retention Credit. The most significant change is that PPP borrowers can now claim the credit, subject to certain eligibility requirements and with the understanding that wages funded by forgiven PPP loan proceeds cannot be used to calculate the credit.

5 PPP Revisions for Small Businesses and Nonprofits

2/25/21 – The Biden administration recently announced several reforms to the Paycheck Protection Program (PPP) to bring greater relief to small businesses. Among other items, the administration is imposing a two-week moratorium on loans to companies with 20 or more employees and focusing on smaller businesses. It’s also changing several program rules to expand eligibility for the 100% forgivable PPP loans.

Digital Banking is Revolutionizing the Banking Industry

2/22/21 – The percentage of retail bank customers who access banking services daily via desktop apps has nearly doubled during the COVID-19 pandemic, according to BAI, a banking association. Rather than risk the possibility of a viral infection, many consumers are checking out ways to do their banking that don't involve in-person trips to a bank lobby.

Nonprofits: Paying Volunteer Expenses

2/21/21 – Nonprofit organizations rely heavily on volunteers. When this happens, volunteers can incur significant transportation and other expenses in connection with the performance of their volunteer services.

5 Tips to Help Your 2020 Personal Return

2/21/21 – Goodbye, 2020. Hello, tax season. Individual taxpayers have until April 15, 2021, to pay Uncle Sam for taxes owed for 2020. (Remember, you can extend the deadline for filing your return until October 15, but you can't extend the deadline for paying what you owe without penalty.)

Business Owners: Here’s How You Can Lower Last Year’s Tax Bill

2/20/21 – Good news! Business taxpayers may still be able to take actions to lower their federal income tax liabilities for 2020, as well as for future years. Consider these ideas before you file last year's return.

Nonprofits: Classify Workers Correctly

2/17/21 – The U.S. Department of Labor (DOL) recently clarified classification of independent contractor status in a final rule that is scheduled to be effective March 8, 2021. It is important to get the classification right because the IRS has repeatedly put employers on notice: It's cracking down on organizations that improperly classify workers as independent contractors instead of employees. Are you confident that your employee classifications would stand up to IRS scrutiny?

Nonprofits: Yes, You Do Need Investment Policies

2/8/21 – Investment policies are not only for nonprofits with millions to invest. If your organization holds funds in reserve — for example, to cover emergencies or meet long-term goals — it's prudent to have investment policies. In reality, any time funds are invested it is important to have a policy to follow.

COVID-19: Can Employers Require Workers to Be Vaccinated?

2/3/21 – Vaccinations can be an emotionally fraught issue for some people, for various reasons, and the COVID-19 vaccines being administered today come with additional fears about potential side effects. Yet the risk of contracting COVID-19 — and spreading it — remains across the country. Employers may wonder whether they're legally allowed to require on-site workers to receive a COVID-19 vaccination when it's available to them.

5 Tips for Employers in the New COVID-19 World

2/3/21 – It’s February 2021, but COVID-19 remains a challenge, especially for employers. Here, VonLehman's Deirdre Bird, along with Amy Hebbeler and Sean Callan from Manley Burke, LPA, have compiled a handful of tips for employers in the new COVID-19 world.

Construction Contractors: Fraud Prevention Starts with You

2/3/21 – From equipment theft to padded time and, wire transfer fraud to cyberattacks, contractors are vulnerable to a variety of fraud schemes. According to the Association of Certified Fraud Examiners, the median loss due to internal fraud is $200,000 for construction companies — significantly higher than the $125,000 for all industries.

ERISA Update: Partial Plan Termination Relief

2/2/21 – On December 27, 2020, the Consolidated Appropriations Act, 2021 (CCA) was signed into law. This includes a temporary rule providing COVID-related relief for certain partial plan terminations.

5 Credits for 2020 Individual Tax Returns

2/2/21 – Individual tax filers who are eligible for federal income tax credits could significantly lower their tax obligations. VonLehman's Robert Aylor summarizes five major credits to consider before filing your 2020 tax return.

Tax Implications for Company Cars

2/1/21 – A company car can be a valuable perk for business owners, salespeople, and other employees, and 2021 may be an ideal time to invest in business vehicles. The Tax Cuts and Jobs Act of 2017 (TCJA) more than tripled the luxury auto threshold, from $15,800 to an inflation-adjusted $50,000.

New Ways to Fully Deduct Business-Related Meals

1/27/21 – Restaurants have struggled mightily during the COVID-19 pandemic. Thankfully, they're specifically targeted for a new tax relief measure found in the massive Consolidated Appropriations Act (CAA), which became law on December 27, 2020. The new provision creates a temporary but meaningful tax incentive to spend more on business-related food and beverage costs.

2021 Tax Deadlines Calendar

1/26/21 – VonLehman's Tax Teams have pulled together this summary of deadlines for various tax-related forms, payments and other actions. Reference this tax calendar to help you make sure you don’t miss any important 2021 deadlines.

Manufacturing: 3 Domestic Supply Chain Obstacles

1/21/21 – Would your business be better off switching to U.S. supply chain partners? In this article, VonLehman's Ross Walker highlights some important information to consider, including three challenges to successfully move to domestic supply chains.

Valuing a Business in the COVID-19 Era

1/19/21 – As we embark on a new year, one would be hard-pressed to find an area of the world that hasn’t been impacted by the Covid-19 pandemic. Business owners have had to become more adaptable than ever. Even with vaccines in production, it looks like conditions will not change for some time. Tack on a complete change in political power in the White House and Congress, and business owners are left to continue navigating the rapidly changing landscape.

HHS Announces Provider Relief Fund Reporting Update

1/18/21 – On Friday, January 15, 2021, the U. S. Department of Health and Human Services announced that it is amending the reporting timeline for the Provider Relief Fund Program due to recent passage of the Coronavirus Response and Relief Supplemental Appropriations Act (CRRSA). The original reporting deadline of February 15, 2021, is being delayed.

New IRS Initiatives for Tax-Exempt and Governmental Entities

1/18/21 – On January 5, 2021, The IRS Tax Exempt and Governmental Entity (TE/GE) announced several developments/initiatives relating to tax-exempt organizations. The IRS has updated its Compliance Program and Priorities website. Bryan Pautsch has noted some IRS initiatives to consider.

8 Accounting Practices for a Financially Healthy 2021

1/14/21 – Accounting in the construction industry is a horse of different color as compared to many others. You can help keep your business healthy in 2021 and beyond by adopting or refining a few key accounting practices.

VonLehman Expects a Huge Year for M&A in 2021

1/13/21 – 2020 is officially over, which is a big relief for many, given the personal tragedies and hardships endured by some during the global pandemic. Although the pandemic hasn't ended with the new calendar year, there is a renewed sense of optimism.

PPP Update: Second Draw PPP Loan Rules

1/8/21 – The Small Business Administration (SBA) issued an Interim Final Rule (IFR) on January 6th on Second Draw Loans, which were established through the Economic Aid Act. Second Draw Loans are an extension of the Paycheck Protection Program (PPP), which previously was available April 2020 through August 8, 2020. PPP provided businesses with 2.5 months of employee wages through a maximum five year, 1% loan which would be forgiven if the business maintained employee count and did not cut salary or hourly wages by more than 25% of each individual employee earning less than $100,000 per year.

Businesses: How Can You Benefit from the Consolidated Appropriations Act?

1/7/21 – In Late December the Consolidated Appropriations Act of 2021 (CAA) was signed into law. The legislation contains billions of dollars in additional stimulus funding in response to the COVID-19 pandemic, as well as numerous unrelated provisions.

New COVID-19 Relief for Individuals

1/6/21 – The relief package is part of the nearly 5,600-page Consolidated Appropriations Act (CAA), which also contains numerous other tax, payroll and retirement provisions. Here are some of the provisions most likely to affect individual taxpayers.

Are You Ready for the Provider Relief Fund Reporting?

1/6/21 – Now that the end of the year has passed, it is time to get ready to file your initial Provider Relief Fund Report to the Department of Health and Human Services (HHS) for coronavirus related expenses and lost revenues.

Update to the Families First Coronavirus Response Act

12/30/20 – The COVID-19 relief package signed on December 21, 2020, includes an update to the Families First Coronavirus Response Act (FFCRA) as it relates to employers’ duty to provide paid sick leave and expanded family and medical leave for reasons related to COVID-19.

New Manufacturing Equipment – Buy or Lease?

12/29/20 – If your business is in a position to acquire equipment or machinery, management faces a tough decision: lease it, or buy it? There's no universal "right" answer. Here are some factors to consider.

PPP Update: COVID Relief Bill Key Provisions

12/22/20 – Small businesses received an early Christmas present from Congress over the weekend in form of a new COVID relief package which is expected to be signed by President Trump today, December 22nd. There are a number of provisions within the bill that impact both businesses and individuals, however for the purposes of this article we are focused on changes to the PPP (Paycheck Protection Program) program.

Macroeconomic Trends Impacting Mergers & Acquisitions

12/18/20 – Three main factors drive mergers and acquisitions (M&A) activity – supply, demand, and the availability of capital. This year has offered its own unique set of circumstances that have changed the sentiment of sellers, buyers, and lenders alike as they adjust to current market conditions.

7 Estate Planning Tips to Prepare for 2021

12/17/20 – Currently, most people aren't exposed to the federal estate tax, thanks to the generous unified federal estate and gift tax exemptions. However, there are still good reasons to review your estate plan and possibly update it to reflect the current gift tax regime and federal estate as well as life events. Also, there's always uncertainty about the future direction of the federal estate and gift tax rules.

As They Adapt to the COVID-19 Landscape, Small Businesses Face Major Tax Nexus Compliance Hurdles

12/17/20 – For nearly a year, COVID-19 has battered the global economy, taking its toll on American businesses along the way. Over 30 million small businesses nationwide are now endeavoring to rejuvenate sales from the effects of a disrupted global supply chain and public lockdowns. At the same time, they are challenged to implement practices to protect their employees, customers, and the community from the spread of COVID-19.

Estate Planning Post Election: Why Now?

12/16/20 – Coming off of the heels of the recent election you may be wondering if you should revisit your estate plan. For example, Estates worth more than the current unified federal estate and gift tax exemption are exposed to the federal estate tax at rates as high as 40%. So, wealthy individuals may need to take steps to reduce their exposure.

Nonprofits: Grappling With the Confusion of State Requirements

12/9/20 – Nonprofits are held to strict reporting standards. For instance, your organization is required to annually file Form 990 with the IRS to preserve your tax–exempt status, among other requirements. But reporting isn't limited to the federal level; most states have their own laws regulating charitable solicitations.

Nonprofits: Impact of PPP Loan Forgiveness on Public Charity Status

12/8/20 – Nonprofit organizations nationwide have been anxiously awaiting clarity amidst fears that forgiven loans may NOT be reported as government grants and negatively affect the organization’s public charity status.

Two New Safe Harbors for Unforgiven PPP Loans

12/4/20 – The IRS recently issued guidance that provides a safe harbor allowing certain taxpayers to claim a deduction in 2020 for some otherwise nondeductible eligible expenses if the taxpayers received Paycheck Protection Program (PPP) loans. VonLehman's Dan Kraft and Ryan Redleski have details on the two safe harbors as well as requirements, limitations, and additional considerations.

Election Impact on Tax Planning

11/18/20 – Now that Joe Biden has been projected as the winner of the presidential election by major news outlets,* you may wonder if your federal taxes will be affected. President-elect Biden campaigned on a broad agenda, including a pledge to roll back many of President Trump’s tax policies. In response to the Tax Cuts and Jobs Act (TCJA), Biden has promised a progressive approach to taxation, focused primarily on increasing the burden on businesses and high-income individuals.

Tax Update: CARES Act Benefits Expiring Soon

11/17/20 – Earlier this year, individuals and businesses were granted several valuable federal tax breaks provided through the CARES Act. But many will expire at the end of 2020 or at the end of tax years that begin in 2020. Here's a breakdown of tax breaks scheduled to expire soon, unless Congress extends them.

Government Entities & Nonprofits: 2020 Compliance Supplement

11/16/20 – Organizations who expend more than $750,000 in Federal monies during a fiscal year are required to undergo a Single Audit. A Single Audit is vastly different than a financial statement audit. Single Audits require the auditor to test internal controls over compliance as well as compliance with major Federal programs. In response to the COVID-19 pandemic, several new Federal programs have been created along with additional funding issued to existing programs. Kristin Leadingham and VonLehman's Single Audit team have summarized the program updates here.

Provider Perspective: Topic 958

11/12/20 – As many Organizations have been focusing over the last year on implementation of the new revenue recognition standards in relation to contributions received, it is time for a reminder that ASU 2018-08 Not-for-Profit Entities (Topic 958), Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made, also includes provisions for contributions made by a provider.

Cost-of-Living Adjustments Changing for 2021

11/10/20 – Recently, the IRS announced its 2021 cost-of-living adjustments to tax amounts that might affect you. Many of the changes impacted increases to account for inflation, but some remained at 2020 levels. As you implement 2020 year-end tax planning strategies, be sure to take these 2021 adjustments into account in your planning.

Healthcare Reimbursement, Home Health & Hospice Presentations

11/10/20 – As nationally respected healthcare and reimbursement experts with broad industry connections, we are uniquely positioned to track and interpret emerging healthcare trends. Our insights help to anticipate the ever-changing laws and regulations that impact the financial health of providers across the country.

Manufacturers: Valuable Tax Credit You Can't Miss

11/3/20 – From February to August, U.S. manufacturing employment declined by 720,000 due to adverse conditions caused by the COVID-19 pandemic. But the industry has been slowly recovering. The U.S. Bureau of Labor Statistics estimates that the sector's employment grew by roughly 403,000 jobs over the summer. If your business has plans to rehire workers or expand its workforce, there's a valuable tax credit that you should consider.

PPP Update: Loan Necessity Questionnaires

11/2/20 – The SBA (Small Business Administration) released two additional forms on October 30th, 2020, titled loan necessity questionnaires, that concern PPP (Paycheck Protection Program) borrowers with loans over $2 million. Details here.

Developing Effective Customer Retention Programs

10/29/20 – In the current competitive banking market, it’s important to recognize that customers need more than the typical products and usual services as an incentive to choose your bank over another. In other words, what strategies can you implement to help attract customers — and retain them over time?

Ohio Businesses: Don’t Miss These Grants Before it’s too Late

10/27/20 – Due to the effects of COVID-19, we feel it’s important now more than ever to keep our clients and friends up-to-date on grants that can aid your business. If you’re a business in Ohio, listed below are two separate grants available to you now – the Small Business Relief Grant (SBRG) and the JobsOhio Inclusion Grant.

2020 Year-end Tax Planning Strategies for Businesses

10/27/20 – Election years often lead to uncertainty for businesses, but 2020 surely takes the cake when it comes to unpredictability. Amid the chaos surrounding COVID-19, the resulting civil unrest and economic downturn, businesses are on their annual search for ways to minimize their tax bills — and realizing that some of the typical approaches aren’t necessarily well-suited for 2020.

HHS Issues Revised Provider Relief Fund Reporting Requirements for “Lost Revenue”

10/26/20 – On September 19, 2020, the Department of Health and Human Services (HHS) issued the long awaited reporting requirements for the Coronavirus Aid, Relief, and Economic Security (CARES) Act Provider Relief Funds (PRF). These guidelines instantly drew opposition from many industry stakeholders and Members of Congress. The major focus point was the HHS definition of “lost revenue.”

Valuations during Record-High Cash Levels

10/23/20 – As of the start of 2020, private equity (PE) firms have amassed $1.5 trillion in cash mandated to be used for new acquisitions. This cash reserve is the largest it has ever been -- more than double the levels that existed only a handful of years ago.

Year-End Tax Strategies for an Unusual Year

10/22/20 – Like so many things this year, the recommended practices for your annual end-of-the-year tax planning reflect the COVID-19 pandemic and its far-flung effects. The economic impact, as well as federal relief packages like the CARES Act, may render some tried-and-true strategies for reducing your income tax liability less advisable for 2020.

Nonprofit Partnerships: Follow These 3 Tax Steps for Success

10/21/20 – There are many positive outcomes for a nonprofit organization to form a partnership with another organization. As part of a nonprofit’s due diligence in determining whether a partnership is beneficial, the nonprofit organization should contact their legal and tax advisors, and consider the steps outlined in this article.

FDIC Provides Guidance on Temporary and Significant Growth Related to Pandemic

10/19/20 – During these extraordinary times, bank balance sheets have been impacted by Paycheck Protection Program (PPP) loans, an increase in deposits due to changing consumer behavior in response to the pandemic and money market mutual fund liquidity facility. The FDIC recognized these temporary impacts to bank balance sheets due to the pandemic, and they have recently issued an interim final rule.

Are Your Construction Contracts COVID-proof?

10/15/20 – It's the fourth quarter of 2020, and the COVID-19 pandemic continues to affect the construction industry. Project delays, work stoppages, supply chain disruption and lost productivity remain a reality for many contractors. All of this makes planning difficult, particularly when drafting project contracts.

Cybersecurity: Reduce Risk with Proactive Measures

10/12/20 – With so much on their plates in the current environment, it’s not surprising that most nonprofits don't have cybersecurity at the top of their to-do lists. But cyber risks are real and can prove costly in terms of both finances and reputation. Here, we explore why nonprofits are vulnerable to cyber risks and offers some proactive steps to reduce risks without breaking the bank.

New Business Travel Per Diem Rates for 2021 Published by IRS

10/9/20 – Most business travel was temporarily suspended during the spring and summer months. Now some people have started traveling for business purposes again, albeit less than before the COVID-19 pandemic began. With travel cutbacks, now may be a good time to review — and possibly simplify — how your company reimburses its workers for out-of-town lodging, meals and incidental expenses.

DOL Guidance: Monitor Overtime Pay for Your Remote Workers

10/9/20 – Paying your employees for hours that you know they've worked is straightforward enough. But what if they're doing more work than you think they are — or more than you've asked them to do? As federal regulations state, "Work not requested but suffered or permitted is work time" and, thus, must be compensated.

How Does COVID-19 Impact Home Office Deductions?

10/8/20 – Have you been working from home during the COVID-19 crisis? Join the club. Approximately 42% of the American workforce is currently working from home full-time, according to a recent study by the Stanford Institute for Economic Policy Research. Only 26% are working on business premises — and many of those are essential workers, such as public servants and health care workers, who can't work from home.

Five Key Principles for Construction Business Success

10/7/20 – As contractors continue to navigate uncertainty, establishing a comprehensive long-term business success plan has never been more important. Deltek + ComputerEase, a job cost accounting software for construction, has served over 4,500 contractors nationwide for the last 36 years. Through this experience, we’ve identified these five key principles to help contractors realize steady, predictable business growth.

Business Expenses: Accountable vs. Nonaccountable Reimbursement

10/6/20 – Employees frequently incur expenses in the course of their employment. Some expenses may be reimbursed by the employer, while others may be the expense of the employees.

The CMS Releases New Medicare Cost Report Form for Home Health Agencies – 1728-20

10/6/20 – The Centers for Medicare and Medicaid Services (“CMS”) originally issued a proposed rule on April 16, 2019, to change the Medicare cost report form set for home health agencies. A second notice with a comment period was issued on February 24, 2020. This form set was known as the CMS Form 1728-19. Over the past several months, many CMS initiatives were slowed due to the COVID-19 pandemic. Finally, on October 2, 2020, CMS issued Transmittal #1 for Provider Reimbursement Manual 15-1, Chapter 47 which is the forms and instructions for CMS Form 1728-20 – the new home health Medicare Cost Report Form.

Individuals: Take Advantage of These 7 Expiring Tax Breaks Before It's Too Late

10/6/20 – Several significant federal tax breaks are set to expire at the end of 2020, unless Congress renews them. Lawmakers customarily extend these so-called "extender" provisions for another year or two, sometimes retroactively. However, in this tumultuous time, nothing is certain.
In the face of that uncertainty, you should consider the following seven tax breaks that are scheduled to go off the books at the end of this year.

CMS Releases Long Awaited Revised Home Health Medicare Cost Report Forms – 1728-20

10/2/20 – In the Spring of 2019, The Centers for Medicare and Medicaid Services (CMS) started the process of revising the Medicare Cost Report forms with a public comment period. A second comment period was open in February and March of 2020. At the time, the revised forms (CMS Form 1728-19) were to be effective for cost reporting periods beginning on or after July 1, 2019.

New Tax Credit Available for Kentucky Small Businesses

9/30/20 – Are you one of the many Kentucky small businesses leaving thousands of dollars on the table? Since the inception of the Kentucky Small Business Tax Credit (KSBTC) in July 2020, the state has awarded $8.8 million to Kentucky small businesses.

Effects of COVID-19 on State & Local Taxes

9/29/20 – 2020 has been anything but normal. From a national quarantine to one of the largest economic downturns in American history, it can be hard to keep up with everything that has happened so far this year. Even local tax laws and incentives have changed dramatically in 2020.

HHS Issues Provider Relief Fund Reporting Requirements

9/22/20 – On September 19, 2020, the Department of Health and Human Services (HHS) issued the long awaited reporting requirements for the Coronavirus Aid, Relief, and Economic Security (CARES) Act Provider Relief Funds (PRF).

2020 Election: Business Tax Scenarios & Impact

9/21/20 – With both major political party conventions behind us, it's time to focus on the upcoming national election. Among their many differences, the Republicans and Democrats have widely varying tax platforms. Here's a quick summary of their positions on business-related tax matters to help you make an informed decision in November.

Manufacturing: CARES Act Softens New NOL Restrictions

9/17/20 – Due to the COVID-19 pandemic, many small and mid-sized manufacturers expect to have significant net operating losses (NOLs) in 2020. What makes this prospect more discouraging is that some companies are still recovering from NOLs suffered in recent years.

How the 2020 Election Could Impact Your Individual Taxes

9/16/20 – Election season 2020 is in full swing. Over the next few weeks, both parties will be hard at work, trying to win your vote for their presidential candidate. Here's a quick summary of recent federal tax law changes and how the candidates would like to build on — or change — the rules that affect the amount of taxes that you and your family will owe in 2021 and beyond.

Managing Risk for Remote Workforces in a Post-COVID-19 World

9/14/20 – Pundits are predicting that even after the COVID-19 pandemic is ultimately brought under control — which might not occur for many more months — work-at-home arrangements will be more common than before the pandemic.

Ramp Up Your Construction Company’s Training Program

9/11/20 – In this challenging economic environment, construction companies may be looking for ways to cut costs. Training programs are, in many cases, on the chopping block because they do not directly generate revenue. But as counterintuitive as it may sound, more training — not less — may be what your business needs right now.

Nonprofits: Reshaping Your Culture in the Midst of a Pandemic

9/10/20 – Every nonprofit develops a culture over time, often defining the organization. However, even if your group's been successful in the past, a change in culture could be a change for the better.

5 Pitfalls in Estate Planning

9/8/20 – Despite having good intentions, many people fail to make an estate plan. But if you don't develop a plan featuring a will, your assets could end up being distributed according to state law. And the lack of an estate plan could lead to family conflicts and lengthy legal battles. Plus, you'll miss out on opportunities for maximizing your wealth and minimizing tax liability.

Maximize Employee Skills for Retention

9/3/20 – Pairing advanced technology with highly trained employees is one of the surest formulas for a company’s success. Finding qualified employees has been challenging for many businesses in recent years. So, when you find the right people, consider these seven suggestions to maximize their skills — and retain them.

New Operations, New Workforce?

9/2/20 – Well, not exactly. The COVID-19 crisis has probably altered your normal business operations in response to the rapidly changing needs of your people, customers, and suppliers. Whether these changes are temporary or you're using recent product and operational shifts as blueprints for the future, you'll likely need to retrain or "reskill" employees.

IRS Releases Guidance on Executive Action Deferring Payroll Taxes

9/1/20 – On August 28, the IRS issued guidance that provides some explanation of how employers can defer withholding and remitting an employee’s share of Social Security tax when wages are below a certain amount. The guidance is brief, and private employers still have questions about whether, and how, to implement the deferral.

Update on CARES Act Provider Relief Fund Application / Accelerated Payments Recoupment

8/27/20 – The deadline to apply for Phase 2 General Distribution Funding has been extended to September 13, 2020. On July 20, 2020, The Department of Health and Human Services (HHS) issued a public notice about forthcoming reporting requirements for certain providers that accepted one or more payments exceeding $10,000 in the aggregate funding from the Provider Relief Fund (PRF) program.

PPP Update: Treatment of Owners and Forgiveness of Certain Nonpayroll Costs

8/26/20 – While the early days of April and the mad rush for Paycheck Protection Program (PPP) funds seem like ancient history at this point, many businesses are still carrying these loans on their balance sheet in anticipation that they will be soon forgiven and long forgotten. The most recent interim final rule addresses several long awaited questions regarding owner-employees and treatment of related party rents.

The Impact of PPP Loans: Achieving Forgiveness and Protecting Other Credits

8/26/20 – The Paycheck Protection Program (PPP) was introduced as the primary stimulus for small businesses in response to the economic effects of the COVID-19 pandemic. The program ultimately received $659 billion in funding from the Small Business Administration (SBA).

HHS Extends / Reopens Application Deadline for Certain Medicare / Medicaid Providers

8/20/20 – On July 31, HHS announced that certain Medicare providers would be given another opportunity to receive additional Provider Relief Fund payments. These are providers who previously missed the June 3, 2020 deadline to apply for additional funding equal to 2 percent of their total patient care revenue.

5 Tips For Boosting Core Deposits

8/20/20 – During these extraordinary times, most community financial institutions have seen an increase in customer deposits. In the past, it was a challenge for community financial institutions striving to grow their core deposits to fund lending activities; however the pandemic can provide some opportunities to help maintain and grow core deposits.

Nonprofit COVID Update: 3 Things to Monitor Now

8/19/20 – Several months into the COVID-19 crisis, most nonprofit organizations have formulated at least a temporary plan for sustaining operations. But short-term solutions should be complemented by long-term strategic planning to reprioritize objectives. Specifically, your nonprofit needs to focus on three areas.

Deferred Payroll Taxes: What Does it Mean for Employers and Employees?

8/12/20 – An executive memorandum was signed on August 8 that defers an employee’s portion of Social Security taxes from September 1 through December 31, 2020. At this point, the taxes are just deferred, meaning they’ll still have to be paid at a later date.

PPP Update: New FAQs Issued on Loan Forgiveness

8/5/20 – Yesterday, the Small Business Administration (SBA) issued another round of FAQs concerning forgiveness of Paycheck Protection Program (PPP) loans.

Construction & Real Estate: COVID-19 Accounting Updates & Guidance

8/4/20 – The impact of the Coronavirus Disease 2019 (COVID-19) pandemic has required businesses to navigate through rapidly changing environments and regulations like never before. Construction and real estate businesses are focusing on maintaining compliance with various state regulations for re-opening as well as the impacts on budgets, supply chains, personnel, etc.

Driving the Value of a Business

8/4/20 – In today's environment, it's important for business owners to focus on the value of their company and what drives it. The objective of this article is to look at value drivers for operating businesses, as opposed to businesses that are asset-based, such as real estate or securities holding companies.

Why Outsourcing Your Accounting Is Right for Your Nonprofit

8/3/20 – If you manage or oversee a nonprofit organization, you have a lot of things to balance on a daily basis. The time it takes to handle various projects and responsibilities ultimately hinders you from focusing on your organization’s mission.

Modular Construction: Pros and Cons for Contractors

8/3/20 – The COVID-19 pandemic is presenting the construction industry with many challenges. Some contractors have seen projects temporarily suspended and others cancelled entirely. Against this backdrop, you may be contemplating a shift to modular construction, also known as prefabrication. But going modular isn't a slam dunk by any means. There are just as many cons as pros.

Economic Update: What’s Ahead for the Construction Industry?

7/30/20 – The construction industry, like many others, has been forced to adapt as a result of the crippling effects of COVID-19 on the global economy. Luckily, for construction companies with healthy backlogs of current and future projects, many firms have been able to maintain a positive trajectory.

Midyear Tax Planning Ideas for Small Business Owners

7/29/20 – The second half of 2020 has begun. What steps can small business owners take today to lower taxes for the current tax year? Alternatively, would it make more sense to maximize taxable income this year if you expect higher income and/or unfavorable changes to the tax law starting in 2021?

5 Best Practices for Reskilling Your Manufacturing Workforce

7/27/20 – It’s likely that the COVID-19 crisis has changed your business operations. For example, in response to the crisis, you might need to alter your company's production line, cleaning and scheduling practices, supply chain partners, and more. Whether these changes are temporary or you're using recent product and operational shifts as blueprints for the future, you'll likely need to retrain or "reskill" workers.

5 Midyear Tax Planning Ideas for Individuals in 2020

7/23/20 – The extended July 15 deadline for filing your 2019 federal income tax return is behind us. Now it's time to think about your current federal tax situation. Tax planning is especially complicated for 2020. There are a lot of moving pieces to consider.

IRS Declares CARES Act Provider Relief Funds as Taxable Income

7/23/20 – The Department for Health and Human Services (HHS) has been publishing updates to the Frequently Asked Questions (FAQs) on an almost daily basis. The CARES Act allocated $175 Billion in grants to help healthcare providers to deal financially with the COVID-19 crisis.

CARES Act Funding and Single Audits

7/20/20 – The Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed in March 2020 to provide Federal funding to the Healthcare industry, state and local governments, and other organizations. As a result, organizations that have historically not been required to have a Single Audit may now be required to, under the Uniform Guidance, depending on the funding received.

Nonprofits - Watch for UBIT When Pursuing New Activities

7/15/20 – During these financially challenging times, the creativity of nonprofit organizations is challenged in their efforts to raise adequate revenue to sustain operations. But new activities, however well-intentioned, can lead to tax trouble.

Calculating Loan Forgiveness

7/14/20 – Businesses across the country are anxious to maximize their loan forgiveness as the economy continues to recover from the effects of the COVID-19 pandemic. This article provides guidance for calculating forgiveness and other considerations to help you make the most of the relief offered to business owners.

New Tax Relief Provided for Nonprofits, State and Local Government, and Native American Tribes

7/13/20 – Last Wednesday, July 8, the Senate unanimously passed bipartisan legislation to help nonprofits, state and local governments, and federally recognized Native American Tribes remain financially viable during the COVID-19 pandemic. The legislation ensures these entities receive federal help for unemployment payments upfront, instead of being reimbursed at a later time.

Manufacturing: COVID-19 Accounting Updates & Guidance

7/10/20 – The impact of the Coronavirus Disease 2019 (COVID-19) pandemic has required businesses to navigate through rapidly changing environments and regulations like never before. Manufacturing and distribution businesses are focusing on maintaining compliance with various state regulations for re-opening as well as the impacts on budgets, supply chains, personnel, etc.

Building the Framework of Your Succession Plan

7/9/20 – At some point, we’re all faced with the decision to call an end to our careers. But what will happen to your company when you retire, or when illness or injury keeps you from working for an extended period? Having a succession plan in place is key to ensuring the business will go on.

Preparing a Company for Deal Success

7/7/20 – We have previously addressed how M&A deals unfold as a result of preparing for due diligence, and now Ely Friedman discusses which “must-have” and “nice-to-have” items to have in place, in preparation for a successful transaction.

Nonprofit Recording of PPP Loan Funds

7/2/20 – As many nonprofit organizations complete their fiscal year, there is much discussion regarding the proper way to record funding received through the Paycheck Protection Program (PPP). There is no set standard guidance for nonprofits, however, there is a consensus throughout the industry on how to record the revenue under Generally Accepted Accounting Principles.

Update Regarding Entities that Receive Federal Funds

7/2/20 – On June 23, 2020, the Governmental Audit Quality Center (GAQC) issued Alert 409 which included information about the Office of Management and Budget (OMB) issued Memorandum M-20-26. A summary of that Alert is included in this article.

Cares Act Update: IRS Extends RMD Rollover Relief

7/1/20 – The CARES Act was enacted in an attempt to mitigate the economic effects of the COVID-19 pandemic. Among other things, it extends favorable tax treatment to qualified individuals who take so-called “coronavirus-related distributions” (CRDs) from IRAs, 401(k) plans and certain other retirement plans.

COVID-19 Impact on Human Resources: Remote Onboarding

6/29/20 – The COVID-19 pandemic has necessitated offsite work. Employers and employees are likely to continue remote working arrangements, leading employers to rethink their traditional in-person onboarding process.

PPP Loans & Ohio Commercial Activity Tax

6/29/20 – Ohio has recently updated its FAQs in regard to the inclusion of PPP loans in Ohio Gross Receipts for the purpose of calculating the Ohio Commercial Activity Tax

Employee Benefit Plans: Locating Missing Participants

6/25/20 – As a business owner or benefits manager, you have countless responsibilities to manage and you can easily find yourself overwhelmed. If one of your 401K recipients has become unresponsive or gone missing, the responsibility to track them down falls on you and your company.

Tax Credits Your Construction Company Can’t Afford to Miss

6/24/20 – From businesses to individuals, we all feel the strain that taxes can put on us over the course of the year. Taxes squeeze the profit margins of every small business and, if you don’t know how to take advantage of the tax benefits available to you and your business, you could be paying taxes you don’t actually need to pay.

Manufacturing Tips: 7 Ways to Improve Employee Performance

6/22/20 – One of the surest formulas for manufacturing success is to pair advanced technology with highly trained workers. In recent years, finding qualified workers has been challenging for many companies. So, when you find the right people, consider these seven suggestions to maximize their skills — and retain them.

CARES Act Provider Relief Funds Reporting Date Delayed – No July 10th Report

6/19/20 – Many providers have been anxiously awaiting the report form from the Department of Health and Human Services (HHS) for the first report on the COVID-19 related expenses and lost revenues.The HHS posted an FAQ on June 13, 2020 that suspended this reporting requirement for July 10.

Into the Sunset: Why Your Nonprofit Should Consider Exit Agreements

6/19/20 – How does a nonprofit say "goodbye" to a departing founder or executive? Though not as much fun as a gift and farewell party, an exit agreement may also be called for.

3 Tax Planning Moves for Individuals Who Haven’t Filed a 2019 Return

6/18/20 – As you are aware, the IRS extended key deadlines for the 2019 tax year for making 2020 estimated tax payments until July 15, 2020 due to the COVID-19 pandemic. However, did you know that if your 2019 personal return is still awaiting completion, you may have significant retroactive tax-planning flexibility?

Tax Strategies for Businesses that Deferred Filing

6/17/20 – During the COVID-19 crisis, some key tax deadlines were postponed until July 15, 2020. If your business tax return is still awaiting completion, you may have significant retroactive tax-planning flexibility.

Financial Institution Growing Pains

6/15/20 – During these unprecedented times, you may encounter unusual impacts on your institution’s balance sheet that will alter your compliance requirements. As your bank grows, it’s important to prepare for additional requirements that come into effect after you reach $500 million or $1 billion in assets.

PPP Flexibility Act Relieves Borrowers

6/5/20 – The U.S. Senate has passed the bipartisan Paycheck Protection Program Flexibility Act of 2020, which loosens several of the Paycheck Protection Program’s (PPP’s) more onerous restrictions regarding loan forgiveness.

Benefit Plan Update: DOL Modernizes Disclosure Rules

6/4/20 – The Department of Labor (DOL) announced a new safe harbor rule on May 21, 2020 allowing employers to post retirement plan disclosures online or via e-mail as a default to covered individuals.

PPP Frequently Asked Questions

6/4/20 – The SBA recently released the long-awaited application to apply for forgiveness of a Paycheck Protection Program (PPP) loan. They also announced they will soon issue regulations and guidance to further assist borrowers as they complete their applications, and to provide lenders with guidance on their responsibilities. VonLehman held several events this week where we walked attendees through the PPP loan forgiveness application process. Coming out of the events we had many questions which we've addressed in the FAQ below and attached. If you missed the event you can download the slides and watch a recording from the virtual event.

HHS Provides Guidance on CARES Act Provider Relief Fund Financial Reporting

6/3/20 – On June 2, the Department of Health and Human Services (HHS) updated the FAQs and provided some important guidance on the scope of COVID-19 related expenses and lost revenues for purposes of the quarterly reporting which begins with the quarter ending June 30, now due July 10, 2020.

Has your Institution Implemented a Bring-Your-Own-Device Policy?

5/28/20 – These days, the vast majority of your employees have smartphones. Use of these devices to send and receive work-related emails and other communications, and to access the institution’s files and other network resources, can boost productivity.

Nonprofit Alert: PPP Loan Forgiveness Application & More

5/27/20 – On May 15th, the Small Business Administration (SBA) released the long anticipated Loan Forgiveness Application. The next several weeks will continue to bring more guidance, and many lending organizations will be updating their systems to account for the requirements. The good news is that many outstanding questions have now been answered.

Nonprofit Alert: House Passes the HEROES Act

5/19/20 – The U.S. House of Representatives passed the Health and Economic Recovery Omnibus Emergency Solutions Act (H.R. 6800), or the “HEROES Act,” by a vote of 208-199, last Friday May 15, 2020. This new legislation would allow all 501(c) organizations to participate in the Paycheck Protection Program and other Nonprofit provisions.

PPP Loan Forgiveness Application Released

5/18/20 – The Small Business Administration (SBA) released its long anticipated Paycheck Protection Program (PPP) Loan Forgiveness Application on May 15th. The application, along with the press release from the SBA and instructions on completing the application, can be found here.

Updated: State and Local Tax: Be Sure to Take Advantage of These Relief Benefits!

5/18/20 – With the influx of troublesome news in recent weeks, this communication will focus on some of the more positive changes that have been instituted on the state and local tax (SALT) front, as a result of COVID-19. The chart below is an attempt to summarize some of the beneficial updates provided beyond the previously announced due date extensions. Although this is not an exhaustive list – especially with announcements being released daily – we will do our best to keep it updated with new information that might otherwise get lost among the many available due date lists.

CARES Act Healthcare Provider Relief Funds Update

5/15/20 – In recent weeks, there has been much activity relative to all of the funding pools that are available to healthcare providers. The Small Business Administration (SBA) issued the popular Paycheck Protection Program (PPP) loans designed to assist businesses in meeting payroll, rent, and utilities expenses during an eight-week period during the immediate COVID-19 crisis.

PPP Loan Forgiveness: Latest Update Appeases Fears for Millions of Americans

5/13/20 – Wednesday, May 13, 2020, the Treasury Department and the SBA announced (via Twitter) some very good news regarding the PPP loan certification as it relates to the necessity of a borrower’s loan request.

How Due Diligence Dictates the Deal

5/12/20 – Due diligence starts with the first call or meeting with a prospective buyer or investor. You only have one chance at making a good first impression, and how your story is delivered is important. Your ability to effectively deliver that message will invigorate a buyer’s excitement in the opportunity.

Deductibility of PPP-Funded Expenses Clarified

5/11/20 – The IRS has issued new guidance addressing a question that has lingered since the launch of the Paycheck Protection Program (PPP) — whether expenses paid for with forgiven, tax-free PPP loan proceeds are deductible business expenses under Section 162 of the Internal Revenue Code (IRC).

PPP Loan Repayment Deadline Extended

5/7/20 – The Small Business Administration (SBA) has extended the repayment deadline for Paycheck Protection Program (PPP) borrowers that wish to take advantage of the “good faith” self-certification of eligibility option. The deadline is now automatically extended from May 7, 2020, to May 14, 2020.

COVID-19 Update for Nonprofit & Government Entities Regarding Loan Programs & Single Audits

5/6/20 – On April 5, 2020, the Governmental Audit Quality Center (GAQC) issued Alert #404 to provide important updates related to COVID-19. The alert provided a definitive answer regarding the applicability of single audit requirements to Paycheck Protection Program (PPP) Loans and the Economic Injury Disaster Loans (EIDL) obtained by nonprofit entities.

PPP Developments: SBA Clarifies Loan Forgiveness Surrounding Rehiring Employees

5/5/20 – The Small Business Administration (SBA) provided an update on the second round of funding, as of May 1, 2020. The rate of funding has certainly slowed compared to the first round, and the average loan size is reported to be just $79,000, which is significantly lower than the first round average of $206,000. This indicates the focus of the second round is meeting its intended target.

2019 Form 990-T and 990-PF Changes and Other Updates

5/4/20 – Most of the changes to the 2019 Forms 990-T and 990-PF were minor, including clarifications outlined in the instructions. VonLehman's Bryan Pautsch details a few of the more significant changes here.

PPP Developments: Income Tax Treatment & Certifications

5/1/20 – The month of April finished in a frenzy over the Paycheck Protection Program (PPP), similar to how it began. On April 3, 2020, banks and other lending institutions started to take applications from small businesses for the PPP and, within a short two weeks, all of the initial funding allocated under the CARES Act was exhausted. Congress moved quickly to fund an additional $310 billion into the program with portions set aside in particular for small lenders and community banks with the hope that the funding would find its way to true small businesses.

Manufacturing & Distribution Insight: How COVID-19 Is Creating Supply Chain Disruption

5/1/20 – The novel coronavirus is taking its toll on the M&D Industry in the form of supply shortages, fulfillment delays, broken sales and operations plans, and increased prices across the industry.

Congress Approves Additional SBA Program Funds

4/24/20 – The latest legislation in a series of federal measures intended to provide relief in response to the novel coronavirus (COVID-19) pandemic has been approved. The $484 billion legislation, which is being referred to as the Interim Stimulus Plan, amends the Coronavirus Aid, Relief and Economic Security (CARES) Act enacted in late March.

Payroll Tax Deferrals Now Available Under the CARES Act

4/22/20 – The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) represents the third phase of Congress’s legislative efforts to address the financial and health care crisis resulting from the coronavirus (COVID-19) pandemic. The CARES Act includes numerous provisions intended to help affected businesses, including payroll tax deferral.

SBA PPP Loan Forgiveness Challenges & Guidance for Self Employed

4/20/20 – Funding allocated by the CARES Act to the Small Business Administration’s paycheck protection program was officially exhausted by Thursday, April 17th, less than two weeks after the loan program was launched and banks started taking applications. Congress is expected to approve another $300 billion into to the program, and if so, self-employed individuals should plan ahead to make sure their applications are quickly processed.

Main Street Lending Program vs. Paycheck Protection Program

4/17/20 – The Federal Reserve announced a $600 billion lending initiative (part of the $2.3 trillion stimulus package) that will be referred to as the Main Street Lending Program or MSLP, which is separate from the Paycheck Protection Program. Here, we'll cover the key differences in the two programs and address some FAQs.

SBA PPP Update: State and Industry Breakdown for $349 Billion To-Date

4/16/20 – The Small Business Administration released its latest report on the highly subscribed Paycheck Protection Program or PPP. Approvals through 4/13/2020 account for over $247 billion at an average of $239,152 per loan going to small businesses (defined as under 500 employees with exceptions for certain industries). Through Thursday morning, additional reports show that the allocated funding of $349 billion has been completely exhausted and looming doubt persists over whether or not Secretary Mnuchin will be able to deliver on additional funding from Congress.

HHS Begins Immediate Delivery of Initial $30 Billion of CARES Act Provider Relief Funding

4/14/20 – On Friday, April 10, 2020, the Department of Health and Human Services (HHS) began the delivery of the initial funding of the CARES Act Provider Relief Fund, in response to the COVID-19 crisis.

Wayfair: What Construction Companies Need to Know

4/14/20 – In June of 2018, the US Supreme Court decided a case, South Dakota vs. Wayfair, Inc., commonly referred to as ‘the Wayfair case.’ The Court’s decision changed the rules that dictate when a taxing jurisdiction can expect a remote seller to collect and remit sales tax. The legislatures of the states, and some cities, have responded to the case by enacting economic nexus standards, which are now clearly enforceable for sales tax purposes.

New COVID-19-related Assistance for Taxpayers

4/13/20 – The IRS and the U.S. Department of Treasury have announced new relief for federal taxpayers affected by the coronavirus (COVID-19) pandemic. The additional relief, outlined in Notice 2020-23, applies to a wider variety of tax filers. The IRS also has announced new tools for taxpayers expecting Economic Impact Payments (also known as “recovery rebates”).

IRS Guidance for Employers on FFCRA Tax Credits

4/10/20 – Under the Families First Coronavirus Relief Act (FFCRA), eligible employers are entitled to refundable tax credits for the full amount of wages that qualify under Paid Emergency Sick Leave (ESL) or Paid Emergency Family Medical Leave (EFMLA). In addition to credit for paid wages for the qualified leave, the credit is increased by qualified health plan expenses and the employer’s share of Medicare tax. Eligible employers seeking federal tax credits must retain records and documentation related to and supporting each employee’s leave.

CARES Act - Nonprofit Loan Programs and Other Opportunities

4/8/20 – The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) (S. 748) became law on March 27, 2020, providing significant funding for businesses, hospitals, schools, and nonprofit organizations, among many other things. The programs discussed in this article are all open and available right now. The following content highlights the key sections for tax-exempt organizations, both small and large, to consider.

Loan Modifications: How COVID-19 Measures Are Affecting the Financial Services Industry

4/7/20 – The United States has been operating under a presidentially declared emergency since March 13, 2020 and, despite being identified as an essential industry, financial institutions and their customers have been faced with a number of challenges as a result of COVID-19.

CMS Updates Accelerated and Advance Payment Program

4/6/20 – On April 3, 2020, the request forms were changed by the MACs and posted to their websites. Since the old forms were released, CMS has modified the process as they have calculated the maximum payment amount for each provider.

Ohio Municipal Withholding Tax Update

4/6/20 – There is relief for businesses who have employees working from home or remote work sites as a result of the COVID-19 restrictions. Ohio recently suspended the 20-day rule stating an employee’s principal place of work does not change while Ohio is under a State of Emergency, or within 30 days after the emergency period ends. This provision became effective upon the signature of H.B. 197. Consequently, there is no need to track an employee’s work location, for the purposes of applying the 20-day rule, from Wednesday, 3/25, until 30 days after the emergency ends.

R&D Tax Credits for Manufacturers

4/2/20 – Businesses have been claiming the Research & Development (“R&D”) Tax Credit since the 80s, but there continues to be much uncertainty as to which industries and companies truly qualify for this potentially lucrative annual tax benefit.

CARES Act Offers Relief to Individual Taxpayers

4/1/20 – The $2 trillion Coronavirus Aid, Relief, and Economic Security Act (CARES Act) is intended to shore up the country on multiple fronts and includes several components aimed at individuals.

Modifications to Families First Coronavirus Response Act

4/1/20 – Last week the U.S. Department of Labor (DOL) provided additional guidance on H.R. 6201: Families First Coronavirus Response Act (FFCRA), which goes into effect April 1, 2020. The CARES Act makes some critical modifications to the Families First Coronavirus Response Act, which was signed into law on March 18.

CARES Act Provides Businesses with Tax Credits, Deferrals & More

3/31/20 – In addition to providing relief to individuals and mustering forces to shore up the medical response, the CARES Act includes numerous provisions intended to help affected businesses, including eligible self-employed individuals, weather the crisis.

CMS Provides Financial Relief for Medicare Providers

3/30/20 – On March 28, 2020, the Centers for Medicare and Medicaid Services (CMS) issued a release announcing an expansion of its accelerated program for Medicare participating health care providers and suppliers. CMS recognizes that providers need resources to combat the coronavirus.

Be Proactive! Take Advantage of the Relief Offered by the CARES Act

3/27/20 – On Thursday, March 26, the U.S. Senate momentarily tabled its zealous partisanship to pass the $2 trillion emergency relief bill, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Meanwhile, news simultaneously broke announcing the U.S. as the global leader in confirmed COVID-19 cases. In a brief review of the freshly passed bill, it is overwhelmingly clear why every eligible small business should contact a qualified participating SBA lender and apply for a covered loan under the CARES Act.

Breaking: New SBA Loan Program Provides Business Relief

3/26/20 – Situation: "Coronavirus Aid, Relief, and Economic Security Act" (the CARES Act), follows days of bi-partisan wrangling. The estimated impact is approximately $2 trillion, and includes funding for: a) extraordinary public health spending, b) immediate cash relief for individual citizens, c) broad lending program for small businesses, and d) directed financial aid for industries that have been severely impacted.

Is HR Management Holding You Back?

3/26/20 – If you own or manage a business of any size, you know HR becomes increasingly important with each incremental growth. From recruiting top-level employees to managing difficult and oftentimes sensitive interpersonal issues, an elite HR specialist can help your business take that elusive step to the next level.

COVID-19: CARES Act Stimulus Bill

3/26/20 – After extensive negotiations between the U.S. House of Representatives, the U.S. Senate and the White House, an agreement has been reached on a massive stimulus bill to address the financial and health care crisis resulting from the coronavirus (COVID-19) pandemic.

COVID-19 Disaster Relief through Employer-Sponsored Section 139 Program and Charitable Organizations

3/24/20 – The novel Coronavirus (COVID-19) outbreak was designated as a disaster under the Stafford Act on March 13, 2020. This action of classifying the pandemic as federal disaster also allows for relief (separate from the relief of the federal and state governments) to disaster victims through several ways.

Families First Coronavirus Response Act

3/23/20 – President Trump signed into law H.R. 6201: Families First Coronavirus Response Act on March 18, 2020. Among other things, the new law temporarily requires certain employers to provide expanded paid sick and family leave for employees affected by the coronavirus (COVID-19) pandemic.

Treasury Formally Announces Extension of IRS Tax Deadline

3/20/20 – After weeks of speculation surrounding COVID-19’s impact on this year’s tax filing deadline, the U.S. Treasury has provided an official statement. Earlier today, Friday, March 20, U.S. Treasury Secretary, Steve Mnuchin, formally announced the extension of the IRS tax filing deadline from April 15 to July 15.

COVID-19 Disaster Funding for Businesses – Facts and Info

3/20/20 – The funding programs recently announced by the current administration (as part of the Coronavirus Preparedness and Response Supplemental Appropriations Act) have triggered numerous questions and clarifications from the general public. These programs are vital and are intended to help all businesses that are facing an economic crisis in response to the recent unprecedented events.

2020 Form I-9 Revisions

3/20/20 – The updated Form I-9 was officially released on January 31, 2020, leaving employers with an April 30, 2020 deadline to transition their processes and procedures as they relate to the new requirements.

Tax Update: Federal Income Tax Payment Deadline

3/19/20 – The IRS released guidance on March 18, which outlines details for relief from tax deadlines for taxpayers adversely affected by the coronavirus (COVID-19) pandemic. Federal income tax payments due on April 15, 2020 are considered timely paid and not subject to interest and penalties if paid by July 15, 2020.

Changes to Unemployment Insurance as a Result of COVID-19

3/19/20 – As policies and regulations continue to evolve in response to the spread of COVID-19, our experts will keep you up-to-date on the latest modifications affecting our clients. With millions of Americans currently out of work due to national prevention orders, the government is amending existing policies to allow for quicker access to unemployment insurance. The following article provides guidance and resources for the states of Ohio, Kentucky, and Indiana, in respect to unemployment insurance.

Coronavirus: Effective Communication is Key

3/12/20 – Providing your employees with factual information from health officials and assuring employees that their health and safety is paramount, can help to prepare and educate employees without causing panic. With coronavirus still continuing to spread across the world, now is the time to formulate best practices your company and human resources departments should follow to help your employees stay healthy and infection-free.