On April 14, the Governmental Accounting Standards Board (GASB) released a statement proposing the postponement of the effective dates of certain accounting and financial reporting requirements set to go into effect soon.
Are you a recordkeeping pack rat?
Small businesses may apply for a forgivable loan under the CARES Act. The funding from the federal government for these loans is limited.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act, allows for a payroll tax deferral of the employer share of Social Security tax that would otherwise be due from March 27 until December 31, 2020. Initially, this deferral was not available to those businesses taking advantage of the Paycheck Protection Program (PPP) Loans.
If you own a business jointly with others, we recommend you establish an owner buy/sell agreement which governs what happens in situations, such as disability or death of an owner or an owner wants to dispose of their ownership interest.
In the last three weeks, two major pieces of stimulus legislation have been signed into law. Both acts provide opportunities for small businesses, but also require additional tracking for proper reporting.