COVID-19 Resource Center
As the COVID-19 situation continues to change, we are taking precautions at this time to keep our employees, families, and clients healthy. We recognize your business may be facing decisions you have never had to face, and we are here to help you with cash flow problems, reforecasting and adapting to new restrictions/legislation. We are monitoring all bills passed for their impact on our clients and will help you navigate this season of your business.
RECENT BUSINESS TAX CHANGES
Considerations for 2020 Q4 Planning
PPP: Ensuring Compliance and Maximizing Forgiveness
PPP: Breaking Down Recent Legislation
What Should I be doing NOW for My Business and Employees
With the new day comes new strength and new thoughts.
– Eleanor Roosevelt
PPP Borrower Infomation Fact Sheet | US Treasury Department
Executive Orders from Governor Tim Walz | State of Minnesota
COVID-19 State Resources | Minnesota Department of Health
Small Business Guide on Emergency Loans | U.S. Chamber of Commerce
COVID-19 Tax Resources | IRS
Disaster Loan Assistance | U.S. Small Business Administration
Employment Guidance | Minnesota Chamber of Commerce
Tips for Managing your Business during an Economic Downturn | U.S. Small Business Administration
Tax Provisions in the HEALS Act | American Action Forum
Online scams and phishing threats are increasing during this pandemic. Cyber criminals are actively working to exploit the COVID-19 story with attacks aimed at taking advantage of the situation. It is important to be aware of online scams and
think before you click!
Help Navigating These Uncertain Times
Focus on Financial Planning
Having the right data is the first step. Cashflow analysis and projections will be vital over the next four months.
Key Perfomance Indicators
Understanding your drivers and KPIs will help you make the best decisions.
Reforecasting financial plans during this time are important.
Paycheck Protection Program
Businesses that have managed to secure financing through the Paycheck Protection Program are fortunate—but also saddled with a lot of red tape. Business owners and managers should be careful that they adhere strictly to the terms of the program to qualify for loan forgiveness.
Our Latest Blog Posts
The IRS issued Revenue Ruling 2020-27 on November 18th, formally denying the ability to deduct expenses related to PPP forgiveness. In the ruling, the IRS clarified the deduction for PPP expenditures is denied in the period the expenses were incurred (2020), even if the taxpayer waits until 2021 to apply for forgiveness.
On November 5, 2020 we held a free webinar discussing the impacts of recent tax bills and how they can provide businesses with many tax savings opportunities. We are living in a highly unpredictable time period and our tax laws are changing rapidly.
Congress passed the CARES Act and provided funding for Paycheck Protection Program (PPP) Loans. Many of you took advantage of the provisions afforded you related to PPP and the CARES Act.
On October 6, 2020 we held a free webinar discussing how COVID-19 has changed business standards such as revenue recognition, leases, and accounting for PPP loans.
Whether it is working from home, virtual school, or curbside pickup at your favorite restaurant, 2020 has had no shortages of changes and required adaptations. Accounting in 2020 is not exempt from these changes.
The Internal Revenue Service (IRS) finalized guidance regarding business interest expense limitations. Here is an overview of the rules.
Questions about our offices, tax deadlines or meeting availability?
We have the answers.
Below is information covering frequently asked questions from our clients. As the current landscape continues to evolve, we will keep you up-to-date.
Are Smith Schafer offices open?
At this time, all Smith Schafer offices will remain open, Monday – Friday 8 am – 5 pm. Our employees, whose roles allow, are working from home until further notice. We are committed to continuing to deliver exceptional services throughout these unprecedented times.
How can I get my information and documents to you?
- Drop Boxes: We have set-up drop boxes at each of our office locations.
- Twin Cities Office: Please drop items off between 9 am – 3 pm. If you need to drop items between 8 – 9 am or 3 – 5 pm, please call 952-920-1455 and one of our staff will come to the front building door to pick up your information.
- Online Portal: You may upload documents using our online portal. Click “Client Portal” on the top of this page. If you need login information, please contact us to set this up.
- Mail: Please mail information if you are not able to physically drop-off at one of our locations or use our online portal. See office addresses by clicking the “Locations” menu above.
Note: For our audit and accounting services clients which typically involve onsite visits, your lead manager or Principal will be in contact to discuss alternate ways to meet and gather data, or to discuss the arrangements in your location to keep the suggested social distance.
How do I receive timely information?
Our experts are keeping-up with the current situation and are sending important highlights through our blog. Click here to sign-up to receive all notifications.
Supporting Your Business Through Covid-19
We are committed to continuing to provide excellent service as we all navigate these unprecedented times. We are grateful for our relationship and encourage you to contact us if you have questions or would like more information.