The “new normal.” No one knows exactly what this will look like, and the economic outlook for the week, month, and year ahead change daily. The impacts of the coronavirus pandemic are being absorbed in every corner of the economy, and the supply chain is no exception. Significant declines in
At a press conference held today, U.S. Treasury Secretary Steven Mnuchin announced that taxpayers will receive a three-month extension of time to pay the income taxes owed for 2019. During the three-month deferral period, taxpayers will not be subject to interest and penalties. As of the time of this writing,
Barnes Dennig is dedicated to helping you identify opportunities, options and strategies to minimize the impact of the COVID-19 Pandemic. Visit our COVID-19 Advisory Services Page here to learn more. Unemployment Insurance Benefits (KY) On March 16, 2020, Kentucky Governor Andy Beshear outlined changes to the state’s unemployment rules as
Recently, businesses and trade associations led by the Ohio Society of CPAs (OSCPA) sent a letter to Ohio’s Congressional Delegation regarding the issues surrounding 2020 Ohio Bureau of Workers Compensation (BWC) Dividends, expressing concerns about their potential unintended impact on businesses. Requested Exclusion for PPP Loan and ERTC The letter
What’s a business worth? In the eyes of its founder, a business may be priceless. But there are times that call for a more accurate number from an objective point of view. Not just when you’re buying or selling, but also when you’re setting shareholder value, gifting shares to family
Foreign currency translation and hedging is one of the most challenging areas of accounting – whether you’re working with the Euro, the Pound Sterling, the Yen, or the Brazilian Real. You aren’t alone if you find the accounting rules governing foreign currencies hard to understand and difficult to apply. That’s
On June 13, 2019, Barnes Dennig and The Rinehart Sussli Financial Group of UBS hosted a group of experienced professionals for the sixteenth Annual Employee Benefit Plan Seminar. Given that retirement plans are a valuable tool for rewarding and attracting top talent, our goal is to help the business community
The federal government continues to move quickly in providing support for families and businesses impacted by COVID-19. As of Thursday, March 18th, President Trump signed into law the Families First Coronavirus Response Act (H.R. 6201), following the Senate’s passage of a revised bill originally passed on March 14
The Small Business Administration (SBA) issued new PPP loan Interim Final Guidance (IFR) on August 24, 2020, on Treatment of Owners and Forgiveness of Certain Nonpayroll Costs, in addition to new PPP loan forgiveness FAQs on August 4, 2020, and EIDL loan FAQs on August 11, 2020. This interim final
Business owners are facing a new economic reality: never before have cash reserves been so vital to sustaining business continuity. Private equity firms are urging their portfolio companies to draw down on their open lines of credit to gird themselves for the most turbulent financial downturn in the last 90
Steps to Help Not-for-Profits Scrutinize their Revenues for Impact from Recent Accounting Standards The time has come for many not-for-profits to incorporate ASC 606 Revenue from Contracts with Customers in their GAAP financial statements. This overhaul to the model of recognizing revenue with customers has left many questioning what funding
Senate Majority Leader Mitch McConnell, R-Ky., introduced legislation(S. 3548) on Thursday, March 19, to provide direct cash payments to families, grant tax relief to individuals and businesses, particularly airlines and healthcare, to blunt the economic effects of the novel coronavirus pandemic. The 250-page bill is scheduled for debate with Democrats