HW&Co. COVID-19 Resource Center

Even if no money changes hands, bartering is a taxable transaction

During the COVID-19 pandemic, many small businesses are strapped for cash. They may find it beneficial to barter for goods and services instead of paying cash for them. If your business gets involved in bartering, remember that the fair market value of goods that you receive in bartering is taxable income. And if you exchange […]

How some “reputable” professionals enable illegal opioid distribution

  With COVID-19 still raging in much of the country, the opioid crisis may not be the top public health challenge on most Americans’ minds. But according to the American Medical Association, the pandemic has led to an increased number of opioid-related deaths in 35 states. It’s not just drug dealers, street gang members and […]

Appealing to the next generation of supporters

Factors such as wealth level, education and even whether people volunteer, probably will tell you more about potential donors than their generation. But some broad generalizations about age can help not-for-profits target particular groups for support. The newest generation of adults belong to what’s being called Generation Z, and it’s possible to draw some conclusions […]

Launching a business? How to treat start-up expenses on your tax return

While the COVID-19 crisis has devastated many existing businesses, the pandemic has also created opportunities for entrepreneurs to launch new businesses. For example, some businesses are being launched online to provide products and services to people staying at home. Entrepreneurs often don’t know that many expenses incurred by start-ups can’t be currently deducted. You should […]

Don’t get shortchanged by a liquidating business

Several major companies have already filed for bankruptcy during the novel coronavirus (COVID-19) crisis and many more large and small businesses are expected to follow suit. If you’re a creditor of a company that’s liquidating, it may be challenging to get back what you’re owed. That’s where a solvency opinion can help. An expert determines […]

Recent efforts to corral COVID-19 fraudsters

The COVID-19 pandemic has opened the floodgates to scam artists attempting to profit from sick, anxious and financially vulnerable Americans. On the frontlines fighting fraud are the Federal Trade Commission (FTC), U.S. Justice Department (DOJ) and other government agencies. Here are some of the fraud schemes they’re actively investigating —  and the perpetrators they’ve rounded […]

Give your employees a voice to report fraud

Before the novel coronavirus (COVID-19) pandemic struck, employees who suspected occupational fraud in their organizations had multiple options for notifying their employers. For example, they could use interoffice mail to send information anonymously or meet with HR personnel in person. Reporting options for employees working from home are more limited — particularly if they wish […]

Provider Relief Fund Update

Background Information: The Coronavirus Aid, Relief, and Economic Security Act (CARES) Act that was signed by the President on March 27, 2020 included a Provider Relief Fund Payment provision of $100 billion to go to health care providers affected by COVID-19. By now, most of you have received two rounds of distributions, and it goes […]

5 ways to protect remote workers, and your business, from cyberattacks

  Many businesses were unprepared when the novel coronavirus (COVID-19) pandemic required them to close their physical offices and shift to remote operations. Your company, for example, may have had to scramble to set up a virtual private network (VPN) or move files to the cloud. And while adapting to working from home, employees may […]

Hiring independent contractors? Make sure they’re properly classified

As a result of the coronavirus (COVID-19) crisis, your business may be using independent contractors to keep costs low. But you should be careful that these workers are properly classified for federal tax purposes. If the IRS reclassifies them as employees, it can be an expensive mistake. The question of whether a worker is an […]

Here’s how to handle gifts in kind and donated services

As unemployment and financial insecurity become widespread during the novel coronavirus (COVID-19) crisis, many not-for-profit donors find themselves unable to provide monetary support to favorite charities. Instead, your organization may receive offers of gifts in kind (GIK) or donated services. Although you likely welcome these gifts, you may be unsure about how to record and […]

Seniors face a double threat with COVID-19

The coronavirus (COVID-19) pandemic may pose a double whammy for seniors. The elderly are considered the most vulnerable population for medical complications associated with the virus. They’re also prime targets for COVID-19 scams. If you’re a senior — or have elderly relatives and friends — read and share the following information. Everyone a potential victim […]

HW&Co. Stay at home order update

COVID-19 Payments for Retirees

The IRS reminds retirees, who don’t normally have a requirement to file a tax return, that no action on their part is needed to receive their $1,200 economic impact payment. Seniors should be especially careful during this period, as they can be the target of scammers. The IRS reminds retirees – including recipients of Forms […]

Beware Coronavirus-related Scams

The IRS has issued a warning to taxpayers about calls and email phishing attempts dealing with COVID-19 or the Coronavirus.  Main concerns center around identity theft and tax-related fraud. Taxpayers should watch for emails, text messages, websites and social media attempts that request money or any personal information. According to IRS Commissioner Chuck Rettig, “The […]

Tips on Isolation From NASA Astronauts

We are all struggling with finding a way to normalize the abnormal. Astronauts may be the best ones to give advice on isolation.  Taking from some of their experiences of living on the International Space Station, here is some advice on how to deal with the challenge of being isolated.  Here’s a YouTube link if […]

Fraudsters are using COVID-19 to fleece Americans

As governments around the globe mobilize to defend their populations from the novel coronavirus (COVID-19), criminals are also mobilizing — to fleece people. These opportunists have already found ways to use the fear and chaos associated with the pandemic to enrich themselves. But you can protect yourself and your business. Ripe opportunity Phishing emails that […]

Tips For Anyone Who’s Working From Home Due to COVID-19

Tips to effectively work from home First, get changed out of your pajamas every morning. It’ll help get you in the right headspace for work and allow you to take video calls on the fly. Pick one or more dedicated workspaces, ideally with a decent chair that will support your back. But try to keep […]

HW&Co. Company Policy on COVID-19 and Client Service Approach from HW&Co.’s CEO

Dear valued clients and friends of the firm: HW&Co.’s number one priority is the safety and well-being of our people, clients, families and the communities in which we live and work. We want to share with you what we are doing to play a role in preventing the spread of COVID-19 while also doing our […]