As we are all settling into our new normal, our top priority remains the safety and well-being of our clients and the communities in which we live and work. This time is very stressful for everyone, but we’re all in it together. At HW&Co., we believe in the importance of conversations. We are doing our best to keep you informed of announcements and IRS changes during this time.
Please reach out to your HW&Co. professional at any time, with any questions you may have.
Brandon Miller
President and CEO, HW&Co.
On Friday, May 22, 2020, the SBA issued a long-overdue interim final rule providing guidance on how forgiveness will work for PPP loans. Below is a summary of how the new rule addresses or, in some cases, do not address, the top concerns of borrowers about how the forgiveness process will work. These concerns cover […]
Read the full articleSeveral 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 […]
Read the full articleThe IRS has issued guidance clarifying that certain deductions aren’t allowed if a business has received a Paycheck Protection Program (PPP) loan. Specifically, an expense isn’t deductible if both: The payment of the expense results in forgiveness of a loan made under the PPP, and The income associated with the forgiveness is excluded from gross […]
Read the full articleThe long awaited PPP Loan Forgiveness Application including instructions was issued by the SBA and US Treasury over the weekend and can be found on the SBA and U.S. Treasury web-sites and at this link PPP Loan Forgiveness Application To request forgiveness of PPP loan proceeds, a borrower must file SBA Form 3508, Paycheck Protection Program Loan Forgiveness […]
Read the full articleOn Friday, May 22, 2020, the SBA issued a long-overdue interim final rule providing guidance on how forgiveness will work for PPP loans. Below is a summary of how the new rule addresses or, in some cases, do not address, the top concerns of borrowers about how the forgiveness process will work. These concerns cover […]
Read the full articleThe IRS has issued guidance clarifying that certain deductions aren’t allowed if a business has received a Paycheck Protection Program (PPP) loan. Specifically, an expense isn’t deductible if both: The payment of the expense results in forgiveness of a loan made under the PPP, and The income associated with the forgiveness is excluded from gross […]
Read the full articleThe long awaited PPP Loan Forgiveness Application including instructions was issued by the SBA and US Treasury over the weekend and can be found on the SBA and U.S. Treasury web-sites and at this link PPP Loan Forgiveness Application To request forgiveness of PPP loan proceeds, a borrower must file SBA Form 3508, Paycheck Protection Program Loan Forgiveness […]
Read the full articleThe U.S. Small Business Administration (SBA) issued a new interim final rule 5/13/2020, which allows lenders to increase existing Paycheck Protection Program (PPP) loans to partnerships and seasonal employers. This new interim final rule addresses situations where a partnership completed their loan application before guidance was released April 14. The April 14 interim rule prohibited […]
Read the full articleOne of the most frequently discussed aspects of the Paycheck Protection Program (PPP) loans has been the economic necessity certification. The date for borrowers that may lack adequate certification and be able to return the funds in good faith was extended to May 14, 2020 by the SBA. As promised the SBA updated its FAQ […]
Read the full articleIn light of theCOVID-19 pandemic, many businesses are interested in donating to charity. In order to incentivize charitable giving, the Coronavirus Aid, Relief and Economic Security (CARES) Act made some liberalizations to the rules governing charitable deductions. Here are two changes that affect businesses: The limit on charitable deductions for corporations has increased. Before the […]
Read the full articleThe IRS recently addressed a question regarding an Economic Impact Payment being sent to someone who was deceased. From the IRS Economic Impact Payment Information Center: Q: Does someone who has died qualify for the payment? A: No. A Payment made to someone who died before receipt of the Payment should be returned to the […]
Read the full articleFor nonprofit organizations, federal funds can be subject to single audit requirements under the OMB Uniform Grant Guidance. The SBA recently provided the following guidance for nonprofits receiving SBA funds under the CARES Act, whether they are from PPP (Paycheck Protection Program) or EIDL (Emergency Injury Disaster Loan) programs. SBA PPP loans given to Non […]
Read the full articleIf you tuned into our CARES Act Provider Relief Funds: What We Know webinar this morning, you learned that HHS would most likely extend the Attestation deadline. Below is an excerpt from the recent press release extending the deadline from 30 to 45 days after receipt of payment. In yet another example of changing guidance, […]
Read the full articleBackground 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 […]
Read the full articleThe IRS issued guidance on April 30th stating expenses paid with a forgiven PPP loan are NOT deductible. Notice 2020-32 states that “no deduction is allowed for an expense that is otherwise deductible, if the payment of the expense results in forgiveness of a covered loan.” In other words, payroll expense is not deductible, if […]
Read the full articleAs 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 […]
Read the full articleOn April 24, President Trump signed a new bill, providing $484 billion to replenish the Paycheck Protection Program (PPP) lending program and the Economic Emergency Injury Disaster Loan (EIDL) program. There is also funding for hospitals and COVID-19 testing. Specifically: $310 billion for PPP, with $60 billion set aside for smaller lending institutions $60 billion […]
Read the full articleAs 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 […]
Read the full articlePaying workers “under the table” or with cash can save businesses a bundle in taxes. But the potential consequences are grave. Not only is this practice illegal and could result in severe financial penalties, but it also shortchanges employees. The novel coronavirus (COVID-19) pandemic has made this abundantly clear. As many laid-off workers who were […]
Read the full articleThe law providing relief due to the coronavirus (COVID-19) pandemic contains a beneficial change in the tax rules for many improvements to interior parts of nonresidential buildings. This is referred to as qualified improvement property (QIP). You may recall that under the Tax Cuts and Jobs Act (TCJA), any QIP placed in service after December […]
Read the full articleThe SBA recently (4/14/2020) issued a new Interim Final Rule that supplements the guidance for the Paycheck Protection Program (PPP) included in the first interim final rule issued on April 2. This new rule focuses on two areas that may come into play when making a PPP application: Self-employment income of partners in a partnership […]
Read the full articleA few weeks ago, the IRS postponed tax filing deadlines until July 15th, but seemed to have left nonprofits out. Tax-exempt organizations now have an extra two months to file their federal Form 990 due to coronavirus (COVID-19). The Internal Revenue Service (IRS) has extended the April 15 deadline for nonprofits, giving them until July […]
Read the full articleOne of the many challenges of operating a not-for-profit organization during the coronavirus (COVID-19) pandemic is that just when you desperately need financial support, many donors are unable to help. Widespread unemployment, stock market volatility and general uncertainty make even dependable donors reluctant to part with their money. Then there’s the fact that donors are […]
Read the full articleDuring this challenging time, we know that everyone’s highest priority continues to be the health and well-being of their families, friends, neighbors and co-workers. At the same time, we’re focused on trying to maintain as much of a business-as-usual environment as possible. Despite our best efforts, it’s a given that some businesses will experience losses […]
Read the full articleThe IRS has issued guidance providing relief from failure to make employment tax deposits for employers that are entitled to the refundable tax credits provided under two laws passed in response to the coronavirus (COVID-19) pandemic. The two laws are the Families First Coronavirus Response Act, which was signed on March 18, 2020, and the […]
Read the full articleIn response to COVID-19, and in an effort to encourage more charitable giving in 2020, the recently enacted government stimulus bill (the “CARES Act”) provides some additional tax relief for donors. Hopefully, this makes it easier to give and save at the same time. $300 Above-the-line Charitable Deduction for Those Who Take a Standard Deduction […]
Read the full articleA question was recently posed regarding an employer’s ability to defer payment of Social Security taxes, if they receive a Payroll Protection Program (PPP) loan. According to the IRS, employers who have a received a PPP loan, but whose loan has not yet been forgiven, may defer deposit and payment of the employer’s share of […]
Read the full articleThe 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 […]
Read the full articleCMS Releases First Payments From CARES Act Provider Relief Fund The Centers for Medicare and Medicaid Services (CMS) released the first $30 billion of the $100 billion Provider Relief Fund created by the CARES Act. The funding was included in the Act to support healthcare-related expenses or lost revenue because of COVID-19. All Medicare fee-for-service […]
Read the full articleFASB met on April 8, 2020, to address pressing issues stemming from the COVID-19 pandemic. Specifically: Accounting Standards Codification (ASC) 842: Leases – One-year delay proposed for private companies and not-for-profit (NFP) entities ASC 606, Revenue from Contracts with Customers – Delay proposed only for franchisors that are not public business entities (PBE) Proposed […]
Read the full articleIn an effort to address questions and concerns about HUD-insured facilities (FHA’s Section 232 and 242 mortgage insurance programs) and the COVID-19 pandemic, HUD (Office of Healthcare Programs) has provided guidance, and possibly some relief, for borrowers. On April 6th, HUD published this list of FAQs for External Stakeholders. Of specific note is question five […]
Read the full articleIf you’re like most employers, your head is swimming with all of the information that’s been coming out of Washington D.C. these past few weeks. Thankfully, on April 6th, Treasury and the U.S. Small Business Administration (SBA) released FAQs on PPP (the $349 billion small business relief program that is a key part of the […]
Read the full articleThe recently enacted Coronavirus Aid, Relief, and Economic Security (CARES) Act provides a refundable payroll tax credit for 50% of wages paid by eligible employers to certain employees during the COVID-19 pandemic. The employee retention credit is available to employers, including nonprofit organizations, with operations that have been fully or partially suspended as a result […]
Read the full articleLike the coronavirus (COVID-19) pathogen itself, incidents of COVID-19 fraud are surging and financial losses are piling up. The Federal Trade Commission (FTC) reports that the number of 2020 COVID-19-related complaints doubled in just one recent week. As of March 31, losses attributed to the outbreak stood at $5.9 million. Here are some of the […]
Read the full articleInformation is changing daily, if not hourly, and it is increasing hard to keep up especially for healthcare providers who are on the frontlines of the COVID-19 pandemic. It is a delicate balance dealing with constant changes from federal, state, and local authorities while juggling the needs of your facility such as increased staffing challenges, […]
Read the full articleThe Small Business Administration (SBA) has released the interim final rule, which provides additional guidance and requirements for the $349 billion Paycheck Protection Program (PPP.) This final rule includes some changes including doubling of loans’ interest rate to 1%, from 0.5% There seems to be so much information out there about all of the COVID-19 […]
Read the full articleAt HW&Co., we understand that COVID-19 is creating unique revenue cycle challenges. Below, we have compiled some important updates to help you make sense of recent changes. Rest assured, we are keeping up with all the COVID-19 news and pronouncements, both federally and locally, and will keep you updated. Please reach out with any questions […]
Read the full articleThe 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 […]
Read the full articleThe 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 […]
Read the full articleOn March 27, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law. How is this massive $2 trillion recovery package poised to help your not-for-profit organization? It depends on your group’s size, financial condition and other factors. But most nonprofits affected by the coronavirus (COVID-19) outbreak are eligible for some relief under […]
Read the full articleOn March 27, President Trump signed into law another coronavirus (COVID-19) law, which provides extensive relief for businesses and employers. Here are some of the tax-related provisions in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Employee retention credit The new law provides a refundable payroll tax credit for 50% of wages paid […]
Read the full articleYou’ve been reading and hearing about The Coronavirus Aid, Relief and Economic Security Act, known as the CARES Act (the Act.) This historic $2 trillion stimulus bill includes a $349 billion relief program for small businesses and nonprofit organizations, available through the Small Business Administration’s (SBA) existing §7(a) Paycheck Protection Program. Structured as forgivable loans, […]
Read the full articleScam artists know how anxious business owners are during the current coronavirus (COVID-19) crisis. They know that as you struggle to meet customer demands and pay employees and stay solvent, you’re more likely to drop your guard and fall for a fraud scheme. The last thing your business needs right now is to suffer additional […]
Read the full articleThe Coronavirus Aid, Relief, and Economic Security Act (CARES,) (H.R.748),contains a host of tax measures as part of a $2 trillion aid package designed to help the economy as it suffers from the effects of the COVID-19 pandemic. While the focus of the legislation is not tax, a large number of tax provisions are included […]
Read the full articleThe Coronavirus Aid, Relief and Economic Security Act, known as the CARES Act (the Act,) is a historic $2 trillion stimulus bill signed by President Trump today. It includes a $349 billion relief program for small businesses, available through the Small Business Administration’s (SBA) existing §7(a) Paycheck Protection Program. Structured as forgivable loans, the program […]
Read the full articleHW&Co. understands that as Long Term Care providers, your team is facing new challenges on a daily basis. If you need more support, our Revenue Cycle department can assist with billing services and business office functions. Waiver of 3-Day Hospital Stay and Additional Skilled Coverage Skilled Nursing Facility (SNF) care without a 3-day inpatient hospital […]
Read the full articleThe U.S. Senate passed a third stimulus bill, late Wednesday night, 3/25/2020. The bill, titled the Coronavirus Aid, Relief and Economic Security Act (CARES Act) is designed to provide further relief to individual and business taxpayers in the wake of the continuing COVID-19 outbreak. While the House has not yet voted on the CARES Act, […]
Read the full articleWhether your not-for-profit is newly deluged with demand for services or you’ve closed doors temporarily, it’s important to keep up with legislation responding to the coronavirus (COVID-19) crisis. On March 18, the Families First Coronavirus Response Act was signed into law to provide American workers affected by the pandemic with extended sick and family leave […]
Read the full articleOn March 18, 2020, President Trump signed the Families First Coronavirus Response Act (“the Act”) into law. While the legislation has many provisions, there are four key areas that address the unprecedented impact of COVID-19 on our companies, organizations and our workforce: Emergency Family and Medical Leave Expansion Act (EFMLEA) Emergency Paid Sick Leave Act […]
Read the full articleBusinesses across the country are being affected by the coronavirus (COVID-19). Fortunately, Congress recently passed a law that provides at least some relief. In a separate development, the IRS has issued guidance allowing taxpayers to defer any amount of federal income tax payments due on April 15, 2020, until July 15, 2020, without penalties or […]
Read the full articlePart of the electronic filing process of individual returns is setting up automatic withdrawals to pay taxes that were due on April 15th. If your personal 2019 return was already electronically filed, we (HW&Co.) do not have the ability to change the date on the return. In order to delay payment until July 15th, you […]
Read the full articleAn SBA Section 7(b) Economic Injury Disaster Loan (EIDL) Program provides up to $2 million to help business with fewer than 500 employees pay fixed debts, payroll, accounts payable, and other bills that can’t be paid due to the loss of revenue caused by a declared disaster. The loans cannot be used to cover lost […]
Read the full articleOn Friday, the IRS officially announced that, because of COVID-19, tax returns due April 15 will not have to be filed until July 15 this year. The notice applies to any person with Federal Income tax payment or Federal income tax return due 4/15/2020. The term “person” includes individual, trust, estate, partnership, association, company or […]
Read the full articleThis follow up is to keep you as up to date as possible on tax changes emerging as a result of COVID-19. IRS issued Notice 2020-17 clarifying Secretary Mnuchin’s comments. The IRS is allowing taxpayers to postpone income tax payments due on April 15th until July 15th. Here are the important points: Eligible payments would include […]
Read the full articleDear 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. Accordingly, here is an update on how we are doing our part to prevent the spread of COVID-19, while doing our best to provide […]
Read the full articleDuring the COVID-19 pandemic, real property owners have had concerns on due dates for the payment of real property taxes and assessments for the second half of Tax Year 2019. The Ohio Department of Taxation has extended deadlines for the collection of real property tax for the following Ohio counties: Belmont (from July 20, 2020 […]
Read the full articleThe Ohio Bureau of Workers’ Compensation (BWC) Board of Directors approved a request from Gov. Mike DeWine to distribute $1.6 billion to state businesses in response to economic disruption from the COVID-19 outbreak. The BWC board held a virtual emergency session, Friday, April 10, and voted to permit the remittal of dividends equal to nearly […]
Read the full articleOhio Tax Commissioner Jeff McClain confirmed that Ohio will follow the lead of the federal government. Ohio is extending the deadline to file and pay state income tax to July 15th, which is an extension of three months from the original deadline of April 15th. As with the IRS extension, Ohio will waive penalty on […]
Read the full articleAn update for healthcare providers. As a healthcare provider, you’re on the frontlines of the COVID-19 pandemic. You’re dealing with constant changes from federal, state, and local authorities. You’re juggling the needs of your facility such as increased staffing challenges, and supply shortages, with the needs of your residents and their families. Amid it all, […]
Read the full articleThe Ohio Legislature unanimously voted to give Ohio Tax Commissioner, Jeff McClain, authority to extend the state tax filing deadline to July 15th. This would keep the Ohio tax deadline aligned with the federal filing date. Governor DeWine has indicated he would sign the bill. Members of the Ohio Society of CPAs (OSCPA) were instrumental […]
Read the full articleOn March 9, 2020, Governor Mike DeWine, declared a state of emergency in Ohio to protect the well-being of Ohioans from the dangerous effects of COVID-19, and directed state agencies to develop and implement procedures consistent with recommendations from the Department of Health, designed to prevent or alleviate the public health threat. One such order […]
Read the full articleDear valued clients and friends of the firm: On Sunday the state of Ohio issued a Stay at Home Order effective 11:59 p.m. on March 23, 2020, until 11:59 p.m. on April 6, 2020. Only those businesses designated as an essential business are allowed to remain open. The Governor included accounting services as an essential […]
Read the full articleThe SBA recently (4/14/2020) issued a new Interim Final Rule that supplements the guidance for the Paycheck Protection Program (PPP) included in the first interim final rule issued on April 2. This new rule focuses on two areas that may come into play when making a PPP application: Self-employment income of partners in a partnership […]
Read the full articleFASB met on April 8, 2020, to address pressing issues stemming from the COVID-19 pandemic. Specifically: Accounting Standards Codification (ASC) 842: Leases – One-year delay proposed for private companies and not-for-profit (NFP) entities ASC 606, Revenue from Contracts with Customers – Delay proposed only for franchisors that are not public business entities (PBE) Proposed […]
Read the full articleIn an effort to address questions and concerns about HUD-insured facilities (FHA’s Section 232 and 242 mortgage insurance programs) and the COVID-19 pandemic, HUD (Office of Healthcare Programs) has provided guidance, and possibly some relief, for borrowers. On April 6th, HUD published this list of FAQs for External Stakeholders. Of specific note is question five […]
Read the full articleOn March 27, President Trump signed into law another coronavirus (COVID-19) law, which provides extensive relief for businesses and employers. Here are some of the tax-related provisions in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Employee retention credit The new law provides a refundable payroll tax credit for 50% of wages paid […]
Read the full articleScam artists know how anxious business owners are during the current coronavirus (COVID-19) crisis. They know that as you struggle to meet customer demands and pay employees and stay solvent, you’re more likely to drop your guard and fall for a fraud scheme. The last thing your business needs right now is to suffer additional […]
Read the full articleAn SBA Section 7(b) Economic Injury Disaster Loan (EIDL) Program provides up to $2 million to help business with fewer than 500 employees pay fixed debts, payroll, accounts payable, and other bills that can’t be paid due to the loss of revenue caused by a declared disaster. The loans cannot be used to cover lost […]
Read the full articleSeveral 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 […]
Read the full articleThe 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 […]
Read the full articleBefore 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 […]
Read the full articleMany 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 […]
Read the full articlePaying workers “under the table” or with cash can save businesses a bundle in taxes. But the potential consequences are grave. Not only is this practice illegal and could result in severe financial penalties, but it also shortchanges employees. The novel coronavirus (COVID-19) pandemic has made this abundantly clear. As many laid-off workers who were […]
Read the full articleThe 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 […]
Read the full articleLike the coronavirus (COVID-19) pathogen itself, incidents of COVID-19 fraud are surging and financial losses are piling up. The Federal Trade Commission (FTC) reports that the number of 2020 COVID-19-related complaints doubled in just one recent week. As of March 31, losses attributed to the outbreak stood at $5.9 million. Here are some of the […]
Read the full articleThe 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 […]
Read the full articleScam artists know how anxious business owners are during the current coronavirus (COVID-19) crisis. They know that as you struggle to meet customer demands and pay employees and stay solvent, you’re more likely to drop your guard and fall for a fraud scheme. The last thing your business needs right now is to suffer additional […]
Read the full articleAs 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 […]
Read the full articleIf you tuned into our CARES Act Provider Relief Funds: What We Know webinar this morning, you learned that HHS would most likely extend the Attestation deadline. Below is an excerpt from the recent press release extending the deadline from 30 to 45 days after receipt of payment. In yet another example of changing guidance, […]
Read the full articleBackground 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 […]
Read the full articleCMS Releases First Payments From CARES Act Provider Relief Fund The Centers for Medicare and Medicaid Services (CMS) released the first $30 billion of the $100 billion Provider Relief Fund created by the CARES Act. The funding was included in the Act to support healthcare-related expenses or lost revenue because of COVID-19. All Medicare fee-for-service […]
Read the full articleInformation is changing daily, if not hourly, and it is increasing hard to keep up especially for healthcare providers who are on the frontlines of the COVID-19 pandemic. It is a delicate balance dealing with constant changes from federal, state, and local authorities while juggling the needs of your facility such as increased staffing challenges, […]
Read the full articleAt HW&Co., we understand that COVID-19 is creating unique revenue cycle challenges. Below, we have compiled some important updates to help you make sense of recent changes. Rest assured, we are keeping up with all the COVID-19 news and pronouncements, both federally and locally, and will keep you updated. Please reach out with any questions […]
Read the full articleHW&Co. understands that as Long Term Care providers, your team is facing new challenges on a daily basis. If you need more support, our Revenue Cycle department can assist with billing services and business office functions. Waiver of 3-Day Hospital Stay and Additional Skilled Coverage Skilled Nursing Facility (SNF) care without a 3-day inpatient hospital […]
Read the full articleAn update for healthcare providers. As a healthcare provider, you’re on the frontlines of the COVID-19 pandemic. You’re dealing with constant changes from federal, state, and local authorities. You’re juggling the needs of your facility such as increased staffing challenges, and supply shortages, with the needs of your residents and their families. Amid it all, […]
Read the full articleFor nonprofit organizations, federal funds can be subject to single audit requirements under the OMB Uniform Grant Guidance. The SBA recently provided the following guidance for nonprofits receiving SBA funds under the CARES Act, whether they are from PPP (Paycheck Protection Program) or EIDL (Emergency Injury Disaster Loan) programs. SBA PPP loans given to Non […]
Read the full articleAs 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 […]
Read the full articleA few weeks ago, the IRS postponed tax filing deadlines until July 15th, but seemed to have left nonprofits out. Tax-exempt organizations now have an extra two months to file their federal Form 990 due to coronavirus (COVID-19). The Internal Revenue Service (IRS) has extended the April 15 deadline for nonprofits, giving them until July […]
Read the full articleOne of the many challenges of operating a not-for-profit organization during the coronavirus (COVID-19) pandemic is that just when you desperately need financial support, many donors are unable to help. Widespread unemployment, stock market volatility and general uncertainty make even dependable donors reluctant to part with their money. Then there’s the fact that donors are […]
Read the full articleIn response to COVID-19, and in an effort to encourage more charitable giving in 2020, the recently enacted government stimulus bill (the “CARES Act”) provides some additional tax relief for donors. Hopefully, this makes it easier to give and save at the same time. $300 Above-the-line Charitable Deduction for Those Who Take a Standard Deduction […]
Read the full articleThe recently enacted Coronavirus Aid, Relief, and Economic Security (CARES) Act provides a refundable payroll tax credit for 50% of wages paid by eligible employers to certain employees during the COVID-19 pandemic. The employee retention credit is available to employers, including nonprofit organizations, with operations that have been fully or partially suspended as a result […]
Read the full articleOn March 27, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law. How is this massive $2 trillion recovery package poised to help your not-for-profit organization? It depends on your group’s size, financial condition and other factors. But most nonprofits affected by the coronavirus (COVID-19) outbreak are eligible for some relief under […]
Read the full articleYou’ve been reading and hearing about The Coronavirus Aid, Relief and Economic Security Act, known as the CARES Act (the Act.) This historic $2 trillion stimulus bill includes a $349 billion relief program for small businesses and nonprofit organizations, available through the Small Business Administration’s (SBA) existing §7(a) Paycheck Protection Program. Structured as forgivable loans, […]
Read the full articleWhether your not-for-profit is newly deluged with demand for services or you’ve closed doors temporarily, it’s important to keep up with legislation responding to the coronavirus (COVID-19) crisis. On March 18, the Families First Coronavirus Response Act was signed into law to provide American workers affected by the pandemic with extended sick and family leave […]
Read the full articleThe IRS has issued guidance clarifying that certain deductions aren’t allowed if a business has received a Paycheck Protection Program (PPP) loan. Specifically, an expense isn’t deductible if both: The payment of the expense results in forgiveness of a loan made under the PPP, and The income associated with the forgiveness is excluded from gross […]
Read the full articleDuring the COVID-19 pandemic, real property owners have had concerns on due dates for the payment of real property taxes and assessments for the second half of Tax Year 2019. The Ohio Department of Taxation has extended deadlines for the collection of real property tax for the following Ohio counties: Belmont (from July 20, 2020 […]
Read the full articleOne of the most frequently discussed aspects of the Paycheck Protection Program (PPP) loans has been the economic necessity certification. The date for borrowers that may lack adequate certification and be able to return the funds in good faith was extended to May 14, 2020 by the SBA. As promised the SBA updated its FAQ […]
Read the full articleIn light of theCOVID-19 pandemic, many businesses are interested in donating to charity. In order to incentivize charitable giving, the Coronavirus Aid, Relief and Economic Security (CARES) Act made some liberalizations to the rules governing charitable deductions. Here are two changes that affect businesses: The limit on charitable deductions for corporations has increased. Before the […]
Read the full articleThe IRS recently addressed a question regarding an Economic Impact Payment being sent to someone who was deceased. From the IRS Economic Impact Payment Information Center: Q: Does someone who has died qualify for the payment? A: No. A Payment made to someone who died before receipt of the Payment should be returned to the […]
Read the full articleThe IRS issued guidance on April 30th stating expenses paid with a forgiven PPP loan are NOT deductible. Notice 2020-32 states that “no deduction is allowed for an expense that is otherwise deductible, if the payment of the expense results in forgiveness of a covered loan.” In other words, payroll expense is not deductible, if […]
Read the full articlePaying workers “under the table” or with cash can save businesses a bundle in taxes. But the potential consequences are grave. Not only is this practice illegal and could result in severe financial penalties, but it also shortchanges employees. The novel coronavirus (COVID-19) pandemic has made this abundantly clear. As many laid-off workers who were […]
Read the full articleThe law providing relief due to the coronavirus (COVID-19) pandemic contains a beneficial change in the tax rules for many improvements to interior parts of nonresidential buildings. This is referred to as qualified improvement property (QIP). You may recall that under the Tax Cuts and Jobs Act (TCJA), any QIP placed in service after December […]
Read the full articleThe SBA recently (4/14/2020) issued a new Interim Final Rule that supplements the guidance for the Paycheck Protection Program (PPP) included in the first interim final rule issued on April 2. This new rule focuses on two areas that may come into play when making a PPP application: Self-employment income of partners in a partnership […]
Read the full articleA few weeks ago, the IRS postponed tax filing deadlines until July 15th, but seemed to have left nonprofits out. Tax-exempt organizations now have an extra two months to file their federal Form 990 due to coronavirus (COVID-19). The Internal Revenue Service (IRS) has extended the April 15 deadline for nonprofits, giving them until July […]
Read the full articleOne of the many challenges of operating a not-for-profit organization during the coronavirus (COVID-19) pandemic is that just when you desperately need financial support, many donors are unable to help. Widespread unemployment, stock market volatility and general uncertainty make even dependable donors reluctant to part with their money. Then there’s the fact that donors are […]
Read the full articleDuring this challenging time, we know that everyone’s highest priority continues to be the health and well-being of their families, friends, neighbors and co-workers. At the same time, we’re focused on trying to maintain as much of a business-as-usual environment as possible. Despite our best efforts, it’s a given that some businesses will experience losses […]
Read the full articleThe IRS has issued guidance providing relief from failure to make employment tax deposits for employers that are entitled to the refundable tax credits provided under two laws passed in response to the coronavirus (COVID-19) pandemic. The two laws are the Families First Coronavirus Response Act, which was signed on March 18, 2020, and the […]
Read the full articleIn response to COVID-19, and in an effort to encourage more charitable giving in 2020, the recently enacted government stimulus bill (the “CARES Act”) provides some additional tax relief for donors. Hopefully, this makes it easier to give and save at the same time. $300 Above-the-line Charitable Deduction for Those Who Take a Standard Deduction […]
Read the full articleA question was recently posed regarding an employer’s ability to defer payment of Social Security taxes, if they receive a Payroll Protection Program (PPP) loan. According to the IRS, employers who have a received a PPP loan, but whose loan has not yet been forgiven, may defer deposit and payment of the employer’s share of […]
Read the full articleIf you’re like most employers, your head is swimming with all of the information that’s been coming out of Washington D.C. these past few weeks. Thankfully, on April 6th, Treasury and the U.S. Small Business Administration (SBA) released FAQs on PPP (the $349 billion small business relief program that is a key part of the […]
Read the full articleThe recently enacted Coronavirus Aid, Relief, and Economic Security (CARES) Act provides a refundable payroll tax credit for 50% of wages paid by eligible employers to certain employees during the COVID-19 pandemic. The employee retention credit is available to employers, including nonprofit organizations, with operations that have been fully or partially suspended as a result […]
Read the full articleThe 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 […]
Read the full articleOn March 27, President Trump signed into law another coronavirus (COVID-19) law, which provides extensive relief for businesses and employers. Here are some of the tax-related provisions in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Employee retention credit The new law provides a refundable payroll tax credit for 50% of wages paid […]
Read the full articleOhio Tax Commissioner Jeff McClain confirmed that Ohio will follow the lead of the federal government. Ohio is extending the deadline to file and pay state income tax to July 15th, which is an extension of three months from the original deadline of April 15th. As with the IRS extension, Ohio will waive penalty on […]
Read the full articleThe Ohio Legislature unanimously voted to give Ohio Tax Commissioner, Jeff McClain, authority to extend the state tax filing deadline to July 15th. This would keep the Ohio tax deadline aligned with the federal filing date. Governor DeWine has indicated he would sign the bill. Members of the Ohio Society of CPAs (OSCPA) were instrumental […]
Read the full articleOn March 18, 2020, President Trump signed the Families First Coronavirus Response Act (“the Act”) into law. While the legislation has many provisions, there are four key areas that address the unprecedented impact of COVID-19 on our companies, organizations and our workforce: Emergency Family and Medical Leave Expansion Act (EFMLEA) Emergency Paid Sick Leave Act […]
Read the full articleBusinesses across the country are being affected by the coronavirus (COVID-19). Fortunately, Congress recently passed a law that provides at least some relief. In a separate development, the IRS has issued guidance allowing taxpayers to defer any amount of federal income tax payments due on April 15, 2020, until July 15, 2020, without penalties or […]
Read the full articlePart of the electronic filing process of individual returns is setting up automatic withdrawals to pay taxes that were due on April 15th. If your personal 2019 return was already electronically filed, we (HW&Co.) do not have the ability to change the date on the return. In order to delay payment until July 15th, you […]
Read the full articleOn Friday, the IRS officially announced that, because of COVID-19, tax returns due April 15 will not have to be filed until July 15 this year. The notice applies to any person with Federal Income tax payment or Federal income tax return due 4/15/2020. The term “person” includes individual, trust, estate, partnership, association, company or […]
Read the full articleThis follow up is to keep you as up to date as possible on tax changes emerging as a result of COVID-19. IRS issued Notice 2020-17 clarifying Secretary Mnuchin’s comments. The IRS is allowing taxpayers to postpone income tax payments due on April 15th until July 15th. Here are the important points: Eligible payments would include […]
Read the full articleDear 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. Accordingly, here is an update on how we are doing our part to prevent the spread of COVID-19, while doing our best to provide […]
Read the full articleSeveral 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 […]
Read the full articleThe 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 […]
Read the full articleBefore 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 […]
Read the full articleBackground 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 […]
Read the full articleMany 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 […]
Read the full articleAs 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 […]
Read the full articleAs 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 […]
Read the full articleThe 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 […]
Read the full articleThe 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 […]
Read the full articleThe 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 […]
Read the full articleWe 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 […]
Read the full articleAs 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 […]
Read the full articleTips 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 […]
Read the full articleDear 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 […]
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