HW&Co. COVID-19 Resource Center

A Message from our CEO

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.

Latest Articles

SBA Releases Guidance on Forgiveness of PPP Loans

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 article

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 […]

Read the full article

SBA and US Treasury release PPP Loan Forgiveness Application

The 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 article

Federal

SBA Releases Guidance on Forgiveness of PPP Loans

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 article

SBA and US Treasury release PPP Loan Forgiveness Application

The 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 article

SBA Issues Interim Final Rule on PPP Loans to Partnerships and Seasonal Employers

The 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 article

SBA issues new FAQs dealing with Safe Harbor Deadline

One 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 article

Business charitable contribution rules have changed under the CARES Act

In 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 article

IRS Adds Economic Impact Payment Information

The 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 article

Nonprofits get guidance on audit requirements

For 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 article

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 […]

Read the full article

IRS Limits Tax Benefits of PPP Loans

The 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 article

New $484 Billion COVID-19 Relief Package

On 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 article

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 […]

Read the full article

Everyone loses when workers are paid “under the table”

Paying 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 article

SBA Issues New PPP Guidance for Partnerships & Self-employed

The 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 article

990 Filing deadline has changed

A 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 article

Donor care during the COVID-19 pandemic

One 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 article

CARES Act deferral of, changes to and limits on excess business losses

During 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 article

Expanded Deductions for Charitable Giving Due to CARES Act

In 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 article

The CARES Act Effect on Employer’s Payment of Payroll Taxes

A 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 article

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 […]

Read the full article

CMS Releases First Payments From CARES Act Provider Relief Fund

CMS 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 article

FASB Rules on Delays for Leases (ASC 842) and Franchisors (ASC 606)

FASB 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 article

FAQs for HUD-insured facilities

In 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 article

FAQ’s about the Paycheck Protection Program (PPP)

If 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 article

Q&A about the CARES Act employee retention tax credit

The 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 article

Fake COVID-19 treatments and other new fraud schemes

Like 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 article

Paycheck Protection Loan Program

The 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 article

HW&Co. Revenue Cycle COVID-19 Updates

At 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 article

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 […]

Read the full article

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 […]

Read the full article

CARES Act offers new hope for cash-strapped nonprofits

On 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 article

The new COVID-19 law provides businesses with more relief

On 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 article

Economic Relief May be Available for Nonprofits

You’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 article

How COVID-19 poses new fraud threats to vulnerable businesses

Scam 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 article

The CARES Act – What Businesses & Nonprofits Need to Know

The 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 article

HW&Co. Revenue Cycle COVID-19 Updates

HW&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 article

U.S. Senate Passes CARES Act

The 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 article

What COVID-19 legislation means for nonprofits and their staffers

Whether 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 article

Families First Coronavirus Response Act – What it Covers

On 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 article

Coronavirus (COVID-19): Tax relief for small businesses

Businesses 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 article

SBA Disaster Loans for Small Businesses

An 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 article

IRS deferred tax payment guidance update

This 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 article

IRS will defer tax payments with no interest or penalties

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. 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 article

Ohio

Ohio Extends Tax Filing Deadline

Ohio 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 article

HW&Co. COVID-19 Healthcare Updates

An 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 article

Ohio Legislature OK’s State Tax Filing Extension

The 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 article

Grace Period for Health Insurance Premiums

On 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 article

Accounting & Assurance

SBA Issues New PPP Guidance for Partnerships & Self-employed

The 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 article

FASB Rules on Delays for Leases (ASC 842) and Franchisors (ASC 606)

FASB 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 article

FAQs for HUD-insured facilities

In 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 article

The new COVID-19 law provides businesses with more relief

On 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 article

How COVID-19 poses new fraud threats to vulnerable businesses

Scam 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 article

SBA Disaster Loans for Small Businesses

An 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 article

Fraud

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 […]

Read the full article

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 […]

Read the full article

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 […]

Read the full article

Everyone loses when workers are paid “under the table”

Paying 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 article

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 […]

Read the full article

Fake COVID-19 treatments and other new fraud schemes

Like 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 article

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 […]

Read the full article

How COVID-19 poses new fraud threats to vulnerable businesses

Scam 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 article

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 […]

Read the full article

Healthcare

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 […]

Read the full article

CMS Releases First Payments From CARES Act Provider Relief Fund

CMS 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 article

HW&Co. Revenue Cycle COVID-19 Updates

At 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 article

HW&Co. Revenue Cycle COVID-19 Updates

HW&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 article

HW&Co. COVID-19 Healthcare Updates

An 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 article

Nonprofit

Nonprofits get guidance on audit requirements

For 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 article

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 […]

Read the full article

990 Filing deadline has changed

A 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 article

Donor care during the COVID-19 pandemic

One 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 article

Expanded Deductions for Charitable Giving Due to CARES Act

In 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 article

Q&A about the CARES Act employee retention tax credit

The 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 article

CARES Act offers new hope for cash-strapped nonprofits

On 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 article

Economic Relief May be Available for Nonprofits

You’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 article

What COVID-19 legislation means for nonprofits and their staffers

Whether 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 article

Tax

SBA issues new FAQs dealing with Safe Harbor Deadline

One 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 article

Business charitable contribution rules have changed under the CARES Act

In 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 article

IRS Adds Economic Impact Payment Information

The 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 article

IRS Limits Tax Benefits of PPP Loans

The 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 article

Everyone loses when workers are paid “under the table”

Paying 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 […]

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SBA Issues New PPP Guidance for Partnerships & Self-employed

The 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 […]

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990 Filing deadline has changed

A 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 […]

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Donor care during the COVID-19 pandemic

One 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 […]

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CARES Act deferral of, changes to and limits on excess business losses

During 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 […]

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Expanded Deductions for Charitable Giving Due to CARES Act

In 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 […]

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The CARES Act Effect on Employer’s Payment of Payroll Taxes

A 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 […]

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FAQ’s about the Paycheck Protection Program (PPP)

If 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 […]

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Q&A about the CARES Act employee retention tax credit

The 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 […]

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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 […]

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The new COVID-19 law provides businesses with more relief

On 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 […]

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Ohio Extends Tax Filing Deadline

Ohio 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 […]

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Ohio Legislature OK’s State Tax Filing Extension

The 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 […]

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Families First Coronavirus Response Act – What it Covers

On 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 […]

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Coronavirus (COVID-19): Tax relief for small businesses

Businesses 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 […]

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IRS deferred tax payment guidance update

This 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 […]

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IRS will defer tax payments with no interest or penalties

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. 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 […]

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COVID-19 General

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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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