Ideas & Insight

In true American spirit, companies nationwide have quickly adapted to the rapid spread of COVID-19 and transitioned employees to a work from home (WFH) model; but are they protecting data in a work-from-home world? This approach is critical to limiting the impact of the virus, and for many organizations, it is a viable workaround. The […]

As many employees are working remotely for the short term, “normal” communication among teams has changed dramatically, almost overnight. This can result in deviation from established protocols in all areas of organizations. Not surprisingly, cyber criminals are aware of, and working to take advantage of, increased vulnerabilities.  At a time when cash is critical, the […]

SBA Loan Relief and New Lending Now Available For Small Businesses Impacted By COVID-19 Defer Existing SBA Loan Payments for Up To 6 Months This is at the lender’s discretion, but anyone with a current loan can/should talk with their loan agent. An informational notice about payment deferrals for existing loans from the SBA was […]

State Provides Guidance to Employers Contemplating Layoffs Source:  Michigan Department of Labor and Economic Opportunity LANSING, MICH. The Department of Labor and Economic Opportunity today provided guidance to Michigan employers on how to avoid potential layoffs related to COVID-19. “We know that many families and businesses are and will experience economic pain as a result […]

Interest rates are dropping in this uncertain business climate in response to the COVID-19 pandemic. Is now the time to refinance your business loan or mortgage? For business loans, what you’re going to be able to find seems to be on a case-by-case basis. What ultimately will help you, is business planning and forecasting (cash […]

The IRS has provided federal income tax relief for any person with a federal income tax payment due April 15th. Background:   The Treasury Department and the Internal Revenue Service are providing special payment relief to individuals and businesses in response to the COVID-19 Outbreak. The filing deadline for tax returns remains April 15, 2020. […]

Tax Penalty Relief: Small businesses in Michigan scheduled to make their monthly sales, use and withholding tax payments on March 20 can postpone filing and payment requirements until April 20. All tax penalties are waived for 30 days, including interest. Click here for more details. What about other State Taxes? The State of Michigan is […]

On March 18, 2020, shortly after it was passed in the Senate, President Trump signed H.R. 6201, the Families First Coronavirus Response Act (the “Act”) into law. The new law takes effect on April 2, 2020 and will remain effective until December 31, 2020. The bill provides paid sick leave and free coronavirus testing, expands […]

What is a reasonable business owner salary? If you’re the owner of an incorporated business, you probably know that there’s a tax advantage to taking money out of a C corporation as compensation rather than as dividends. The reason is simple. A corporation can deduct the salaries and bonuses that it pays executives, but not […]

The 2019 gift tax return deadline is looming. If you made large gifts to your children, grandchildren or other heirs last year, it’s important to determine whether you’re required to file a 2019 gift tax return. And in some cases, even if it’s not required to file one, it may be beneficial to do so […]