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Business Wisdom Blog

Thursday, 02 April 2020

Paycheck Protection Program

Written by Small Business Association (SBA)

During this webinar, our presenters discuss what we know about the forgiveness process, a breakdown of the forgiveness application and areas where more clarification/guidance is needed. DOWNLOAD OUR SLIDE DECK   As always, Rehmann is here to help. Please reach out to your business advisor or to info@rehmann.com if there is anything we can do to assist you...

Published in COVID-19

Legal experts are warning companies to beef up their cybersecurity defenses as COVID-19 presents new opportunities for fraudulent email, increased phishing and other risks related to the rise of employees working from home.   The law firm Debevoise published a checklist for firms to consider when preparing for possible disruptions and remote working due to COVID-19. In a NYU Law School blog published this week, the firm list the following cybersecurity considerations:   Phishing — Look out for coronavirus phishing scams. We have already seen fake CDC updates, IT alerts and software notices that attempt to obtain user credentials or install malware, so consider implementing coronavirus-specific phishing training or testing...

Published in COVID-19, Cybersecurity
Tuesday, 31 March 2020

Business Interruption Insurance during a Pandemic

Written by The Rehmann Team

If your business was forced to shut down, or has been drastically altered in how it conducts business following state mandates and stay-at-home orders, you might be wondering about business interruption insurance and whether the COVID-19 outbreak triggers this type of coverage for your operations. The answer isn’t simple, unfortunately. First, a little background: business interruption insurance helps replace lost income and pay for extra expenses when a business is affected by a covered peril. Business interruption coverage, which sometimes is called business income coverage, may be part of a business owners insurance policy...

Published in COVID-19
Thursday, 26 March 2020

Coronavirus Aid, Relief, and Economic Security Act (CARES Act)

Written by The Rehmann Team

On Friday, March 27, President Trump signed the Coronavirus Aid, Relief and Economic Security Act. The act contains provisions to help America’s employers, employees and healthcare system among other items. [Recorded Audiocast] CARES Act [Recorded Q&A] Families First Coronavirus Response Act   The bill provides stimulus funding and emergency assistance to both individuals and businesses that have been impacted by the virus. The new aid package comes the week after President Trump signed the Families First Coronavirus Response Act, which includes mandatory provisions for certain employers to provide paid sick leave and emergency family medical leave to eligible employees...

Published in COVID-19, Tax
Wednesday, 25 March 2020

Whether selling or buying, due diligence matters

Written by Donald Burke, CPA, CGMA, and Christopher Rosmarin, CPA

Mergers and acquisitions (M&A) have been on fire over the last five years or so. Encouragingly, there is more in the tank. Investors have trillions in cash sitting idle, making the outlook for 2020 strong. And contrary to what you may think, an economic downturn could bring more M&A activity, not less...

Published in Business Consulting

FASB Issues Statement on Prudential Regulator Guidance Concerning Troubled Debt Restructurings. On Sunday, March 22, 2020, the FASB has issued the following relating to a statement by Federal and state prudential regulators banking regulators:  “Earlier today, the Federal and state prudential banking regulators issued a joint statement that included guidance on their approach to the accounting for loan modifications in light of the economic impact of the coronavirus pandemic. This guidance was developed in consultation with the staff of the FASB who concur with this approach and stand ready to assist stakeholders with any questions they may have during this time.”  The agencies involved include Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), the Office of the Comptroller of the Currency (OCC), the Consumer Financial Protection Bureau (CFPB), and the State Banking Regulators...

Published in COVID-19
Tuesday, 24 March 2020

Disaster Funding Available for Virus-Stricken Businesses

Written by The Rehmann Team

The COVID-19 virus is closing businesses, canceling events and changing daily life across the world. Undoubtedly, the obvious and important health implications must take priority. However, it is important to recognize the substantial economic suffering and work to mend both health and wealth. Many businesses, albeit vendors, restaurants, large corporations, small and family-owned businesses, are relying on the steady stream of customers...

Published in COVID-19
Saturday, 21 March 2020

State Responses to COVID-19

Written by Michael Bannasch

With the IRS having officially announced an extension to July 15 for income tax payments, otherwise due April 15, states are beginning to develop their own responses to the filing and payment deadlines. Below you will find a few key specifics for Michigan, Florida, and Ohio as of Thursday, March 19. We will continue to provide further updates as they develop. Click here for the full AICPA report regarding the state’s responses...

Published in COVID-19, Tax

On Friday, March 20, 2020, the IRS issued Notice 2020-18 backing Treasury Secretary Mnuchin’s earlier announcement that the due date for income tax returns normally due on April 15th will be moved to July 15th. The Notice provides for an automatic postponement of time to file federal income tax returns and to postpone income tax payments that are due on April 15, 2020 to the July 15, 2020 date. This means that an extension is not required to be filed and the postponement is applicable to all taxpayers, whether or not there is a balance due. One of the biggest changes from the previously issued Notice 2020-17 is that there are no limitations on the amount of payments that can be postponed...

Published in News
Thursday, 26 March 2020

Stay Vigilant: Businesses Must Prepare Ahead for Cyber Attacks

Written by Ashley Pearson

The email looked legit, so an employee at a small Michigan manufacturer opened it and clicked on an attachment. That was a bad move. The email contained a ransomware attack by a hacker that quickly downloaded and installed a malicious software that encrypted the company’s servers and data, then demanded payment to release it. “They were essentially shut down, couldn’t function,” said Jessica Dore, a leader in the technology solutions group for CPA and consulting firm Rehmann LLC...

Published in Cybersecurity
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