As the world continues to contend with the COVID-19 pandemic and its economic fallout, businesses are doing all they can to mitigate risks and plan for a recovery that’s anything but certain. The path forward will likely not be linear. Different regions, industries and business segments may be in different stages of recovery simultaneously. The tax function…
As the year-end approaches, individuals, business owners and family offices should be reviewing their situations to identify any opportunities for reducing, deferring or accelerating tax obligations. Areas that should be looked at in particular include tax reform provisions that remain in play, as well as new opportunities and relief granted earlier in 2020 under the…
990 Reporting: What You Need to Know Now Our GJC presenter, Erica Battle, Principal, will discuss the hot topics affecting Form 990 including: Maintaining tax exempt status 990 overview Key reporting areas of the 990 – Schedules A-O and which ones are relevant The Webinar will begin promptly at 1:30PM Recommended 1.0 CPE Credit Hours GJC is…
WWJ’s Vickie Thomas reports on the first Black CPA firm in Michigan, founded by a former Secretary of State, prepares to celebrate its 80th anniversary.
Detroit-based accounting and advisory firm George Johnson & Co. has completed its four-year transition process and Managing Partner Anthony McCree is the firm’s new sole owner. With the commencement of the 4 1/2 year transition, George Johnson — who has been an owner of Detroit’s oldest Black-owned CPA firm since 1971 — will no longer be…
The IRS recently updated its frequently asked questions (FAQs) on the Employee Retention Credit (ERC) and payroll tax deferrals under the Coronavirus Aid, Relief, and Economic Security (CARES) Act (P.L. 116-136). These provisions encourage businesses to keep employees on their payroll during the COVID-19 global pandemic. Although the FAQs cannot be relied upon as legal…
For small and midsize businesses struggling because of the coronavirus, the Paycheck Protection Program (PPP), included as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, provided much-needed funding to cover necessary expenses. One of the chief benefits of the loans made through this program is the potential for the loans to be…
The coronavirus pandemic has forced many employers to implement some form of workforce reduction to continue operating. While furloughs and layoffs have a significant and immediate impact on a company’s operations, plan sponsors also need to understand the longer-term effects workforce reductions have on participants’ benefits and retirement accounts. Over the next several months, employers…
The Paycheck Protection Program Flexibility Act of 2020 (H.R. 7010) (PPP Flexibility Act), enacted on June 5, 2020, makes welcome changes to the forgiveness rules for Paycheck Protection Program (PPP) loans made to small businesses in response to the novel coronavirus global pandemic (COVID-19). The PPP Flexibility Act greatly increases the likelihood that a large percentage…
