Category: crisis management
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Unrealistic advice from IRS to gig workers
IRS says: “The gig economy, also called sharing or access economy, is activity where taxpayers earn income providing on-demand work, services or goods. Often, it’s through a digital platform like an app or website. While there are many types of sharing economy businesses, ride-sharing and home rentals are two of the most popular. Here are…
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PPP agent blues
More than two months ago on LinkedIn I posed a summary of the problem that Wells Fargo small business clients were locked out of the PPP program. I don’t know why so many small nonprofits use Wells Fargo, but they do. As an agent who handles transactions for several of these, it was perplexing. An…
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Summary of the HEROS Act
This past week the U.S. House of Representatives passed the HEROS Act that includes: – Money for city and state governments struggling to provide public services with the collapse in tax revenue– Hazard pay for front line workers– Virus testing, tracing and treatment– Second round of direct payments to citizens make up for lost income–…
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My PPP small business scorecard
I represented nine small businesses attempting for federal aid through the Paycheck Protection Program this past month. The circumstances and timing of applications vary. Some are for profit businesses and some are 501(c)(3) nonprofits. I am applying as an owner, authorized representative, controller for some of the businesses. Others I am acting as accountant assisting…
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“I’m from the government and I’m here to help”
From the first day that we discussed coronavirus relief programs I emphasized the need for all of us to be wary of the claim “I’m from the government and I’m here to help”. Over the past seven years I’ve worked with well over one hundred clients hurt by superstorm Sandy but hurt even more by…
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Changes to Nonprofit Organizations
The coronavirus crisis is causing many nonprofit organizations to raise questions about strategic management positions and related compliance issues. Questions on these two issues below are common. Through online discussions, I found that many advisers are not aware of these specific details. This post includes a short discussion and a link for more information. Change…
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How to compute the maximum amount of Paycheck Protection Program
On April 24 the US Treasury issued this guidance on how to calculate the maximum amount of loan under the Paycheck Protection Program. It would have been a lot more useful if was dated April 3, instead of April 24 but we have to complete the details now on how to compute the maximum loan…
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Status of Paycheck Protection Program application?
This comes from a real email exchange today: CLIENT: Subject: Re: status update on Payroll Protection Program Tony, I don’t believe I heard anything back from this? Has xxxxxx responded to our request? ME: Correct. No response after initial confirmation of application more than two weeks ago. I did attempt to contact the officer who…
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Inability to update electronic banking with IRS
Self-serve Options It seems that some of us were given inaccurate information about the ability to update personal bank accounts for the purpose of the Economic Impact Payment. As of today, this is what is posted on the IRS web page: “If we don’t have your direct deposit information from your 2018 or 2019 return…
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Small business roundup of crisis response news
The past day generated more financial news affecting U.S. small businesses than any previous day of this pandemic. While the learning curve is steep, typically 1-2 hours each day, the time requirement today and for the rest of this week will be substantially more. No doubt that after I speak with some small business clients…