The state of emergency declared by Ohio Governor Mike DeWine through Executive Order 2020-01D on March 9, 2020 required all “non-essential” business to temporarily close along with a stay-at-home directive to protect the well-being of Ohio citizens. Further, businesses that were deemed essential were restricted in their operations to maximize social distancing and implement significant mitigation policies and procedures.
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 … Read More
The coronavirus (COVID-19) outbreak, which the World Health Organization declared a pandemic on March 11, has prompted global health concerns. The financial markets and numerous sectors of the economy are suffering, and the long-term economic and business consequences are unknown. COVID-19 may affect your business and its financial statements for 2019 and 2020.
Tread carefully when handling FMLA leave requests – When employees request time off under the Family and Medical Leave Act (FMLA), employers need to tread carefully. The FMLA can trip you up in various ways, including how to legally document and approve eligibility for leave. Many employers particularly struggle with what information they may ask for without inadvertently violating the employee’s rights.  ’
Digital documents with e-signatures aren’t going away. Have you applied for a business loan lately? Or had some repairs done on your facilities? Maybe you’ve signed a contract with a certain technologically inclined customer or vendor. In any of these instances, you (or one of your employees) probably had to electronically sign a digital document.
Nondeductible IRA contributions require careful tracking If, like many people, your traditional IRA holds a mixture of deductible (after-tax) and nondeductible (pretax) contributions, it’s important to track your contributions carefully to avoid double taxation of distributions. Why? Because the IRS treats distributions as a blend of pretax and after-tax dollars. If you treat distributions as fully taxable, you’ll end up overpaying.
As you’ve probably heard, a new law was recently passed with a wide range of retirement plan changes for employers and individuals. One of the provisions of the SECURE Act involves a new requirement for employers that sponsor tax-favored defined contribution retirement plans that are subject to ERISA.
When participants request hardship distributions from a 401(k) plan, employers must collect and store documents showing that the participant had an immediate and heavy financial need to permit such a distribution. In today’s digital age, you might wonder whether you could instead allow participants to certify their needs electronically. The short answer is a tentative “yes” — if you already use self-certification to establish the necessity of the requested distribution and carefully follow a procedure authorized by the IRS a couple of years ago.
Every new company should launch with a business plan and keep it updated. Generally, such a plan will comprise six sections: executive summary, business description, industry and marketing analysis, management team description, implementation plan, and financials. Now, ideally, you would comprehensively update each section every year. But if the size, shape and objectives of your company haven’t changed all that much, you may not need to make major revisions to the entire plan. However, at the very least, you should always review and revise your financials.
Accounting for contributions and grants has often proven complicated for not-for-profits, especially when they come with donor-imposed conditions. But 2018 guidance from the Financial Accounting Standards Board (FASB) provided some much-needed clarification of earlier instructions. Traditionally, nonprofits have taken varying approaches to characterizing grants and similar contracts as exchange transactions (also known as reciprocal transactions) or contributions (nonreciprocal transactions).