Henry+Horne is dedicated to providing you all the information you need to navigate through your finance and tax needs during the coronavirus (COVID-19) crisis. Continue checking this page for news updates, best practices and tips.
PPP Flex Act Update webinar now registering
Join us July 9 for the PPP Flex Act Update webinar. We’ll cover the latest updates on the program including the 24 week forgiveness period, the employee reduction safe harbors and the updated EZ forgiveness application issued after the PPP Flexibility Act.
Should you take a loan from your retirement account?
In the wake of the pandemic, many Americans have lost their jobs and are struggling to make ends meet. One avenue is to take a loan from their retirement accounts. But should you?
Financial Accounting Standards Board issues guidance on how to account for a PPP loan
The AICPA issued Technical Question and Answers in conjunction with the Financial Accounting Standards Board summarizing their responses relating to Paycheck Protection Program loan accounting technical inquiries.
Henry+Horne announces coronavirus protocols for visiting offices
While our offices remain closed, in the eventuality you must visit one of our properties, Henry+Horne has implemented safety and health protocols, including masks and self reporting of symptoms.
Busy week for PPP
Last week was a busy week for the Paycheck Protection Program. New applications and guidance were released, the Small Business Administration and the U.S. Treasury Department suddenly reversed direction on disclosing information about companies that received loans through the program, and a key program deadline is fast approaching.
IRS releases FAQs for sick foreigners claiming U.S. tax exemptions
Following the global outbreak of COVID-19, the IRS has posted FAQs for alien individuals who may have intended to leave the United States but were unable to leave due to a medical condition or problem.
PPP loans – forgiveness, calculations and more Webinar
A panel of Henry+Horne professionals walks you through everything you need to know to take full advantage of the program and understand the latest developments.
CARES Act and qualified improvement property
One of the more important and lesser publicized aspects of the CARES Act is that it fixes the Qualified Improvement Property “glitch” arising from the Tax Cuts and Jobs Act.
Act allowing more flexibility in PPP loans passes congress
The Paycheck Protection Flexibility Act is on its way to the president for signing after passing the senate late last night. The act will reduce restrictions on how funds from PPP loans can be spent while protecting eligibility for forgiveness.
COVID-19’s Impact on the Stock Market + Economy Webinar
The sudden economic shut down changed our economy instantly. This generational event will have ripple effects across the economy and the stock market. Michael Carlin, president of Henry+Horne Wealth Management, goes over the data and helps you understand where the economy may be headed so you can better forecast the financial needs of your organization and family life.
OMB exemptions related to the expenditure of federal awards and COVID-19
The Office of Management and Budget expanded the scope of administrative relief to all recipients affected by the loss of operational capacity and increased costs due to the crisis.
Clarification of deductibility of PPP expenses
Among many other questions from loan recipients and their tax advisors was the deductibility of expenses paid for with loans that would eventually be forgiven.
Navigating your 401(k) during a global pandemic
Investing in your 401(k) is an idea that is hammered into our brains at a young age. This simple task can turn out to be difficult when living in a global pandemic.
PPP – Here We Go Again Webinar
The Paycheck Protection Program was so popular funds were quickly depleted. Congress has now allocated an additional $310 billion. If you missed out the first go around, here’s your chance to grab a piece of the pie.
Ducey extends stay at home order while loosening restrictions on some businesses
Governor Doug Ducey announced amendments today to the state’s Stay Home, Stay Healthy, Stay Connected executive order that placed a stay at home order on residents and curtailed business operations across the state.
CARES cares about charitable donations
There are some provisions in the CARES Act that are not getting a lot of play right now – probably because it is not immediate money in business or individual’s hands. It can be money for nonprofit organizations, though.
Paycheck Protection Program – round two
After the initial $349 billion funding of the Paycheck Protection Program dried up in record time early this month, congress has approved and the president has signed into law a second round of relief that includes an additional $310 billion of funding for the small business lifeline program.
CARES Act clarification for trustee/plan sponsors
The Coronavirus Aid, Relief, and Economic Security Act provides dollar relief to those suffering as a result of the coronavirus. What should you know as a trustee/plan sponsor of your company’s retirement plan?
COVID-19 Tax Credits, Deferments and Deductions Webinar
Get a review of key tax benefits and implications of the 2020 CARES and FFCR Acts, including eligibility requirements for the different programs created and potential tax impacts for employers and restaurant owners.
Business Valuation During a Pandemic Webinar
Melissa E. Loughlin-Sines and Mike Metzler will discuss factors relating to the COVID-19 pandemic and how they could impact a business valuation.
Will it ever be the same again?
The beginning to 2020 has been interesting so far. We went from the highest reported DOW Jones average in February, to a 30 percent drop in market value a month later. But what does that mean for values of privately held companies?
Manage the Funds Podcast: 2020 Q2 Market Update
Henry+Horne Wealth Management President Michael Carlin walks you through the second quarter market report. Michael discusses the COVID-19 infected market, how this virus is affecting the markets and what that means for your investments.
Paycheck Protection Program Webinar
The federal government is working hard to alleviate the strains of COVID-19. Henry+Horne walks you through the Paycheck Protection Program.
Subject matter up to date as of April 3, 2020. Subject to change
Impact of employee reduction on employee benefit plans
In the wake of the COVID-19 pandemic and the resulting economic uncertainty, employers are faced with decisions that could have significant impacts on their 401k retirement plans.
Business valuation during a pandemic
Valuation dates are critical often determined by the circumstances that led to the need for a valuation. The pandemic is complicating things. Here’s some clarity.
Financial reporting considerations of COVID-19
While millions of businesses are grappling with the economic impact of COVID-19, there are potential items resulting from the pandemic that you need to consider as part of your financial reporting.
IRS extending more deadlines
Deadlines covering individuals, trusts, estates, corporations, and more are being delayed. The additions effectively delay all filing and payment deadlines normally due before July 15, 2020.
Refundable tax ideas to get you through the COVID-19 pandemic
The federal government has devoted unprecedented resources to offset the economic losses caused by COVID-19. Business owners now have a variety of options.
Governor issues order allowing remote online notarization
Effective through July 1, 2020, remote online notarization can now be used as valid witnesses on documents as long as certain procedures are followed.
Governor Ducey issues orders on Commercial Evictions
The order requires tenants notify their landlord of the COVID-19 circumstances and the landlord is encouraged to work with the tenant on adjusting or deferring rents, waiving late fees, penalties and interest.
Paycheck Protection Program FAQs
The PPP program promises relief for businesses and employees but has so far brought only a lot of confusion. The US Treasury is attempting to clarify the rules.
Arizona Together offers clearinghouse for information and resources
Not sure where to file for unemployment? Need healthcare? Running low on food? Trying to keep your business running? You may find what you’re looking for here.
COVID-19 – The Importance of maintaining segregation of duties
Work-from-home mandates intended to stop the spread of the COVID-19 virus have many of us in uncharted territories, which is causing us to react and change the way our organizations operate.
Coronavirus, Aid, Relief and Economic Security Act (CARES) FAQs
In the fight against COVID-19 and the damage the pandemic has done to the economy, congress enacted the Coronavirus, Aid, Relief and Economic Security (CARES) Act. A key provision deals directly with retirement plans and sponsors.
Reimbursement by government of amounts paid for sick leave and family leave due to coronavirus
The Families First Act was signed into law prior to the CARES Act and provides for government reimbursement of amounts employers pay to employees for sick leave and family leave due to COVID-19.
COVID-19 stimulus law – Paycheck protection program
The paycheck protection program provides low interest partially forgivable loans to businesses to help keep doors opened and employees paid.
Take CARES – Impact to employee benefit plans
In response to the impact of COVID-19 congress passed the Coronavirus Aid, Relief and Economic Security Act or the CARES Act, impacting retirement plans.
CARES Act – Forgivable government loans for nonprofits
The Paycheck Protection Program provides for a forgivable loan that can be obtained through an SBA lender under the SBA 7(a) loan program.
Overview of stimulus package
The $2 trillion stimulus bill has been passed into law. This graphic outlines exactly what’s in the bill. Please note the charitable contributions in the pdf are 60% not 50%.
Tips for helping restaurants deal with COVID-19
Struggling to think of ways to keep your restaurant business going during the coronavirus (COVID-19) crisis? Here are some ideas we hope will help.
COVID-19 expenses eligible for tax free qualified disaster assistance from employers
Now that COVID-19 has been declared a national emergency, Internal Revenue Code Section 139 allows employers to make tax-free payments or reimbursements to employees as “qualified disaster payments.”
Henry+Horne closes doors to visitors but remains open (March 23, 2020)
Henry+Horne has been closely monitoring coronavirus (COVID-19) developments and complying with the current guidance from public health organizations and the federal, state and local governments. To that end, beginning on Tuesday, March 24, 2020, Henry+Horne will no longer allow external visitors access to any of our offices.
Data security during the COVID-19 pandemic is more important than ever
Companies across the globe are quickly pivoting to adapt to new ways of doing business in order to keep their business going while people lock down. One consideration that should be top of mind for all companies is how to protect your data, security and privacy.