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.

Did You Hire An In-Home Teacher? You Might Be A Household Employer!

With the rise of COVID-19, many families have had to switch to online or home school learning and hired an in-home teacher for their children. This could lead to some tax consequences.

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COVID scammers texting promises of additional stimulus payments

Thanks to COVID-19, scammers are coming up with clever new ways to trick taxpayers out of their personal information, money or both.

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Sick leave credit for eligible self-employed Individuals

 A self-employed individual may be eligible to claim a tax credit under the qualified sick leave and qualified family leave provisions of COVID-19  legislation.

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COVID-19 relief for struggling taxpayers

The impact of the pandemic may have made it hard to satisfy your tax obligations. The IRS recently announced new collection procedures aimed at assisting taxpayers through their Taxpayer Relief Initiative.

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The importance of solid accounting in a COVID-19 environment

While most restaurants are still operating at a volume below their pre-COVID days, it’s extremely important to keep your accounting records clean and updated so that you can analyze them regularly.  

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Recently moved? Be sure you do this.

When COVID-19 hit the U.S. earlier this year, millions of employees were told to pack up their things and work from home. Without having to commute to work each day, many have decided to pack up their homes and move out of the “big city” for a lower cost of living.

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Using your car for gig work could cost you big

With the pandemic in full swing, lots of people are looking for creative ways to supplement their income. You may be using your car to drive for ride shares, shuttle packages for Amazon, shop for groceries or deliver restaurant orders, thinking if you get into an accident your personal car insurance policy or the company you’re working for will cover you. You may be in for a rude awakening.

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Tips for auditing remotely

Auditing remotely has become the new normal for nearly every auditor across the country. While not ideal, professions are learning to adapt to the new normal we all are facing, and the auditing industry is no different.

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Do I owe taxes on unemployment benefits?

After President Trump declared a state of emergency due to COVID-19 in mid-March, there were 45 million new unemployment claims filed in the three months that followed. For many of the people receiving unemployment compensation, this is all new territory.

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You know that letter that came after your stimulus check?

You, like many other taxpayers in the US, may have received a letter from the IRS after receiving your economic impact stimulus payment. Your first reaction when seeing the unopened letter is OMG … what did I do wrong?!! Your second reaction after opening the letter is what do I do with this?!

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Required minimum distributions during a pandemic

The IRS has recently issued Notice 2020-51 to help bring more clarity on how the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) impacts Required Minimum Distributions (“RMDs”) and those individuals who have taken RMDs in 2020.

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Are you missing part of your COVID-19 Economic Impact Payment?

When Congress passed the CARES Act into law back in March of this year, approximately 85% of US households expected to receive a check.

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Presidential memorandum defers payroll taxes, with a big caveat

On August 8, President Donald Trump signed three memoranda and one executive order in response to the growing need for additional economic aid amidst the Coronavirus Pandemic and resulting economic stress.

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So you’re thinking of filing for bankruptcy? Five tips from a corporate attorney to consider before filing.

Many restaurants have seen sharp drop offs in both revenues and customers. There has been an upsurge in bankruptcies and permanent closures nationwide. Before a restaurant owner files for bankruptcy they should at least consider whether taking the following steps may enable the business to survive these (or other) uncertain times.

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Lower Income in 2020? – Here is a Positive View

During this world pandemic, we have all faced new challenges and may have taken a pay cut or lost a source of income. For some this is viewed as being negative, however there may be a positive light for having lower income this year.

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CARES Act changes 401K loan rules

In response to the COVID-19 pandemic, Congress issued the CARES Act, which expands eligibility and alters the regulations regarding 401(k) loans.

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Cost segregation benefits for restaurant owners

During these uncertain times, you should consider other options to generate cash flow. A cost segregation study could bring benefits in the form of increased tax deductions.

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Tips for auditing remotely

Auditing remotely has become the new normal for nearly every auditor across the country. While not ideal, professions are learning to adapt to the new normal we all are facing, and the auditing industry is no different. 

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Update on nonprofit accounting for a PPP loan

You may think the accounting for PPP funding would be straight forward, but unfortunately, it is not. Here are some questions a nonprofit organization should be asking.

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Additional COVID-19 Relief: Early Retirement Account Withdrawals

Part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act that was passed back in March allows eligible taxpayers to withdraw up to $100,000 from certain retirement plans with favorable tax treatment.

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PPP Flex Act Update Webinar 

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.

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Where did all those PPP loans go?

Sometimes pictures are worth a thousand words. Here’s a breakdown of the PPP loans distributed in Arizona. To enlarge the graphs, right click on the image and then click on open image in separate tab.

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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?

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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.

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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. 

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Section 199A, rental real estate, qualifications, tax reform

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.

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Case Study: Qualified improvement property and NOLs Webinar

Brad Dimond and Austin Bradley walk you through the impact of the CARES Act on depreciation of qualified improvement property, and the related potential for carryback of net operating losses.

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PowerPoint presentation

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.

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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.

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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.

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States offer sales tax relief amid coronavirus

The delayed sales tax payments that states are offering are designed to let businesses use collected sales tax for cash flow purposes. 

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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.

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How to balance life during a global pandemic

Struggling with working from home? How can you succeed in all these different areas when they all seem to blend together? Here are some tips.

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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.

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Reminder of new tax deadlines

As a reminder because of the economic impact of COVID-19, the federal income tax filing deadline has been extended to July 15, 2020.

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PPP loan forgiveness interim final rule released

This past Friday night, May 22nd, the Small Business Administration issued an interim final rule covering the forgiveness process associated with the Paycheck Protection Program.

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SBA loan forgiveness guidance

SBA loan review procedure

How should a nonprofit record their PPP loan?

There is some unofficial guidance from the Center for Plain English Accounting, which is the AICPA’s National A&A Resource Center.

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Credit reports are now free, every week

The three major credit reporting companies are making your credit reports free through April 2021.

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PPP loan forgiveness application released by SBA

The highly anticipated application provides insight and direction for the loan forgiveness process. 

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Application

PPP loan forgiveness application now available

The SBA released a PPP loan forgiveness application along with instructions on completing the form, providing clearer guidance.

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May 22 SBA loan forgiveness guidance

May 22 SBA loan review procedure

PPP loan increases available for partnerships and seasonal employers

New rules are out which could increase the PPP loan amount you’re eligible for.

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SBA clarifies process for review of good-faith PPP certification

How will the SBA review borrowers’ required good-faith certification concerning the necessity of their loan request?

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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.

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Accounting for a Pandemic

This pandemic has changed almost every aspect of our lives, including business operations. Here are some tools for moving forward.

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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. 

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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.

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Will COVID-19 Affect (or infect) Your Audit Webinar

You may have gotten through the process of figuring out all of the various benefit programs available under the government stimulus package, but with your audit coming up, there are certain items to be thinking about.

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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.

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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.

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COVID-19 Economic Damages Webinar

Join us April 28 as we discuss the variables typically involved in an economic damages calculation and how these may be affected by COVID-19.

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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.

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Still waiting on your stimulus payment?

A Stimulus Payment or Economic Impact Payment (EIP) was authorized by the Coronavirus Aid, Relief, and Economic Security Act. Find out where yours is.

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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.

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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?

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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.

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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. 

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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?

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PPP loans – planning for forgiveness

So you got through the process of obtaining your PPP loan. Now is the time to plan for the amount of your loan forgiveness. 

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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.

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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.

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Subject matter up to date as of April 3, 2020. Subject to change

Beware of paycheck protection program loan scams

The Federal Trade Commission is warning business owners of scammers attempting to trick you into applying for the wrong program.

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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.

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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.

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IRS issues more information on PPP

Guidance for the Paycheck Protection Program continues to evolve. This is the latest from the IRS.

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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.

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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.

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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.

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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.

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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.

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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.

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CARES Act restaurant tax provision

Not sure what in the Coronavirus Aid, Relief and Economic Security Act (CARES Act) applies to restaurant businesses?

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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.

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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.

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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.

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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.

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COVID-19 employee retention credit

To counteract the effects COVID-19 is having on the economy and businesses, the Internal Revenue Service recently announced the Employee Retention Credit.

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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.

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CARES Act – What this means for local governments

Brian Hemmerle, Government and Audit Partner with Henry+Horne walks you through the CARES Act and how it impacts governments.

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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.

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Schools and deadlines during COVID-19

Schools are closed as a preventative measure due to the COVID-19 outbreak. How does that affect the March 31 deadline?

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Privacy in the time of pandemic

Personal data is being used to fight the pandemic but at what cost to privacy?

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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.

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COVID-19: What should nonprofits focus on during this time? 

Nonprofits have been hit particularly hard during this crisis, losing donations and volunteers. What should your focus be? 

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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%.

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How the payroll tax credits works for COVID-19 related sick leave 

The IRS explains the Families First Coronavirus Response Act payments and credit for sick time. 

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Resources for restaurants during COVID-19 crisis 

Here are some resources for restaurant businesses to help them keep the lights on. 

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IRS releases FAQs on filing and payment deadlines 

In response to the coronavirus emergency, the IRS delayed some deadlines for the tax season. 

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SBA disaster relief loans are available 

If you’re struggling to pay bills or meet payroll, a low interest SBA loan may be your answer. 

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Stock market takes COVID-19 pummeling 

It’s no secret the stock market has suffered greatly during this pandemic. Here’s what that means for you. 

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Henry+Horne update on the stock market and economy 

Henry+Horne Wealth Management President Michael Carlin discusses the current financial situation and what your best options are. 

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Emergency aid act helps those affected by COVID-19 

We dug into the The Families First Coronavirus Response Act to help you understand how it affects your business. 

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Arizona clarifies who is considered essential personnel 

Governor Ducey released a list of essential personnel and industries. Here’s who’s on  it. 

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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. 

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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.” 

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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. 

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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. 

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