Marvin & Co. Blog

Coronavirus Resources and Information Page Created

Posted on: 3/31/20 by Kevin P. O'Leary, CPA

Marvin and Company has collected various resources for you related to the COVID-19 outbreak. 

 

 

Check it out here: https://www.marvincpa.com/news-and-events/coronavirus-covid-19-information-and-resources/

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Payroll Protection Program Application Deadline Extended to August 8

Posted on: 7/31/20 by Debra L. Smith, CPA

Since it was enacted in April, the Paycheck Protection Program (PPP) has incentivized small business owners throughout the U.S. to keep their workers on the payroll during the COVID-19 pandemic. On July 4, President Trump signed legislation that extends the deadline for small businesses to apply for PPP loans.

This article provides details of the PPP loan forgiveness application extension signed in early July by President Trump.

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Paycheck Protection Program Loan Forgiveness Simplified

Posted on: 7/31/20 by James E. Amell, CPA

Many small and midsize businesses with Paycheck Protection Program (PPP) loans under the Coronavirus Aid, Relief, and Economic Security (CARES) Act have been struggling with spending those funds productively within the eight-week loan forgiveness period (Covered Period). Many projected that a portion of their PPP loan would not be forgiven unless they re-hired or paid workers who were not needed (due to their current level of operations) to satisfy the loan forgiveness safe harbors.

This article details the parameters of the PPP Loan Forgiveness program.

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IRS Updates FAQs on CARES Act Employee Retention Credits and Payroll Tax Deferrals

Posted on: 7/31/20 by Heather D. Patten, CPA

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 authority, they indicate the IRS’s thinking.

This article outlines the IRS updates to the FAQs

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How Nonprofits Can Use Virtual Fundraising During the Coronavirus Crisis

Posted on: 7/31/20 by Amy L. Ethier

Nonprofit organizations across the country are finding new ways to protect their employees’ health and jobs while continuing to provide services and maintain operations. From remote work to staff reassignments and program changes, nonprofits are adapting to retain vital employees while they continue serving their constituents.

As donations decline and cash reserves dwindle, many nonprofits will be faced with tough decisions on programs and staffing levels as the pandemic plays out. Nonprofits must remain nimble and flexible to address the challenges they face. 

This articles shares summarizes ways that nonprofit organizations are finding solutions to staffing issues during the pandemic.

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Sound Financial Management Helps Nonprofits Through the COVID-19 Pandemic

Posted on: 7/31/20 by Matthew W. Merriam, CPA

As the new reality of the global pandemic sets in, many nonprofit organizations are having to pivot in order to adapt and cope with the environment in which they now operate. Many organizations are making changes to their services, operations and fundraising activities. 

Sound financial management practices and analyses can help provide the foundation for decision-making about operations and services. They help boards and leadership teams quickly understand the financial impact of lost revenue on operations and how to address probable expense reductions. 

This article explains how sound financial management practices can help nonprofits meet challenges to their mission and operations during the coronavirus crisis.

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Strengthening Internal Control in the COVID-19 Environment

Posted on: 7/31/20 by Thomas W. Hosey, CPA

Due to its mission-driven purpose, a nonprofit organization’s financial and operational sustainability is significantly impacted by its environment. Natural disasters, economic slowdowns and unforeseen events are just a few factors that can adversely affect nonprofit organizations. That is why a strong internal control system has always been a priority for audit committees and management of nonprofit organizations. They’ve established policies to address the primary question—“what could go wrong?” Now nonprofits are facing the challenges of dealing with the results of the global novel coronavirus (COVID-19) pandemic, which include a scattered and remote workforce. As a result, management of nonprofit organizations are asking themselves—are the internal controls that were once effective still operating in a manner to achieve our objectives in this unprecedented time? What can nonprofit organizations implement in order to adapt to this remote environment, when their employees, resources, technology and documentation may only be accessible through virtual means?
 
This article outlines five tips that nonprofit organization management should consider to strengthen their internal control environment in response to a remote environment.

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Important Takeways for Single Audits under the CARES Act

Posted on: 7/31/20 by Heather R. Lewis, CPA

There’s no disputing that the intent of the Coronavirus Aid, Relief, and Economic Securities (CARES) Act of 2020 is to provide immediate and tangible economic relief to American workers, families and small businesses. What has been less clear since its passage in March 2020 is how acceptance of funds available through various CARES Act programs could impact single audit requirements. 

In this article, Marvin and Company, P.C. shares insights on how the CARES Act impacts single audits. 

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Knowing What Your Business is Worth Yields Valuable Business Intelligence

Posted on: 7/31/20 by Daniel J. Litz, CPA

Why do we need to value our business since we have no plans to sell?  This is a common response when valuations are discussed with business owners.  Thinking beyond a potential sale, valuations can provide assistance with strategic planning in addition to allowing for benchmarking and other important benefits to help grow your business.  

This article provides some insights as to why owners should have an accurate valuation of their business.

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What Plan Sponsors Need to Know About Layoffs and Partial Plan Terminations

Posted on: 7/31/20 by Alan W. Clink, CPA

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 authority, they indicate the IRS’s thinking.

This article outlines the IRS updates to the FAQs

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