We’re happy to hear that many of our clients have secured their Paycheck Protection Program funds. It sounds like approvals are coming in hourly. Inevitably, the next question is likely – what now? Here is what we know as of April 9, 2020. From the day the loan funds are made available to you, the “covered […]
House Passes and President signs the CARES Act
On March 27, the House passed by voice vote, and the President signed, a third Coronavirus relief package, the Coronavirus Aid, Relief, and Economic Security Act. The Senate had previously passed the Act on March 25 by unanimous vote. The bill contains many tax related provisions. INDIVIDUAL PROVISIONS An eligible individual is allowed an income […]
Employee Retention Credit for Employers
Under the newly passed Coronavirus Aid, Relief, and Economic Security Act (CARES Act), additional payroll tax credits and tax payment deferrals are included to improve cash flow and employee retention. Employers, including nonprofits, whose operations have been fully or partially suspended as a result of a government order limiting commerce, travel or group meetings, or […]
April 15th Due Date for Returns & Payments Postponed to July 15, 2020
The due date for filing Federal income tax returns and making Federal income tax payments due April 15, 2020, has been postponed to July 15, 2020. Taxpayers do not have to file any forms for the extension. There is no limitation on the amount of the payment that may be postponed. This relief is available […]
EFMLA and COVID-19
If your employees are being affected by the coronavirus and are not able to work due to self-quarantine, caring for an at-risk family member who is self-isolating, or caring for their children due to school or childcare closures, you might be required to pay them under Expanded Family Medical Leave or Emergency Paid Sick Leave […]
SBA Loans and Financing Updates for Coronavirus
We are keeping abreast of financing options in order to provide our clients with next steps in these trying times. We recommend talking to your banker before making any hasty decisions to see what options are available with your current loans. This could include interest only payments and potential deferrals. In addition, the Small Business […]
MUAC Summer Externship
Meadows Urquhart Acree & Cook’s summer externship will be held August 5- 6, 2020. Accounting students will: Experience what life is like inside an accounting firm Make valuable connections while networking with peers and professionals Get real-world examples of how our staff have moved up the corporate ladder Get insights to our culture and how […]
Doug Urquhart Q&A with VSCPA
Doug Urquhart was interviewed with by the Virginia Society of Certified Public Accountants. Doug shares what he thinks makes our firm unique, and what has gotten us to our 15 year milestone. Read the interview here: https://www.vscpa.com/article/more-numbers-people
Recent Developments Involving the “20% 199A Deduction” and “Qualified Opportunity Funds”
INTRODUCTION The “Tax Cuts and Jobs Act” (TCJA) signed into law in late 2017 represented the most substantial tax reform legislation since 1986. This legislation contained the following two brand new provisions that are attracting tremendous attention: The New 20% Deduction Under Section 199A (“20% 199A Deduction”). This 20% 199A Deduction is one of the […]
2019 Year- End Tax Planning for Individuals
INTRODUCTION With year-end approaching, this is the time of year we suggest possible year-end tax strategies for our clients. 2018 was the first year individuals filed tax returns reflecting major tax changes under the “Tax Cuts and Jobs Act” (TCJA). Now that we have 2018 under our belt, some of the yearend tax strategies for […]
