On August 8, 2020, President Trump signed an Executive Order, for the Treasury Department to issue guidance related to the deferral of Social Security Taxes, for employees. The deferral will apply to wages that are paid from September 1, 2020 through December 31, 2020. Not all employees will qualify for the payroll tax deferral. Read More…
By Michael Conover The novel coronavirus (COVID-19) crisis has affected all sizes and types of organizations including the nonprofit sector. Regardless of the type of nonprofit, they have been impacted by: forced office closures, dramatic swings (upward or downward) in demand for their services, actual or threatened loss of revenue, budgetary and staff cuts, Read More…
On June 15, 2020, the SBA announced that the Main Street Lending Program portal is now open. The Main Street Program provides additional funding to small and mid-size businesses, with relaxed regulations, as part of the CARES Act. The Main Street New Loan Facility (MSNLF) offers eligible borrowers the ability to secure loans ranging from Read More…
By Ross Forman In the midst of the COVID-19 crisis, operational challenges are among the top sources of pressure for businesses. Unforeseen costs, disruptions in services and, for most organizations, significant material hits to revenue are top of mind as you navigate new issues related to maintaining facilities and business functions. For these reasons, identifying and Read More…
On Friday, March 27, President Trump signed the Coronavirus Aid, Relief, and Economic Security Act (also known as the CARES Act), a $2 trillion stimulus package intended to help mitigate the economic devastation caused by the novel coronavirus (COVID-19). The stimulus is good news for manufacturers, many of whom are struggling given the current economic Read More…
SMALL BUSINESSES: ACT NOW TO TAKE ADVANTAGE OF SBA LOANS AND PAYROLL TAX INCENTIVES (click here for full article) The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll (click here for more detail). SBA will forgive loans if all employees are kept Read More…
On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief and Economic Security (CARES) Act, which provides relief to taxpayers affected by the novel coronavirus (COVID-19). The CARES Act is the third round of federal government aid related to COVID-19. We have summarized the top provisions in the new legislation below, with Read More…
The Families First Coronavirus Response Act (H.R. 6201), became law on March 18, 2020. The Act guarantees free testing for the novel coronavirus (COVID-19), establishes emergency paid sick leave, expands family and medical leave, enhances unemployment insurance, expands food security initiatives, and increases federal Medicaid funding. The Act includes up to 80 hours of emergency Read More…
The health & safety of our clients and employees is paramount and therefore, BKC has been taking enhanced precautions concerning the spread of Coronavirus (COVID-19). Fortunately our workforce has not been directly impacted by COVID-19 with no known cases. However, our office doors are currently closed as it relates to the NJ shutdown. Most of Read More…
BKC announces the successful completion and accepted report of their 9th Peer Review examination since their inception in 1992. Peer review is a mandatory inspection required by the American Institute of Certified Public Accountants where an outside CPA firm thoroughly examines the company’s accounting and auditing services to verify that quality controls and procedures are Read More…
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