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Most will agree that 2020 is unlike any other year. As we consider tax-planning strategies for the year end, major uncertainty continues concerning the severity of the pandemic and length of the economic recovery. Although Congress passed two major pieces of legislation in response to the health and economic impact of the coronavirus pandemic, it remains unclear if additional relief is forthcoming.  In addition, some regularly expiring tax provisions are due to expire again at ...

Speaker Session 4: Glenda Caton, Certified HR Professional and Consultant, Holly Fish, EGP Director of HR and Communications The HR piece lost connectivity before we could cover some of the other issues at hand. Glenda is a highly skilled human resource consultant and is happy to answer any concerns or questions we were not able to address properly at the forum.Glenda Caton, SHRM-SCP:(501) 515-8533catonconsulting@outlook.comwww.catonconsultingllc.comHolly

Speaker Session 3: Herb Lawrence, U.S. SBA and Candice Cole, EGP Partner In-Charge of Small Business Solutions Herb Lawrence:(501) 324-7379 ext. 297herbert.lawrence@sba.govCandice Cole:ccole@egpcpas.comSmall Business Association WebsiteArkansas District Office WebsiteSign up for event updates

Speaker Session 2: Tax Question Answered - EGP Managing Partner, Colin Gorman See the interview on Youtube:

Speaker Session 1: Secretary of Commerce Mike Preston and EGP Managing Partner, Colin Gorman Contact Secretary Preston's office via Melissa Adams Executive Assistant to the Secretary Department of Commerce (501) 682-7351 See the interview on Youtube:

As is no secret, the business shutdowns and resulting economic malaise caused by the Covid19 pandemic has caused many workers to lose their jobs and self-employed business owners to have to shutter their businesses, at least for a time.  As a result, the unemployment rate soared to levels not seen since the Great Depression. Record setting numbers of people, numbering in the tens of millions, applied for and began receiving unemployment benefits, many for the ...

The Arkansas Department of Parks, Heritage and Tourism, the Arkansas Economic Development Commission, and the Arkansas Department of Finance and Administration recently received approval from the Arkansas Legislative Council to proceed with a grant program that utilizes $50 million in CARES Act funds for Arkansas businesses in certain industries impacted by the COVID-19 health crisis. This "business interruption grant" is targeted to Arkansas businesses in the personal care, tourism, travel, recreation and hospitality industries, and ...

If you were a qualifying small business when the Covid-19 pandemic broke out in the US, you may have applied for and hopefully received a Paycheck Protection Program (PPP) forgivable loan from the Small Business Administration (SBA). Those loans certainly have been a lifeline for many small businesses in our great land. The "covered period" for many if not most of the loan recipients, especially those who were early filers, has now or will soon ...

Will all the clamor for an additional federal stimulus package to protect the economy as Covid-19 continues to wreak havoc, and the delay in such a package coming forth as a result of Washington's partisan divide, Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin revealed what to many may be surprising information regarding unused federal aid.  In testimony before the Senate Banking Committee last Thursday, Powell and Mnuchin said as much as $380 ...

A few weeks back, I wrote about President Trump's missive regarding the deferral of payroll tax withholding at the federal level (see "POTUS's EO on Payroll Tax Deferral Leaves Many Unanswered Questions" published August 19, 2020). As the title implies, there were so many questions yet to be answered as to make the order virtually unworkable, at least in my opinion. First, a correction – technically what the President issued was not actually an Executive ...

Whew! Our extended tax filing season that delayed the original filing date to July 15 has come and gone. Maybe you got your return filed; maybe not and you're on extension. Either way, believe it or not, NOW is the time to consider your 2020 tax situation. With the pandemic, resulting law changes already made and likely still to come, job losses, pay cuts, etc., taxes for 2020 are shaping up to be, well, potentially ...

It's an interesting time to be in the practice of accounting and tax consulting. Law, regulatory and other changes are coming in rapid fire succession during this pandemic, as government at all levels try to keep our nation's collective head above water. Often, the changes occur at such a pace that at worst, they seem not very well thought out, or at best, they are vague on the details, leaving it to the bureaucracy to ...

In what has become somewhat of a rite of summer, the IRS annually releases a "Dirty Dozen" tax scam list. I kind of wondered with limited staffing due to Covid-19 if this year's list might be a casualty. Alas, they did now disappoint and the 2020 list has been released. The 2020 list places special emphasis on aggressive schemes related to coronavirus tax relief, including economic impact payments. As IRS Commissioner Chuck Rettig said, "Tax ...

Watch on Youtube: I've back with another update on the PPP loan forgiveness process. I wanted to check in with you today because I think a lot of you out there are ready to get this over with and asking yourselves "when can we apply for forgiveness?" or "what is taking so long?". There's some stress out there about this but I wanted to tell you that the word of the day is 'patience' ...

Much has been written about the Coronavirus Aid, Relief, and Economic Security (CARES) Act that became law in late March, the third piece of legislation quickly passed to fight the COVID-19 pandemic and mitigate the economic havoc it quickly began to wreak.  As the largest stimulus package in history with its accompanying cost of an estimated $2.2 trillion, naturally the various elements have been dissected ad nauseum. I’ve noticed lately, however, an increase in requests ...