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5 Tips to Navigate Your Insurance Renewal in Light of COVID-19
Posted by Chrissy Hammond on Fri, Jul 31, 2020 @ 10:25 AM

In this market, you can’t afford to take a business as usual approach to your insurance renewal. In addition to rising rates and COVID-19 health concerns, businesses are having to implement new ways of working, which introduces new risks. This means it will likely take longer to complete your insurance renewal. Add the higher deductibles and lower limits being offered, and you may need more time to find an appropriate insurance solution. To help obtain the most favorable pricing and terms for your insurance renewal, here are some key considerations:

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Topics: health insurance, captive insurance, COVID19, Coronavirus, Coronavirus Aid, Relief, and Economic Security Act, insurance renewal

Senate Republicans Offer Phase 4 Emergency Legislation in the HEALS Act
Posted by Chrissy Hammond on Tue, Jul 28, 2020 @ 10:17 AM

With the imminent expiration of the expanded unemployment benefits in the Coronavirus Aid, Recovery, and Economic Security (CARES) Act, Senate Republicans released on July 27 their $1 trillion proposal for the next phase of coronavirus relief legislation. The proposal includes a bevy of nine separate bills that are collectively referred to as the Health, Economic Assistance, Liability Protection and Schools (HEALS) Act. The timing and nature of this legislation stands in contrast to the House legislation — the Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act — which was released in May as a single $3 trillion bill. Although the HEROES Act is not likely to be considered formally in the Senate, the HEALS Act in many regards is a counterproposal that borrows similar proposals. As Congress debates the HEALS Act proposals, its key provisions would ultimately represent the fourth phase of emergency legislation in response to the coronavirus pandemic. The details for each of the separate bills under the HEALS Act are summarized below.

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Topics: IRS, Taxes, COVID19, Coronavirus, CARES Act, Coronavirus Aid, Relief, and Economic Security Act, Heals Act

Comparing the Trump and Biden Tax Plans
Posted by Bill Smith on Tue, Jul 21, 2020 @ 03:15 PM

The 2020 presidential campaign between President Trump and former Vice President Joe Biden has mostly been sidelined as the country continues to grapple with the COVID-19 (coronavirus) pandemic. With November fast approaching, attention will soon shift toward the presidential race, where both candidates seek to distinguish their policies and initiatives. One place where the candidates stand far apart is on taxes.

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Topics: IRS, Taxes, Donald Trump, Trump Tax Plan, Coronavirus, Biden, #taxplan, Joe Biden

COVID-19’s Impact on New England Private Companies: Survey Results
Posted by Tarra Curran and Larry Kaplan on Tue, Jul 21, 2020 @ 11:59 AM

Over the last few months, we have seen unparalleled uncertainty in the economy and for companies across the world. In response, we conducted a survey to measure the pulse of financial leaders of private companies in New England as they react to the COVID-19 pandemic.

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Topics: Tarra Curran, Larry Kaplan, private companies, private company, survey, COVID19, Coronavirus, Coronavirus Aid, Relief, and Economic Security Act

Top 3 COVID-19 Impacts on the M&A Market
Posted by Chrissy Hammond on Fri, Jul 17, 2020 @ 02:06 PM

As the overall economy starts to address both short- and long-term challenges from the COVID-19 pandemic, businesses may be starting to consider inorganic growth or exit plans again. There is no doubt that M&A activity looks different in the current environment and some of the process may look different for months to come as well. We discussed the state of the M&A market with representatives from the investment banking community, private equity firms, the private sector, and valuation providers to explore trends and where M&A activity may go from here. The following are some of the top takeaways from that discussion.

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Topics: m&a, COVID19, Coronavirus, Coronavirus Aid, Relief, and Economic Security Act, Credit & Financing

The Implications of COVID-19 on SOC Reports
Posted by Scott Woznicki on Thu, Jul 16, 2020 @ 02:10 PM

The world as we knew it has been rocked by the global COVID-19 pandemic and the resulting economic disruption. Organizations of every size are adapting their workforce responsibilities and internal control environments to reflect changes in their operations. This includes vendors and service organizations that provide critical financial and information processing solutions.

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Topics: cybersecurity, risk management, SOC Reports, SOC, cyber risks, cyber attacks, information security, COVID19, Coronavirus, remote work, Scott Woznicki

Reminder: Business Tax Updates That Affect 2019 Tax Filings
Posted by Chrissy Hammond on Mon, Jul 13, 2020 @ 02:06 PM

The upheaval around the COVID-19 pandemic pushed back federal tax day, and now that the extended filing deadline is here, it may be time to do a final check of your tax strategy. Legislative updates over the past eight months bring new opportunities to minimize what your organization may owe for 2019. Here’s a summary of the major business tax updates that have occurred, and a checklist of timing evaluations to consider.

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Topics: IRS, Taxes, COVID19, Coronavirus, CARES Act, Coronavirus Aid, Relief, and Economic Security Act

IRS Provides Guidance on Distribution and Contribution Provisions in CARES Act
Posted by Chrissy Hammond on Fri, Jul 10, 2020 @ 12:43 PM

The Internal Revenue Service (IRS) recently issued three notices that provided welcome guidance on provisions of the Coronavirus Aid, Relief, and Economic Security (CARES) Act that was signed into law on March 27, 2020.

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Topics: IRS, Taxes, COVID19, Coronavirus, CARES Act, Coronavirus Aid, Relief, and Economic Security Act

A Loan Recipient's Guide to PPP Loan Forgiveness
Posted by Chrissy Hammond on Fri, Jul 10, 2020 @ 12:41 PM

Paycheck Protection Program (PPP) loan recipients will be under scrutiny when applying for forgiveness, which makes conscientious recordkeeping essential. Extensive documentation is needed for loan forgiveness applications to verify that loans are being used for their primary intended purpose: to retain the workforce and maintain payroll costs.

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Topics: COVID19, Coronavirus, PPP Loan, payment protection plan, PPP Loan Forgiveness

4 Ways the Manufacturing & Distribution Sector Can Prepare for the Post-COVID-19 Environment
Posted by Chrissy Hammond on Wed, Jul 1, 2020 @ 03:19 PM

Manufacturers and distributors were among the first sectors to feel the impact of the COVID-19 pandemic. Supply chains took an immediate hit as travel restrictions and distancing guidelines went into place across the globe. Organizations may continue to feel the effects during the recovery phase as social distancing guidelines augment typical production environments and suppliers respond to the financial repercussions of the pandemic’s disruption.

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Topics: tax relief, COVID19, Coronavirus, supply chain, manufacturing, distribution

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