Moving You Forward
As you navigate this new business environment, leaders need the right guidance and direction to move forward. Tap into our customized tax, audit, accounting and business advisory solutions to help you recover from disruption and grow stronger. Contact a PBMares advisor today.
RECENT INSIGHTS:
State Tax Authorities Issue Special Coronavirus Provisions
Several state tax authorities have announced various relief provisions for businesses and individuals impacted by the Coronavirus. In many cases, the provisions are an emphasis of relief provisions already available such as extensions to file
Deferral of Tax Payments
On March 17, 2020, Secretary of Treasury Steve Mnuchin announced the IRS will allow taxpayers to delay federal tax payments for 90 days after their due dates. This delay is both interest and penalty-free. For individuals, they can defer up to $1,000,000 of taxes owed
New FASB Proposal Aims to Increase Financial Reporting Requirements for Not-for-Profits
Many not-for-profit organizations rely on donations. Tapping into the generosity of their stakeholders has always been an operational necessity. And in recent years, the giving environment has become more complex with changing legislation and tax policies.
Proposed Coronavirus Emergency Leave: Impact on Employers
On Friday the House of Representatives passed H.R. 6201, the Families First Coronavirus Response Act. The legislation will be voted on by the Senate this week. This act has bi-partisan support and is expected to pass quickly. Once enacted, this bill has implications for many of our clients.
Extending the Deadline to Pay but not for Filing
Taxpayers are likely wondering why the federal government is extending the time to pay taxes, but not extending the time to file taxes. Filing an extension is an easy process and can be done very easily by practitioners electronically through their tax software.
A Special Message from the CEO
Our thoughts have been with the individuals, businesses and communities that have been affected by COVID-19. In response to the increasing number of cases and uncertainty, I want to make you aware of the precautions PBMares is taking to protect the health and safety of our employees, their families, and our clients while maintaining a consistent level of client service.
