Legislation is quickly changing in response to COVID-19. We want to make sure you have the most up-to-date information you need to make informed decisions, let MCM’s tax specialists help you navigate these changes. We can help you identify possible Federal and State and Local savings and opportunities to offset loss, in addition to tax preparation and financial planning.

Federal (including Stimulus)

Related Content:

• CARES Act – Tax Summary and Federal Tax Provisions
• Families First Coronavirus Response Act Tax Updates
• IRS Extends More Tax Deadlines
• BBA Partnerships Can Amend Returns for CARES Benefits
• CARES Act Guidance to Taxpayers with Net Operating Losses

State and Local

We can help you stay on top of state and local tax requirements and changes and lets you know how your business may be affected by provisional tax changes in this area. Further, we’ll keep you properly informed about issues and opportunities that solve your tax challenges or mitigate the potential tax burden for your company. Read more on state and local tax here.

Related Content: 

• Regional State & Local Tax Updates for COVID-19
• COVID-19 State Filing Relief Matrix

Individuals

Many of the resources being discussed during the COVID-19 pandemic are focused on helping businesses, but it’s important for individual taxpayers to understand how the changes will impact their own tax situation. Our Tax Services Team is thoroughly trained in all aspects of individual tax, as well as estate, gift and trust accounting. We are able to offer our clients the compliance and planning services designed to protect their assets while minimizing their tax burdens both now and well into the future.

Related Content:

• Coronavirus Tax Relief for Individual Taxpayers
• Economic Impact Payments: Get My Payment

Organizations are liable for its employees and creating an infectious-disease management plan is imperative. Employers should be ready to implement policies and procedures to protect its employees and reduce the spread of the Coronavirus. We highly recommend that companies start preparing now how they will handle future emergencies. MCM’s HR Advisory Services Team can help provide guidance in business operations in addition to policies and procedures in response to the Coronavirus.

HR and Related Matters:

We provide our clients with services that reach beyond traditional tax and assurance offerings. MCM’s specialized HR advisors can help your organization deal with the new employment regulations and implementing these changes. Our advisors can help organizations succeed by providing the expertise to help manage people-related challenges. We consult on both domestic and international engagements, and clients receive forward-thinking strategies and custom-tailored consulting services to your needs.

Related Content:

• U.S. Department of Labor (DOL) Guidance for Employers – Frequently Asked Questions
• What should you do if you have an employee who tests positive for COVID-19?
• Coronavirus Aid, Relief and Economic Security (CARES) Act – HR Implications
• MCM HR Solutions Group Updates on the Families First Coronavirus Response Act and CARES Act
• MCM HR Solutions Group Advises on COVID-19 Workplace Practices
• COVID Update on Layoffs, Furloughs, & Terminations
• Unemployment Insurance Employer Handbook for COVID-19 – from the Kentucky Cabinet for Education and Workforce Development
• Unemployment Insurance Benefits – Frequently Asked Questions
• Reopening the Workplace: Resources to Help

Retirement and Employee Benefit Plans

The COVID-19 virus is causing changes in many aspects of business. Few are untouched including Retirement Plans. Legislation affecting the administration and funding of Retirement Plans is being addressed currently. Let us help you navigate these changes to find what best helps your business.

Related content:

• CARES Act and its impact on Retirement Plans

It is critical to maximize your resources and streamline your business management. MCM’s Accounting Services Team is able to provide you with outsourced accounting service olutions that can help you with just that. Our team can help you evaluate areas of revenue and expense to help you make confident decisions in a timely manner, ensuring you are maximizing opportunities.

Related Content:

• Guidance on Deferral of Payroll Tax Deposits
• Families First Coronavirus Response Act for the Payroll and Accounting Services Industry: Questions and Answers

Many business are looking for ways to ease the financial burden the Covid-19 pandemic has caused to businesses across the country.

The U.S. Federal Government has taken steps to make SBA loans more accessible to more small businesses. Small businesses are typically business with < 500 employees, but different industries have different rules.

These are federally backed loans with deferred payments and low interest rates.

Your business may be eligible for either the Economic Injury Disaster Loans (EIDL) or the newly enhanced 7A loans. The EIDL is applied for directly thru the federal government. The 7A loans are applied for thru a bank or lending partner of the SBA.

Other relevant and important topics include:

Federal Regulations

Covenant Compliance

Small Business Lending

Borrower Related Content: 

• How to Make Sense of the SBA Loan Opportunities
• SBA 7A “Paycheck Protection Loans” and Economic Injury Disaster Loans Frequently Asked Questions
• Frequently Asked Questions for Businesses with Bank Credit Impacted by Coronavirus
• The Federal Reserve Bank “Main Street New Loan Facility” FAQs
• The Federal Reserve Bank “Main Street Expanded Loan Facility” FAQs
• ABA Offers Suite of Communications Resources on Economic Impact Payments
• “Main Street Lending Facility Update” FAQs

Bank & Lender Related Content:

• COVID-19 Impact on Financial Institutions
• Reviewing the Commercial Loan Portfolio
• The CARES Act – Troubled Debt Restructuring (TDR) Frequently Asked Questions

The COVID-19 pandemic has changed the way people work and where they work. Many companies do not have the technological resources or business processes in place to deal with the quickly changing work environment. Our team can help you assess your technology infrastructure and help you create a plan for efficiency and reduce cybercrime threats to your organization.

IT Infrastructure

Security/Business Continuity

Related Content:

• Tips for Increasing Security While Using Zoom During the COVID-19 Pandemic
• Transitioning to a Remote Workforce During the COVID-19 Pandemic
• COVID-19 Video Conferencing Best Practices
• Addressing Technology Challenges Introduced by the COVID-19 Pandemic
• Lessons Learned: Vendor Management

Our team is equipped to help you navigate the current challenges related to the COVID-19 pandemic. We have extensive experience in the insurance industry, providing our clients with specialized services and solutions while helping you reduce tax burdens.

Insurance and Other Related Insurance

FEMA

Related Content:

• COVID-19 Cost Tracking Guidelines for PA Applicants
• COVID-19 Response by FEMA
• COVID-19 and Business Interruption Insurance
• Understanding Business Interruption Insurance and Pandemics (from Insurance Information Institute, III)

The COVID-19 pandemic is taking a toll on organizations around the world and will result in accounting and financial reporting challenges and complexity. Some of these challenges will include: asset impairments, enhanced disclosure, payment deferrals, government assistance, loan covenant violations, contractual defaults, leases, revenue recognition, debt restructuring, business interruption and other insurance related recoveries, employee benefits, and liquidity and going concern considerations. Our team has the experience and knowledge to help you navigate through these challenges and help you mitigate risk.

Related Content:

• CARES Act – Income Tax Accounting Considerations
• FASB Proposes Delay in Effective Date for Lease Accounting
• COVID–19 – Impairment Considerations (Goodwill, Intangibles and Long-lived Assets)

Many organization are not fully prepared for an economic downturn or have a strategy to survive. Our team of professionals are equipped to help you set up a plan to reduce the risks during an economic downturn.

Corporate Financing/Structuring

In times of economic downturn, it is essential to evaluate your organizational structure. Our team can help you consider various scenarios, build a plan, and help you to evaluate what your organization needs to do to survive.

Related Content: 

• COVID-19 Impact on Mergers and Acquisitions

Strategy

Most organizations don’t know how to prepare for an economic downturn and therefore become paralyzed. In today’s economy, time is of the essence and critical actions cannot be delayed. Our business strategy experts can help you assess the situation your company is in, develop a strategy, and focus on the most important survival priorities, bringing together your leadership team and finding a path to success.

Related Content: 

• A Business’s 8 Step Prescription for Surviving the Coronavirus Recession

Forecasting and Budgeting

Related Content:

• How Strategic Financial Advisory Services Can Help Your Company During the COVID19 Pandemic

The Association, the global voice of the American Institute of CPAs and the Chartered Institute of Management Accountants, is taking the Coronavirus (COVID-19) very seriously. They are continually monitoring the virus’ impact on members, staff, exam candidates, students and the profession.

Resources:

• State Tax Filing Guidance for Coronavirus Pandemic
• AICPA Coronavirus Resource Center
• Navigating in the New Normal: Resources and Guidance for your Firm
• AICPA-Led Coalition Support for Small Business Funding
• AICPA Tax Section’s Stimulus Check Calculator
• AICPA Podcast episode | COVID-19 and business continuity planning

Communicable diseases like coronavirus and the respiratory illness it causes, COVID-19, can bring a busy workforce to a standstill. Employers are responsible for the health and safety of their workers and customers, and part of that duty of care is to do your part to prevent and respond to infectious diseases in the community. Here are ways to prepare your workforce for the possibility of business closures, working from home, quarantines and other outcomes of a disease outbreak.

Resources: 

• Request for Emergency Paid Sick Leave (Coronavirus)
• Coronavirus Resources

U.S. Small Business Administration (SBA)

• COVID-19: Small Business Guidance and Loan Resources
• SBA Disaster Assistance in Response to the Coronavirus
• SBA Lender Match Program

U.S. Senate

• Small Business Owner’s Guide to the CARES Act issued by the U.S. Senate

U.S. Department of Labor (DOL)

• Guidance for Preparing Workplaces for Coronavirus
• Families First Coronavirus Response Act: Questions and Answers
• Families First Coronavirus Response Act: Employee Paid Leave Rights
• Families First Coronavirus Response Act: Employer Paid Leave Requirements

U.S. Chamber of Commerce

• Resources and Guidelines for Business
• Resources to Help Your Small Business Survive the Coronavirus

Centers for Disease Control and Prevention (CDC)

• Interim Guidance for Businesses and Employers
• Workplace, School, and Home Guidance
• The President’s Coronavirus Guidelines for America

Internal Revenue Service (IRS)

• COVID-19 Related Tax Credits for Paid Leave – FAQs
• CARES Act Employee Retention Credit – FAQs
• Economic Impact Payments – FAQs
• Filing and Payment Deadlines Questions and Answers
• Coronavirus Tax Relief
• Treasury, IRS launch new tool to help non-filers register for Economic Impact Payments
• Economic Impact Payments: Get My Payment

U.S Department of the Treasury 

• Treasury and Federal Reserve Board Announce New and Expanded Lending Programs to Provide up to $2.3 Trillion in Financing

Kentucky

• Commonwealth of Kentucky: Team Kentucky COVID-19 
• Team Kentucky Cabinet for Economic Development: COVID-19 Resources
• The Team Kentucky Fund
• Louisville Metro: What You Need to Know about Coronavirus
• One Louisville: COVID-19 Response Fund
• Greater Louisville Inc: COVID-19 Crisis Support Hub 
• Commerce Lexington: Coronavirus Resources
• Kentucky Chamber Unveils RESTART KENTUCKY: A Responsible Plan for Returning to Work

Indiana

• State of Indiana: COVID-19 Novel Coronavirus
• Indiana Small Business Development Center: COVID-19 Resources
• Indiana Department of Workforce Development: Unemployment Insurance FAQs
• Indiana Chamber: Coronavirus Updates
• gener8tor Emergency Response Program for Small Businesses
• City of Indianapolis: COVID-19 Community Resources
• IndyChamber: Rapid Response Hub
• WorkOne Indy: COVID-19 Resources
• WorkOne Southern Indiana
• Unemployment Insurance Basics For Claimants

Ohio

• Ohio Office of Small Business Relief
• State of Ohio: Together Ohio (COVID-19)
• Ohio Department of Job and Family Services: Coronavirus and Unemployment Insurance Benefits FAQs
• Ohio Chamber of Commerce: COVID-19 Business Resources
• Cincinnati Chamber: COVID-19 Business Resource Center

Other

• State Tax Filing Guidance for Coronavirus Pandemic (from AICPA)
• Regional State & Local Tax Updates for COVID-19
• COVID-19 State Filing Relief Matrix