Important Update – New Beneficial Ownership Information Reporting is held Unconstitutional

A March 1, 2024 ruling by the Federal District Court (United States District Court Northern District of Alabama Northeastern Division) declared the Corporate Transparency Act (CTA) as unconstitutional because it cannot be justified as an exercise of Congress’ enumerated powers.  The case, National Small Bus. United v. Yellen, was initiated by the National Small Business [...]

By |2024-03-05T18:12:43-06:00March 5th, 2024|General|Comments Off on Important Update – New Beneficial Ownership Information Reporting is held Unconstitutional

New Beneficial Ownership Information Reporting Requires Action in 2024 For Both New and Existing Companies

An estimated 32 million existing entities will need to report information about their beneficial owners - the individuals who ultimately own or control the company - to the Financial Crimes Enforcement Network (“FinCEN”) before December 31, 2024.  Most small and medium-size businesses created in or registered to do business in the United States will be [...]

By |2023-12-08T12:22:13-06:00December 8th, 2023|General|Comments Off on New Beneficial Ownership Information Reporting Requires Action in 2024 For Both New and Existing Companies

Sid Kess – Accountant, Educator, Mentor, Friend

Sidney Kess peacefully passed away on September 15, 2023 at the remarkable age of 97.  He remained dedicated to his work, contributing to conferences, writing articles, and nurturing connections with people until his very last moments.  Sid’s enduring commitment served as a wellspring of inspiration to countless individuals in the accounting profession.  We will forever [...]

By |2023-09-19T15:16:29-06:00September 19th, 2023|General|Comments Off on Sid Kess – Accountant, Educator, Mentor, Friend

BEWARE – COVID-related text message scam

If you receive a text letting you know you “received a direct deposit of $1,200 from COVID-19 TREAS FUND. Further action is required to accept this payment… Continue here to accept this payment …” – BEWARE - a fraudster is attempting to get your bank account information.  Do no click on the link, and do [...]

By |2020-12-08T14:05:50-06:00December 8th, 2020|COVID-19, General|Comments Off on BEWARE – COVID-related text message scam

Pandemic Economic Decision Making

In March, I wrote an article posted on the MWB blog and in our previous newsletter, titled “Business Response in Times of Crisis.”  COVID had just recently been officially labeled a ‘global pandemic’ and we were all learning phrases and acronyms such as ‘flatten the curve’ and PPE” (personal protective equipment) – not to be [...]

By |2020-11-20T10:19:37-06:00November 20th, 2020|COVID-19, General|Comments Off on Pandemic Economic Decision Making

Good Faith Certification for PPP Loans

With the upcoming May 14th safe harbor deadline (extended from the original date of May 7th) to repay Paycheck Protection Program (PPP) loans, borrowers have been toiling with the documentation necessary to establish good faith representations on loan applications and the certification that “current economic uncertainty makes this loan request necessary to support the ongoing [...]

By |2020-05-13T20:58:29-06:00May 13th, 2020|COVID-19, General|Comments Off on Good Faith Certification for PPP Loans

The CARES Act – Tax Highlights

Phase 3 of the COVID-19 stimulus package (the CARES Act) was just signed by President Trump.  The CARES Act includes several income tax provisions that attempt to lessen the impact and encourage individuals and businesses to keep putting money back into the economy.  See  https://mwbpc.com/the-cares-act-business-highlights/ for the business highlights of the CARES Act.   Business [...]

By |2020-03-27T23:18:14-06:00March 27th, 2020|COVID-19, General, Tax|Comments Off on The CARES Act – Tax Highlights

The CARES Act – Business Highlights

Phase 3 of the COVID-19 stimulus package (the CARES Act) was just signed by President Trump.  This legislation is unprecedented in both size and scope. It is clear that the Federal government is pulling every lever possible to mitigate the economic ramifications of the coronavirus pandemic. It appears Congress is opening every liquidity spigot at [...]

By |2020-03-27T23:20:32-06:00March 27th, 2020|Audit, COVID-19, General|Comments Off on The CARES Act – Business Highlights

Business Response in Times of Crisis

As the COVID-19 global pandemic continues to alter society in unprecedented ways, it has become evident that, while necessary, the steps being taken by government officials to minimize the human lives lost will result in a severe economic contraction. What is unclear is the scope of those costs. Federal, state and local governments have already [...]

By |2020-03-27T19:39:22-06:00March 23rd, 2020|COVID-19, General|Comments Off on Business Response in Times of Crisis

Families First Coronavirus Response Act

The Families First Coronavirus Response Act, the second coronavirus emergency aid package, was signed into law by President Trump on the evening of March 18, 2020.  Only a small part of the legislation contains tax provisions; while the rest of the bill primarily focuses on funding for increased COVID-19 testing, providing free testing for everyone, [...]

By |2020-03-27T19:39:37-06:00March 20th, 2020|COVID-19, General, Tax|Comments Off on Families First Coronavirus Response Act
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