The big mistake newly remote businesses are making

Theresa FerroneBlog

There is one all-too-common mistake that firms are making right now: trying to replicate their existing communication practices across their newly distributed team. A video conferencing solution such as Zoom is brilliant for replacing in-person meetings, and instant messaging tools like Slack or Microsoft Teams can be useful for hashing something out quickly or as a virtual ‘water-cooler’. However, these … Read More

Common Mistakes Taxpayers are making and how to avoid them

Theresa FerroneBlog

It’s no surprise that many taxpayers are making mistakes including missing or inaccurate Social Security numbers, misspelled names, wrong filing statuses, math errors, and incorrect bank account numbers when giving their information to their preparer. Outside of Utah, clients still misunderstand that although they might not be able to itemize deductions for IRS purposes, they still might be able to … Read More

PPP Loans – How to Track Your Finances After Filing

Theresa FerroneBlog

Now that you’ve wrapped up your Paycheck Protection Program (PPP) loan application, it’s time to move on to the next step. As you likely noticed, there is a precise list of approved uses for your government-granted funds, so you and your business must keep detailed records of your expenses to avoid needing to pay it all back.  Approved Uses for … Read More

IRS Urges Quick Action to Register Children for $500 Payment

Theresa FerroneBlog

The Internal Revenue Service and the Treasury Department are urging recipients of Social Security benefits, as well as railroad retirement and veterans benefits recipients, to act quickly to register their children online with the IRS by noon Eastern Time on April 22 if they haven’t already filed a 2018 or 2019 tax return, so they can receive an extra $500 … Read More

IRS Introduces Get My Payment to Track Stimulus Payments

Theresa FerroneBlog

The Internal Revenue Service, working with the Treasury Department, announced the new tool Get My Payment, enabling taxpayers to check on their Economic Impact Payment date and update direct deposit information. Get My Payment will help taxpayers track the Economic Impact Payments as they start to hit bank accounts, and will answer common questions. It will also show the projected … Read More

IRS not processing paper tax returns due to coronavirus

Theresa FerroneBlog

The Internal Revenue Service has stopped processing paper tax returns, with much of its staff now working remotely because of the novel coronavirus pandemic, and is encouraging taxpayers to file their taxes electronically during the three-month extension period for this year’s tax season. The IRS said Friday that to protect the public and its own employees, and in compliance with … Read More

Essential Practices to Respond Effectively in a Crisis

Theresa FerroneBlog

Recently, Mary C. Daly, CEO of the Federal Reserve bank of San Francisco, answered questions about leadership and handling crisis situations.  In response to the question “What would you say are the essential leadership practices required to respond effectively in a crisis?” Daly gave insightful and helpful tips and tactics.   The first piece of advice she gave is essential: “The … Read More

U.S. Small Business Administration offering assistance during Coronavirus

Theresa FerroneBlog

The U.S. Small Business Administration is offering low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus. The SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. … Read More

The Coronavirus Aid, Relief, and Economic Security (CARES) Act

Theresa FerroneBlog

As of now, the stimulus coronavirus bill includes cash totaling $301 billion per the Tax Foundation (a think tank that has modeled the proposal). However, not everyone will be receiving a check due to two significant requirements: 1- a phase-out as income increases and 2- filing an income tax return. At first glance, the plan’s provisions seem simple. Adults would … Read More