What is Business Interruption? And what is Business Interruption insurance? Perhaps you’ve heard the term “Business Interruption” and can get a general idea of the concept from context clues. But what are the parameters for an event to qualify as a “Business Interruption?” And how can a business actually obtain insurance for such occasions? These [...]
This is Part 4 of a blog series in which we are answering the common question “who gets what in the event of divorce?” and why. Deriving the answer can be straight-forward or convoluted depending on several factors, so working with a financial expert is often an advisable choice. Before dividing property in Texas, it [...]
In the following blog, we will continue to address one of the questions consistently asked during divorce: who gets what? Often, connecting with a financial expert to assist in determining the appropriate division of debts and assets is the most prudent course of action as the process of answering this question has the potential to [...]
Preferential payments are a more subtle method of asset concealment and require training and diligence to trace. A preferential payment occurs if a debtor makes a payment to a creditor, in which a creditor receives more than what they would be owed in the bankruptcy distribution. Bankruptcy statutes of each state dictate who is paid [...]
As all small business owners know, improving and expanding a company is hard work and involves time and dedication. It’s important to remember, though, that in addition to the day-to-day running of a business, utilizing accounting reports can play an important role in achieving your goals. Listed below are a few of those reports: Income [...]
In a bankruptcy proceeding, the trustee is allowed to set aside or “avoid” certain transfers of the debtor’s assets that unfairly place assets beyond the creditor’s reach. Fraudulent transfer is a transfer of the debtor’s assets to a third party to obstruct creditors from accessing the assets to satisfy the creditor claims. Fraudulent conveyance can [...]
The IRS has released the finalized version of the updated Form 941. The revised form is very similar to the draft that was released earlier this year, which addresses the variety of tax credits available to employers as a result of COVID-19 related legislation: FFCRA and CARES. There are 23 new data fields on Form [...]
The U.S. Small Business Administration (SBA), in consultation with the Treasury, released a revised loan forgiveness application for the Paycheck Protection Program (PPP) on June 17, 2020, as well as an EZ application option. The updated applications reflect the changes made to the Paycheck Protection Flexibility Act, which became law earlier this month. The revised [...]
Determination of the taxability of computer software and services in different states in the US can be ambiguous and taxing. To better understand the taxability of software, the very first thing is to classify the sale of software - whether they are sales of: Packaged /Prewritten software delivered in tangible personal property; Packaged /Prewritten software [...]
After PPP changes made by the Paycheck Protection Flexibility Act of 2020, P.L. 116-142 on June 5, 2020, a revised loan forgiveness application for the Paycheck Protection Program (PPP) was finally released by the U.S. Small Business Administration (SBA), in consultation with the Treasury, on Wednesday June 17, 2020. The SBA also released a new [...]
