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August 31, 2020/Furniture Insights

August 2020 Furniture Insights

Year to date, new orders were down 16% from the same period last year after an 18% decline reported last month, but there is positive news as June orders are 30% ahead of June last year. Also good news is that 73% of participants reported an increase in June.

August 19, 2020/Tax

Paid Taxes but Received an IRS Notice for an Amount Due? Don’t Panic.

If you have received an IRS notice requesting an amount due when you know you’ve already sent in a payment, don’t panic. The delay is on their end, where they haven’t cashed the checks or applied the payments. They’re asking to allow 90 days to complete this action.

August 6, 2020/Tax, Financial Planning, COVID-19

Update to Required Minimum Distributions Rules for 2020

If you took a Required Minimum Distribution (RMD) in 2020, you now have until August 31, 2020 to rollover any RMD that was received in 2020, according to the latest IRS Notice 2020-51.

July 29, 2020/Furniture Insights

July 2020 Furniture Insights

May business picked back up and was only down 8% from 2019, a 166% increase from April 2020 numbers. Year to date, orders are down 18%, but the hope is that June and July will continue to show improvement in our latest Furniture Insights.

June 30, 2020/Furniture Insights

June 2020 Furniture Insights

As expected, Furniture Insights results from April 2020 have shown significant drops in orders, with 100% participants reporting a decline. New orders in April 2020 were down 61% from April 2019 and down 52% from this March. The April results brought the year to date orders to a decline of 21%.

June 18, 2020/Tax, Business Planning, COVID-19

New PPP Loan Forgiveness Application Released

A new application and instructions to apply for tax-free forgiveness of the new small business loans is now available. Released June 17, the Form 3508EZ and instructions allow eligible borrowers that meet certain criteria to take advantage of a simplified forgiveness application process, which eliminates the complicated forgiveness calculations previously required.

June 4, 2020/Tax, Business Planning, COVID-19

PPP Forgiveness Changes Signed into Law

On June 4, 2020, the Paycheck Protection Program Flexibility Act that adjusts several PPP loan forgiveness provisions was signed into law. These changes clarified several questions that remained and could make loan forgiveness more attainable for certain business owners. 

May 29, 2020/Furniture Insights

May 2020 Furniture Insights

As March stats emerged, the economic decline expected was felt across the furniture industry as new orders for March were down 29% from March 2019 and 23% from February in our latest Furniture Insights.

FASB Approves Deferral of Leasing and Revenue Standards for Certain Private Companies

FASB votes to approve the proposed deferrals of the effective date for ASC 842, Leases (“ASC 842”), and ASC 606, Revenue from Contracts with Customers (“ASC 606”), for certain entities.

May 19, 2020/Tax, Business Planning, COVID-19

PPP Forgiveness Application and Guidance Issued

The much-anticipated PPP forgiveness application and related guidance have now been released. As many anticipated, the steps to securing forgiveness may be challenging. We break down the key components for you as you seek to apply this to your business.

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