Guidance to business owners navigating through COVID-19

During this time of uncertainty, we want to provide our clients with some guidance outside the lines of the bill that was signed today (March 19th) by President Trump.

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Succession Planning 
Succession Planning: Splitting Up the Pie

Often, the senior generation of a family business goes through the process of choosing one of its offspring as the successor to lead the company in the future. Usually, the chosen successor is given the title of president or CEO. For a period of time, he or she will work under the supervision of the

The Pros and Cons of Revocable Living Trusts

An increased interest in estate planning has contributed to a rise in the popularity of revocable living trusts. Perhaps you’ve heard of them but you’re fuzzy on the details. Here are the basics. You create a revocable living trust while you’re alive and you can cancel it at any time. Generally, you are both the

Celebrating 35 years!

Last month we celebrated our 35th year of Hancock Dana and we would like to acknowledge & celebrate those who have contributed to our success, then and now. Our achievements and accomplishments over the years are a tribute and testament to the talented people and quality service of our firm. In addition to the people

Tax Free Payments for Expenses

Under Internal Revenue Code Section 139 – Disaster Payments allow employers to provide employees with tax-free payments for expenses such as: Over-the-counter medications, hand sanitizer, and home disinfectant supplies. Child care or tutoring due to school closings. Work-from-home expenses such as setting up a home office increased utility expenses and higher Internet costs. Increased commuting

SBS Grant guidelines released

The Nebraska Department of Economic Development released grant guidelines today.  The guidelines for the Small Business Stabilization (“SBS”) grants are located here. The SBS grants provide financial assistance to Nebraska-owned small businesses and livestock producers who have been severely impacted by COVID-19 related closures, occupancy restrictions, and the overall loss of consumer traffic.  The highlights

Submitting client information

Due to recent events, the 2019 tax filing deadline has been extended to July 15, 2020. Please consider this as a reminder. If you would like us to prepare your 2019 tax return, we will need the correct documentation provided to us sooner than later. Submitting Client Documents Dropping Off and Picking Up Documents Consistent

SBA Releases PPP Loan Forgiveness Application

The SBA released the attached loan forgiveness application on Friday night.  The application clarifies and adds the following regarding forgiveness: FTE is an employee that works 40 hours per week not 30 hours as previously presumed. Owners cannot increase compensation above 2019 amounts. 75% to be used toward payroll is based on forgiveness, not the

Guidance on good-faith certification regarding PPP loans

The Treasury and SBA released guidance today on the required good-faith certification in relation to the necessity of PPP loans.   The guidance can be viewed here. Any borrower, together with its affiliates, that received PPP loans of $2 million or less will be deemed to have made the required certification concerning the necessity of the

Allowable employer tax credit and other stimulus options

The IRS has issued a new form to use to obtain advance payments of three tax credits that were created to help businesses cope with the Coronavirus pandemic. Employers may file new Form 7200 to obtain advances of employment taxes that are refundable as a result of the new tax credits. Below is an eligibility