COVID-19 Resource Center

COVID-19CHECK BACK FREQUENTLY FOR UPDATES & TIMELY, HELPFUL RESOURCES.

Our nation is facing an unprecedented challenge. Although there are obstacles to be faced as we deal with the impact of COVID-19, our top priority is the health and well-being of our employees, clients, and community as a whole. Our mission statement is, “To empower our team to provide exceptional service to clients in every phase of their growth.” We also recognize that our clients depend on us, and we remain committed to delivering exceptional service to you.

Over the past several years, we have been implementing processes and procedures to empower our team to work remotely and efficiently. Therefore, on March 16th, we moved to a remote work model through at least the end of April. While we are a small office, we need to do our part to slow the spread of COVID-19 and help flatten the curve. To us, this is not an abundance of caution but in equal parts, an aggressive response to combat the spread and an acknowledgment that the welfare of our clients and community is vital to Holtzman.

To date, no Holtzman employee or family member of any employee has shown any of the symptoms or indications that they may have contracted the virus.  Nevertheless, we will be following the direction of both local, state, and federal governments and agencies.

Speak with a Trusted Advisor

We know this is a troubling time. Please remember that we are here to help; we value each of you and look forward to delivering exceptional service to you for many years in the future. The lights may be off in our downtown offices on 6th street, but our firm is working at full capacity and ready to help you tackle these difficult and complex changes. Click below to contact a Trusted Advisor.

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Thinking About a CARES Act 401k Withdrawal? Here’s What You Need to Know

The CARES Act allows people impacted by the pandemic to withdraw funds from their 401k plan without penalty. Here’s what you need to know.

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CARES Act Update: Deducting PPP Loan Expenses for Your Business

Applying for Paycheck Protection Program loan forgiveness requires navigating many rules, requirements, applications and supporting documents. Here are the latest insights about the expenses a PPP loan covers and how to apply.

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R&D Tax Credit Guide: Save Your Business up to $250,000 a Year

What qualifies for the R&D tax credit? How do I claim my R&D credit? These are common questions we hear from our clients. In this guide, we provide the essentials in plain language—from what the R&D tax credit is and how it’s calculated to how you can claim it and more!

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How Does the R&D Credit Apply to Software Companies?

Software companies may be able to save up to 10% of qualified R&D expenses for employee wages, contract research, supplies, and more. Here’s some helpful info to get started.

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How to Reap Big Tax Savings with the Employee Retention Credit

The CARES Act extends a key crisis-era tax credit that could get you some serious cash this year. Unlike year-end tax credits, the Employee Retention Credit (ERC) can be taken immediately and bring timely financial relief to your business. Here’s what you need to know about the ERC.

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Auditing Standards: Why You Should Get Ready for SAS 136

What Are SAS 136 Auditing Standards? Is your business getting ready for the new SAS 136 effective date? Here are some key considerations to keep in mind.

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News Brief: Provider Relief Funds Subject to New Audit Requirement

If your organization received funding through the Provider Relief Funds program, here are 5 things to keep in mind.

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US Passes CARES Act

On Friday, March 27th the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law by President Donald Trump. The Act includes assistance for struggling businesses, several tax policy changes, and rebates for individuals.

Families First Coronavirus Response Act (FFCRA)

What is the Families First Coronavirus Response Act? What is the effective date of FFCRA? Does FFCRA apply to me and my business? The Department of Labor has released a list of Questions & Answers that address these and many other questions.

Small Business Administration (SBA) Paycheck Protection Program Loans

The SBA has posted details about the new SBA Paycheck Protection Program loans.

The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.

SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.

US Department of Treasury Guidance on Paycheck Protection Program

The US Department of Treasury has posted additional guidance related to the new Paycheck Protection Program.

Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.

Stay Up To Date with the Latest News Regarding IRS Filing & Payment Deadlines

In Notice 2020-18 (PDF), the Treasury Department and the Internal Revenue Service (IRS) announced special Federal income tax return filing and payment relief in response to the ongoing Coronavirus Disease 2019 (COVID-19) emergency. Click below for answers to frequently asked questions related to the relief provided in the Notice.

Texas Franchise Tax Update

The State Comptroller’s office has extended the due date for 2020 Texas franchise tax reports to July 15, 2020, to maintain alignment with recent announcements made by the Internal Revenue Service (IRS). Click below for more information.

$50 Million in Loans For Texas Small Businesses

Governor Greg Abbott today announced that Goldman Sachs and the LiftFund, along with other community development financial institutions (CDFIs), are partnering to provide $50 million in loans to small businesses in Texas that have been affected by COVID-19 as part of the Goldman Sachs 10,000 Small Businesses program.

Legislative Updates

We recognize that a lot is happening, and things are changing by the minute. If you are feeling overwhelmed and are experiencing “information overload” consider watching the following presentation by our Tax Partner, Jon Rausch. In this presentation, Jon discusses the recent legislation around COVID-19 and how it may impact your business. As always, if you have any questions, please feel free to click the Contact Us button to reach out to one of your Trusted Advisors.

Download Slides: https://speakerdeck.com/holtzmanpartnersatx/covid-19-legislative-updates

https://www.youtube.com/watch?v=ZTInoyLOSBM

Payroll Protection Program Guide

Do you have questions about the Payroll Protection Program legislation? Wondering how it can help your business survive (or even thrive) during these uncertain times? We answer this and many other relevant questions in our Payroll Protection Program Guide.

SBA’s Recent Clarification of PPP Forgiveness Rules

On May 22, 2020, the Small Business Administration (SBA) issued two interim final rules addressing loan forgiveness, loan review procedures, and borrower and lender responsibilities. We’ve summarized the impact of these rules. Click below to download the summary.

Paycheck Protection Plan Flexibility Act

On June 5, 2020, the Paycheck Protection Program Flexibility Act of 2020 was signed into law. Click the link below to see our summary of the changes and potential impact on your business.

Additional Resources

The Allinial Global COVID-19 Resource Center contains the latest information on tax law changes, VAT relief, and other developments relating to COVID-19:

COVID-19

 

 

 

 

Local Resources

For those in and around the greater Austin area, here are some helpful links to government websites that provide daily updates related to the COVID-19 outbreak and guidelines for social distancing and self-isolation.

Parenting Resources

Trying to work at home with kids running around? Us too, and it isn’t easy. Managing the stress of work, the fear associated with a global pandemic, and our new roles as “Homeschool Parents” can make even the most stoic among us, become a little harried. We just want you to know that you’re not alone, we are right there with you. We will forgive you if you need to step away from a Zoom call to mediate a disagreement, put a bandaid on a “booboo”, or answer a math question. We can relate!

We’ve compiled a list of some of our favorite resources to help you not just survive this challenging time period, but hopefully also thrive. We’ll be updating this section often with new resources.

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