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Highlighting important news in accounting
Paycheck Protection Program Details
The financial vitality of many Denver businesses has come into question since the implementation of COVID-19 prevention orders. Many have been forced to change their business model or completely shut down to maintain compliance.
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COVID-19 Economic Stimulus – CARES Act
An additional boost came when President Trump signed the Coronavirus Aid, Relief and Economic Security (CARES) Act, comprehensive relief which provides $2 trillion in tax relief, business loans, unemployment and more.
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Families First Coronavirus Response Act
March is typically when Denver companies are focused on finalizing tax returns and reviewing financial reports leading to the end of the first quarter. However, rather than focusing on these tasks, many management teams are reacting to Coronavirus (COVID-19).
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Independent Medical Practices Optimistic on Growth
Physicians and other medical practitioners are experiencing significant changes in their businesses. Not only do they need to stay current with medical changes, but they need to focus on the realities of managing the business.
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Worker Quality A Top Concern for Construction Companies
While the Colorado construction market is expected to slow, many are still anticipating increased demand in the labor markets for various sectors. The Cumming Market Analysis offers important data including where demand will increase.
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Tax Incentives Extended for 2020
Through the closing weeks of 2019, many Denver business owners were focused on wrapping up year-end items, assessing performance, refining goals and setting new benchmarks. Many were focused on analyzing the company’s expenses, revenues and overall financial position to create the budget for 2020.
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IRS Finalizes New Hardship Distribution Rules
Denver companies that offer 401(k), 403(b) and other retirement plans will soon be required to comply with new hardship distribution rules. In September, the IRS issued final regulations which make it easier for plan participants to receive such distributions when the need arises.
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Questions to Ask Before Purchasing a Denver Medical Practice
Incorporating a practice that already exists in your own operations can be tricky. You will need to spend money upfront transitioning the target’s patients into your electronic systems.
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DOL Issues Final Overtime Rules
Dedicated employees who commit to working hard to complete a project, meet increased production demands and drive innovation should be rewarded. In addition to their base compensation, other benefits such as retirement plans, health, dental and year-end bonuses are often given. The Department of Labor (DOL) recently issued, Final Rule – Overtime Update, which will impact Denver area employers.
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