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We would like to share some important and relevant information from one of our CPA Partners, Mike Anderson from The Anderson Group. Mike has been providing accounting and tax services to individuals and businesses in Northern Virginia since 1999 and specializes in supporting small to midsized businesses and their owners with nearly all facets of accounting, and, as such is a proud Quickbooks ProAdvisor. 

Thank you so much to Mike and his team at The Anderson Group for sharing these guidelines with us!

How to help your business during the
COVID-19 Pandemic:

Mike Anderson, CPA

There is so much happening right now that could be effecting you and your business. This newsletter only highlights some of the changes. Please visit our blog to keep abreast of all the changes. If you own a small business, and are considering laying off employees, pump the brakes and learn more about how the Cares Act (S.3548) might help. Expect more information about the Cares Act to be released over the next few weeks.

Consider how the Cares Act (S.3548) will effect your business before reducing the number of employees or the amount of your payroll. The Cares Act is being legislated right now. This bill could quite possibly pay your employees for you! Contact Mike for more details

The Families First Coronavirus Response Act (the Act, PL 116-127) - If you own a business with under 500 employees, you are now required to provide 80 hours of paid sick time to employees who are unable to work for virus-related reasons (with an administrative exemption for less than 50 employee business that the leave mandate puts in jeopardy), However...the government wants to pay you back for some, if not all, of that. More details

Tax credits and a tax exemption to lessen burden of COVID-19 business mandates. The Families First Coronavirus Response Act (the Act, PL 116-127) eases the compliance burden on businesses. The Act includes four tax credits and one tax exemption. More details

Payroll tax credit for required paid sick leave (the payroll sick leave credit). The Emergency Paid Sick Leave Act (EPSLA) division of the FFCRA generally requires private employers with fewer than 500 employees to provide 80 hours of paid sick time to employees who are unable to work for virus-related reasons (with an administrative exemption for less-than-50-employee businesses that the leave mandate puts in jeopardy). The pay is up to $511 per day with a $5,110 overall limit for an employee directly affected by the virus and up to $200 per day with a $2,000 overall limit for an employee that is a caregiver. More details

Income tax sick leave credit for the self-employed (self-employed sick leave credit). The Act provides a refundable income tax credit (including against the taxes on self-employment income and net investment income) for sick leave to a self-employed person. More details

Support Our Farmers!

Now, more than ever, we ALL need to come together and support our local farmers and small businesses during this pandemic. They need you, and in many cases, you need them!

The EatLoco Farmers Market at One Loudoun will be open every Saturday for PICK-UP ONLY while under strict government orders during the coronavirus pandemic. Each vendor has their own way of accepting your pre-orders. Please visit their website and check in regularly to see an updated list of vendors available at this coming Saturday’s Market at One Loudoun. They will have an organized drive-up at the market from 9-11 every Saturday until further notice. Thank you for your continued support for our farmers and small businesses!

Things that make us feel good:

This week, our neighborhood organized a “bear hunt” where everyone was asked to put a stuffed bear in their window for little kids to spot! It was adorable seeing children walking around the neighborhood looking for bears. We would love to hear more feel-good stories like this! Please email them to aliya@37mmg.com to be featured!

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42395 Ryan Rd. Ste 112, #198
Brambleton, VA  20148-4858

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Yield Bookkeeping · Northern Virginia · Ashburn, Va 20147 · USA

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