Gettry Marcus News

Families First Coronavirus Response Act (FFCRA) & NYS Emergency Paid Leave

March 30, 2020

The federal government passed the Families First Coronavirus Response Act aimed at addressing the impact of the COVID-19 outbreak and introducing paid sick leave and an expanded family and medical leave act.  Families First Coronavirus Response Act (FFCRA) effective April 2, 2020, and ends December 31, 2020. This federal legislation provides paid emergency family leave as well as paid sick leave for people affected by COVID-19 who cannot work or telework. FFCRA applies to businesses with under 500 employees, but there may be some exemptions. FFCRA has 3 sections: Emergency Family and Medical Leave Expansion Act Emergency Paid Sick Leave […]

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CARES Act – Key Tax Provisions

March 27, 2020

Congress has passed the CARES Act. The following is a brief summary of the key tax provisions affecting individuals and businesses. More detailed information will be provided in the near future. Many of these provisions are retroactive and may require guidance from the IRS. Provisions Affecting Individuals Individual recovery rebate/credit – A tax credit for 2020 will be advanced to eligible individuals in the form of a stimulus payment. Eligibility begins to phase-out for single individuals whose adjusted gross income is $75,000 and for individuals filing a joint return at $150,000. The credit is $1,200 per individual and $500 for each […]

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CARES Act – Summary of the Loan Provisions

Gettry Marcus Crisis Advisory Task Force (“Task Force”) has been advising our clients on the financial resources available through government-backed stimulus packages and disaster loan programs. Our Task Force is also providing tax and other business-related guidance, as well as assisting clients with budgeting and cash flow management, during the heath pandemic. As most of you are aware, the CARES Act (the “Act” or the “Bill”), the third and largest stimulus package, has been signed by the president. In an effort to provide a general understanding of the Act’s loan provisions and how they can potentially benefit our clients, our […]

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Managing Cash Flow During the Financial Crisis

March 26, 2020

Overview Managing cash flow has always been challenging. In this unprecedented current financial crisis, with the root cause being a health pandemic, planning for the uncertain future is even more difficult. With many companies seeing significantly diminished business activity due to government mandates to stay at home, budgeting and planning becomes extremely important. Questions Business Owners Are Pondering If cash flow comes to a complete halt in the weeks ahead, which expenses should I cut? Which staff should be furloughed, laid off, or retained? How should recently passed government disaster and stimulus-backed loans play into my business decisions? If my […]

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Business Interruption Insurance

March 25, 2020

There are potential issues that may arise when contemplating a business interruption insurance claim. Every client situation is different, and we are here to help guide you.  One possible form of relief for the financial stress caused by the outbreak of COVID-19 is business insurance, including business interruption and contingent business interruption coverages. These types of coverages are often included as part of a commercial liability policy. Recovery may include reimbursing the business owner for lost revenues and expenses incurred, among other things. As policy terms may be unique for each policyholder, coverage should be assessed on a case by […]

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SBA Disaster Assistance Loans for Small Businesses Impacted by Coronavirus (COVID-19)

March 24, 2020

The U.S. Small Business Administration (“SBA”) is offering low-interest federal disaster working capital loans to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). Important Items to Note Before beginning the SBA loan application process, it is important to verify that you qualify as a “small business”. You can check whether your business is small by using the SBA Size Standards Tool. Size is measured by the number of employees or average annual receipts. While this program is available to any and all small businesses that are in need of credit, it is also important to recognize […]

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Launching of COVID-19 Crisis Advisory Task Force

March 23, 2020

In an unprecedented manner, the world economy has unilaterally greatly reduced its industrial and economic output as a result of the Coronavirus pandemic (COVID-19). To help you through some of the unknowns and difficulties this created, Gettry Marcus CPA, P.C. has launched a COVID-19 crisis advisory task force to help provide insight on how your businesses might need to react to this sudden health and economic global crisis. We have a host of thoughts to help you manage through this great unknown and will introduce them by segments. This is the first of many communications you shall receive from the […]

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Essential Businesses Update

March 21, 2020
Dear Clients and Friends, We wanted to share some important information with you.   On Friday, March 20th Governor Andrew M. Cuomo announced he is signing the "New York State on PAUSE" executive order, a 10-point policy to assure uniform safety for everyone. It includes a new directive that all non-essential businesses statewide must close in-office personnel functions effective at 8 PM on Sunday, March 22. Guidance on essential services under the executive order is as follows: Please contact your Gettry Marcus Advisor if you would like additional information. More [+]

Important Tax Update

March 20, 2020

We want to keep you up to date on developments affecting your tax situation during the ongoing health crisis. Please remember that the situation is fluid and things may change rapidly. Postponement of April 15 filing deadline: IRS announced that the April 15 filing deadline will be pushed back to July 15 for all income tax returns. It is not necessary to file an extension. An additional extension of time to October 15 can be requested by July 15. Postponement of tax payments:  The IRS has provided tax payment relief for any person with a federal income tax payment due […]

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COVID-19 Update

March 13, 2020

Dear Valued Clients & Friends, As we continue to monitor the news surrounding the coronavirus (COVID-19) and its growing impact, we want to keep you informed that we have taken steps to ensure the safety of our employees while still maintaining the level of personalized service you are accustomed to receiving. The health and well-being of our people, their families, our clients, and our communities continue to be a top priority for us during these unprecedented times. At this time, all Gettry Marcus offices remain open and continue to operate “business as usual”. However, should the situation change, we have […]

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