Your McCarthy Update
Marty McCarthy, CPA, CCIFP
|
|
Focused on You. Dedicated to Your Success.
|
|
February 15, 2021
McCarthy News
Matthew J. Boland, CPA, CCIFP Earned the Certified Construction Industry Financial Professional Designation (CCIFP). He is now among the most highly qualified construction financial professionals in the industry. Only 1,200 professionals nationwide hold this credential. Marty McCarthy, CPA, CCIFP and David Gibbs, CPA, CCIFP, MBA are among them. Learn more.
Accounting & Tax News
(Kiplinger) Taxes in retirement: How all 50 states tax retirees. Before you move for better weather, to be closer to the grandkids, or whatever, you should take the temperature of your budget -- and how taxes and the cost of living will have a lasting impact in your golden years. Lower housing costs, for example, in a particular state could make your retirement savings last longer. Read more.
Construction & Real Estate News
(Barron’s) Home-price surge says inflation is real. The Fed clings to illusion it is not. Central bankers routinely deny any connection between their monetary policies and asset prices, even though that is how those policies are transmitted to the real economy. Learn more.
(Construction Executive) What the 117th Congress means for construction. As the new administration tackles the ongoing COVID-19 pandemic, as well as many of its priority issues—some of which directly affect the industry—the 117th Congress will play a vital role in the administration’s ability to act on its campaign promises for the next two years. Read more.
(CNBC) Mortgage demand drops as interest rates hit a three-month high. The average contract interest rate for 30-year fixed-rate mortgages increased to 2.96% from 2.92%. Refinance demand, which is most sensitive to weekly rate fluctuations, fell 4% last week but were 46% higher than a year ago. Mortgage applications to purchase a home fell 5% for the week but were still 17% higher year over year. Read more.
(HousingWire) Fannie Mae reports rising confidence in housing market. Largely driven by a 7%-point jump in homeowners’ confidence to sell. Read more.
(MarketWatch) Mortgage rates remain near historic lows — will they go lower? Mortgage rates moved higher in recent weeks, but their future trajectory depends on the pandemic. Read more.
COVID-19 Related News
(Federal Reserve) Federal Reserve Board announces the second extension of a rule to bolster the effectiveness of the Small Business Administration's Paycheck Protection Program (PPP). The Federal Reserve Board announced the second extension of a rule to bolster the effectiveness of the Small Business Administration's (SBA) Paycheck Protection Program (PPP). Like the earlier extensions, this one will temporarily modify the Board's rules so that certain bank directors and shareholders can apply to their banks for PPP loans for their small businesses. Learn more.
(City of Philadelphia) Tax guidance in response to COVID-19. The City of Philadelphia has updated filing and payment rules for some (but not all) tax types. The documents on this page provide guidance to taxpayers and tax professionals as the City adapts to disruptions caused by the COVID-19 coronavirus epidemic. If you do not find guidance for a specific tax type below, there has not been a change. Read more.
(IRS) COVID-19 related tax credits for required paid leave provided by small and midsize businesses FAQs. Here is the link for more information.
(NJEDA) NJEDA defers pre-registration for phase 2 of small business emergency assistance program. The New Jersey Economic Development Authority (NJEDA) announced that pre-registration for Phase 2 of the Small Business Emergency Assistance Loan Program will be deferred. Pre-registration was scheduled to open on Wednesday, February 10, 2021. The Authority has not announced a new date for the program. Learn why.
(Small Business Administration) SBA reaches $200 billion milestone in economic injury disaster loan program to small businesses and non-profits. SBA is still accepting COVID-19 EIDL loan applications as the deadline to apply has been extended to Dec. 31, 2021. EIDL funding is used to pay fixed debts, payroll, and expenses, accounts payable and other bills that cannot be paid because of the disaster’s impact. Read more.
(Small Business Administration) SBA and lenders take more steps to improve Paycheck Protection Program. The Administration is working with the Agency to increase equitable access to underserved small businesses, to assure the integrity of the program, and to promote rapid and efficient distribution of funds. This week, the SBA hit a major milestone of approving $104 billion of PPP funds to more than 1.3 million small businesses. Read more.
(Small Business Administration) Cross program eligibility on SBA coronavirus relief options. A summary of criteria that must be met when considering different funding options. Learn more
(Small Business Administration) SBA to provide one year 8(a) program extension to participants due to COVID-19. The SBA published an interim final rule effective January 13, 2021 allowing 8(a) Program participants to elect a one-year program extension in the SBA’s 8(a) Business Development Program due to the challenges of COVID-19. The SBA certifies small businesses considered to be socially and economically disadvantaged under its nine-year 8(a) Business Development Program. The 8(a) program helps these firms develop and grow their businesses through one-to-one counseling, training workshops and management and technical guidance. It also provides access to government contracting opportunities, allowing them to become solid competitors in the federal marketplace. Learn more.
Feel free to contact any member of our team at (610) 828-1900 (PA) or (732) 341-3893 (NJ) with questions. Rich Higgins, CPA, managing principal – New Jersey office can be contacted at Richard.Higgins@McCarthy.CPA. I can be reached at Marty.McCarthy@McCarthy.CPA As always, we are happy to help.
Stay safe,
Marty McCarthy, CPA, CCIFP
Managing Partner
McCarthy & Company
Disclaimer: This alert is for informational purposes only and does not constitute professional advice. Information contained in this communication is not intended or written to be used as tax advice, and cannot be used by the recipient to avoid penalties that may be imposed under the Internal Revenue Code. We strongly advise you to seek professional assistance with respect to your specific issue(s).
|
|
|
|
|
|
|
|
|
|
