Month: March 2020

Webinars with information regarding COVID-19 and the effects it could have on the market and small businesses.

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CARES Act – Potential Small Business Programs Reviewed as well as Tax Savings Ideas

https://youtu.be/xg7T6rG_M_M

This webinar reviewed the new CARES Act. We review the programs that are available for Small Business as well a Tax Impact for Individuals.
Recorded 3/28/2020

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Proposed CARES Act SBA Loan Program

https://youtu.be/PdfLb0oPufI

This webinar reviewed an overview of a Proposed CARES Act but focused on one key component, the SBA program, passed by the Senate (still needs to be approved by the House of Representatives). Under the current draft of the Cares Act, the SBA could be authorized to guarantee up to $349 billion in 7(a) loans to businesses with not more than 500 employees. This could affect many business owners.
Recorded 3/26/2020

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Market and Investment Overview – Spring 2020

https://youtu.be/giSZC3ESHaU

A review of the current market as well as historical data with McMill Accounting Firm Partners Jared Faltys and Clint Weeder.
3/26/2020

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COVID-19 – Regarding Business Implications on Cash Flow and Employment Issues

https://youtu.be/dxcxwCbDyV4

Addressing how the current changes impact business owners. Topics covered will include: Proactive Business Practices, Common Questions to Address in Planning, Available Financial Assistance, Credit Options – Including the SBA Program, Families First Coronavirus Response Act, Emergency Family and Medical Leave Expansion Act, Emergency Paid Sick Leave Act, Upcoming Potential Legislation: CARES Act, State Unemployment Updates and Payroll Tax Credits
Recorded 3/24/2020

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Click here for information on Employee Programs

Click here for the SBA Resource Center

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McMill CPAs & Advisors will make every attempt to provide our clients with the most up to date information. However, the information contained on this page can update hourly, and there may be instances where it is out of date. If you have questions on any of the items please contact your advisor.

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https://youtu.be/xg7T6rG_M_M

This webinar reviewed the new CARES Act. We review the programs that are available for Small Business as well a Tax Impact for Individuals.

https://youtu.be/PdfLb0oPufI

This webinar reviews an overview of a Proposed CARES Act but focuses on one key component, the SBA program, passed by the Senate (still needs to be approved by the House of Representatives). Under the current draft of the Cares Act, the SBA could be authorized to guarantee up to $349 billion in 7(a) loans to businesses with not more than 500 employees. This could affect many business owners.
How does this affect your business? McMill CPAs & Advisors as well as banking leaders explored this topic together in a round-table format.
3/26/2020

https://youtu.be/giSZC3ESHaU

EDUCATIONAL CONTENT DISCLAIMER The content provided within this video/ website/social media platforms, e-mail transmissions, video, pictorial, or any associated media (hereinafter collectively referred to as “Information”) is provided for educational purposes only and is not and should not be construed as professional financial, investment, tax, or legal advice.  This is not investment or trading advice nor a solicitation or recommendation to purchase or sell securities, nor solicitation of an offer to purchase or sell securities, nor an attempt to influence the purchase or sale of any security. Past performance is no guarantee of future results.  Whenever there are hyperlinks to third-party content, this information is intended to provide additional perspective and should not be construed as an endorsement of any services, products, guidance, individuals or points of view outside McMill Wealth Management/Wealth Management LLC.  Please contact us for more complete information based on your personal circumstances and to obtain personal individual investment advice. Despite efforts to be accurate and current, this presentation may contain out of date information. Additionally, McMill Wealth/Wealth Management LLC will not be under an obligation to advise you of any subsequent changes. McMill Wealth Management and Wealth Management LLC are registered investment advisors with the Securities Exchange Commission.  Slide Sources Fastest Correction – https://finance.yahoo.com/news/stock-… Don’t Bail on the Lows, Stick Around for the Highs – Source: FactSet, Standard & Poor’s, J.P. Morgan Asset Management. Returns are based on price index only and do not include dividends. Intra-year drops refers to the largest market drops from a peak to a trough during the year. For illustrative purposes only. Returns shown are calendar year returns from 1980 to 2019, over which time period the average annual return was 8.9%. Guide to the Markets – U.S. Data are as of December 31, 2019. Past performance is not an assurance of future results. Values change frequently and past performance may not be repeated. There is always the risk that an investor may lose money. Securities of small firms are often less liquid than those of large companies. As a result, small company stocks may fluctuate relatively more in price. Even a long-term investment approach cannot ensure a profit. Economic, political, and issuer-specific events will cause the value of securities, and the funds that own them, to rise or fall. Because the value of investments will fluctuate, there is a risk that investors will lose money. Bear Markets since WWII – Source: Murray, Nick. Simple Wealth, Inevitable Wealth. Nick Murray Company, Inc., 2019 S&P Performance Following Historical Events – https://www.capitalgroup.com/advisor/… Market Downturns and Recoveries – Past performance is no guarantee of future results. This is for illustrative purposes only and not indicative of any investment. An investment cannot be made directly in an index. Downturns are defined by a time period when the stock market value declined by 10% or more from its peak. © Morningstar 2020. All Rights Reserved. U.S. Market Recovery After Financial Crises – Past performance is no guarantee of future results. Returns reflect the percentage change in the index level from the end of the month in which the event occurred to one month, six months, one year, three years and five years after. This is for illustrative purposes only and not indicative of any investment. An investment cannot be made directly in an index. © Morningstar 2020. All Rights Reserved. Focus On What You Can Control – Diversification does not eliminate the risk of market loss. There is no guarantee investment strategies will be successful. For illustrative purposes only.

The Nebraska Chamber hosts Nebraska Department of Labor Commissioner John Albin & General Counsel Katie Thurber for a briefing on Nebraska’s unemployment programs during the coronavirus outbreak.

Tuesday, March 24, 2020 3:30 p.m. CDT

https://www.facebook.com/nebchamber/videos/2085582721588490/

Regarding Business Implications on Cash Flow and Employment Issues

https://youtu.be/dxcxwCbDyV4

Addressing how the current changes impact business owners. Topics covered will include: Proactive Business Practices, Common Questions to Address in Planning, Available Financial Assistance, Credit Options – Including the SBA Program, Families First Coronavirus Response Act, Emergency Family and Medical Leave Expansion Act, Emergency Paid Sick Leave Act, Upcoming Potential Legislation: CARES Act, State Unemployment Updates and Payroll Tax Credits
3/24/2020

Gov. Pete Ricketts announced Monday that Nebraska’s state income tax filing deadline would be moved from April 15 to July 15, matching the three-month federal extension already granted by the Internal Revenue Service.

But the governor urged Nebraskans who have not been significantly impacted by the economic fallout resulting from the spread of the coronavirus to try to meet the traditional deadline to help ensure the healthy cash flow that’s needed to support state government.

In a wide-ranging discussion during what has become a coronavirus briefing by the governor every weekday, Ricketts said:

* The state is looking for quarantine space to house people infected by the virus in case that might be necessary.

* There are no plans to move beyond the 10-person limit for public gatherings; that is “the most restrictive measure we are anticipating.”

“Never did we discuss a shelter-in-place strategy,” he added. “For our state, that is not necessary.”

* Expanded testing for the virus is now underway, but testing will be directed at “the highest priority cases.”

* Rumors that the state is considering calling the Nebraska National Guard into active duty to impose martial law are bogus.

Todd Becker, CEO of Green Plains Ethanol, joined the governor at the briefing to announce that his company will donate industrial alcohol that it produces at its York plant to be transformed into hand sanitizer during the current emergency that has resulted in a reduction in gasoline demand.

The industrial alcohol will be shipped to the Department of Correctional Services for processing, he said.  

“Our employees and our company are proud to help,” Becker said. 

Ricketts said he believes Nebraskans have responded to the challenge and “slowed the spread of the virus” in the state by complying with the 10-person gathering rule.

“We anticipated 30% compliance,” the governor said. Instead, he said, there has been “almost universal compliance.”

“I can’t tell you when we get back to normal,” Ricketts said, “but we will get through this.”

The governor’s afternoon briefing came on a surreal day at the Capitol when the Legislature met in a protected cocoon with doors closed and no access to the floor of the legislative chamber in order to process emergency legislation appropriating $83.6 million to battle the virus.

That included $25 million that was added to the governor’s request for funding and will be held in reserve for unanticipated needs.

“I did not ask for that,” Ricketts said. “The Legislature decided that would be prudent (and it provides) more cushion for us to work with.

“This is going to be a tough time for everybody,” the governor said, a time when Nebraskans should try to help one another and support small businesses.

Under direction from the state, bars and restaurants in the Omaha area have moved to take-out, drive-thru and delivery service only.

“If you’re an employer thinking long-term,” Ricketts said, “you (may want to) figure out ways to hold on to your workforce.”

And landlords ought to take into consideration the financial stress that some Nebraskans may be encountering when it’s time to pay the monthly rent, he said.

It may be a time for “a moratorium on evictions,” Ricketts suggested.

“It’s a public emergency … you can’t be throwing people out on the street,” he said.

“I want to thank every Nebraskan who has been working to slow the spread of the coronavirus,” the governor said. “Nebraskans have stepped up to meet that challenge.”

Source: https://journalstar.com/news/state-and-regional/govt-and-politics/ricketts-extends-tax-filing-deadline-praises-crowd-compliance/article_3ae56741-7199-5169-a5c9-083e0708299e.html?fbclid=IwAR1SASkTx4jOOB10SbuPfSJbspCVnDESPCNR4mmDPs_eNJqwoealbN3Cc6Q#tracking-source=home-top-story-1

Secretary Steven Mnuchin announced that the April 15th tax filing deadline will be extended to July 15th. This extension applies to federal income tax only.

Nebraska has not extended filing or payment deadlines at this time.

The tax payment extension applies to federal tax due with 2019 tax returns, plus 2020 first quarter tax payments. Any tax due in excess of these aggregate amounts is due on the normal due date and is not extended.

McMill CPAs & Advisors recommends you to file before April 15th, and pay any tax owed by July 15th.

https://home.treasury.gov/news/press-releases/sm948

https://www.irs.gov/pub/irs-drop/n-20-17.pdf

TAX DEADLINE

(3/18/20)

Details on the payment extension issued by the IRS:

• ● April 15^th, 2020 remains the deadline for filing taxes. 
  UPDATE 11:30am 3/20/20: The Treasury Secretary recently announced the federal filing date will be July 15th, 2020.
• ● There has been a 90 day extension (to July 15^th, 2020) for all federal payments normally due on April 15^th, 2020.  It would include the first quarter estimated tax payment.
• ● At this time, Nebraska has not extended the time to file or pay taxes.  However, other states have begun issuing extensions for time to file and pay.  We will keep you informed as developments occur with the state tax deadlines.  UPDATE 3/23/20: It was announced the filing and payment deadline will be July 15th, 2020.

Please talk to your tax preparer if you have questions on any of these deadlines.  McMill CPAs & Advisors will issue additional communication if any of these deadlines change. 

IRS Announcement

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MARKET VOLATILITY

The stock market can be compared to a roller coaster ride. It’s slow and gradual going up, but when it starts to drop, it happens quickly and your stomach turns flips.

We are in a period of volatility right now. The volatility we are seeing right now is actually a sign that the markets are doing what they always do: translating rapidly unfolding information into stock prices. In recent days, the increase in volatility in the stock market has resulted in renewed anxiety for many investors. While it may be difficult to remain calm during a substantial market decline, it is important to remember that volatility is a normal part of investing.

Here are three good things to remember as the markets swoop and dive.
1. We have survived similar events before.

• ● 2002 it was SARS
• ● 2009 it was H1N1
• ● 2012 it was MERS

Each time, the markets reacted to the uncertainty. This virus will peak and decline in the US just as it is already doing in China. When it does, we will see the markets turn around, as they always have.

2. Every time a share of stock is sold, a buyer believes that purchasing that share at that price represents an opportunity to make a profit in the future. People who bought stocks today did so expecting to make money.

3. For long-term investors, reacting emotionally to volatile markets may be more detrimental to portfolio performance than the drawdown itself. Research proves it time and time again: emotional reactions to market swings do not advance your long-term financial goals. 

We could repeat, “don’t panic,” and “wash your hands”. Instead, let’s focus on this suggestion: Stay Diversified, Stay YOUR Course!

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COVID-19 NEWS

Update from Tom Hanks in quarantine March 17, 2020. Tom and his wife were diagnosed with COVID-19 and have been released from the hospital in Australia.

“Hey folks. Good News: One week after testing Positive, in self-isolation, the symptoms are much the same. No fever but the blahs. Folding the laundry and doing the dishes leads to a nap on the couch. Bad news: My wife @ritawilson has won 6 straight hands of Gin Rummy and leads by 201 points. But I have learned not to spread my Vegemite so thick. I traveled here with a typewriter, one I used to love. We are all in this together. Flatten the curve. Hanx”

China has now closed all temporary hospitals in the central city of Wuhan, the epicenter of a coronavirus outbreak, a news website backed by the Shanghai government, the Paper, said on its official Twitter account on Tuesday.

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Apple has reopened all of its Chinese stores, a month after shutting them down amid the coronavirus outbreak.

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One of the reasons Italy was hit so hard, experts say, is because they have the oldest population in Europe, and the second-oldest population on Earth (after Japan)

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