Reynolds and Rowella

The SBA Releases Advice On Avoiding Stimulus Program-Related Fraud

April 13, 2020 by Reynolds & Rowella Leave a Comment

The U.S. Small Business Administration (SBA) has warned the public to be on the lookout for scams related to the stimulus programs offered in response to the COVID-19 pandemic.

The SBA has identified grant fraud, loan fraud and phishing schemes related to the stimulus program:

Grants

SBA does not initiate contact on either 7a or Disaster loans or grants. If you are proactively contacted by someone claiming to be from the SBA, suspect fraud.

Loans

If you are contacted by someone promising to get approval of an SBA loan, but requires any payment up front or offers a high interest bridge loan in the interim, suspect fraud.
SBA limits the fees a broker can charge a borrower to 3% for loans $50,000 or less and 2% for loans $50,000 to $1,000,000 with an additional ¼% on amounts over $1,000,000. Any attempt to charge more than these fees is inappropriate.
If you have a question about getting a SBA disaster loan, call 800-659-2955 or send an email to disastercustomerservice@sba.gov.
If you have questions about other SBA lending products, call SBA’s Answer Desk at 800-827-5722 or send an email to answerdesk@sba.gov.

Phishing

If you are in the process of applying for an SBA loan and receive email correspondence asking for personally identifiable information (PII), ensure that the referenced application number is consistent with the actual application number.
Look out for phishing attacks/scams utilizing the SBA logo. These may be attempts to obtain your PII, to obtain personal banking access, or to install ransomware/malware on your computer.
Any email communication from SBA will come from accounts ending with sba.gov.
The presence of an SBA logo on a webpage does not guaranty the information is accurate or endorsed by SBA. Please cross-reference any information you receive with information available at www.sba.gov.

All questions related to your Paycheck Protection Program loan, should be directed to the bank processing your loan application.

Report any suspected fraud to OIG’s Hotline at 800-767-0385 or online at www.sba.gov/about-sba/oversight-advocacy/office-inspector-general/office-inspector-general-hotline.

Click here for tips from the Better Business Bureau on spotting small business loan scams.

REYNOLDS & ROWELLA | ACCOUNTING AND CONSULTING

The firm has offices at 90 Grove St., Ridgefield, Conn., and 51 Locust Ave., New Canaan, Conn. For more information, give us a call at 203.438.0161 or email us.

Legislation Impacting Your Business (Action Requested)

March 27, 2020 by Reynolds & Rowella Leave a Comment

On Wednesday, March 25th the Senate passed an updated version of the Coronavirus Aid, Relief and Economic Security (CARES) Act. The bill builds upon earlier versions of the CARES Act. This legislation has the potential to directly impact your business in a significant way. While there are many facets of this bill that seek to provide economic relief in response to the Covid-19 outbreak, there are three that are most likely to be of immediate concern to you:

BUSINESS RETENTION LOANS FOR SMALL BUSINESSES

SBA loans will be issued for an amount equal to approximately 8 weeks of payroll and qualifying overhead. If conditions are met (retaining employees, etc…) the loan will convert to a grant and will be forgiven. Every FDIC insured financial institution will be eligible to make these loans and funds can be disbursed the same day the application is filed. The Treasury will be issuing further guidance in the coming days and the program is expected to be operational in approximately 3 weeks.

EMPLOYEE RETENTION CREDIT

This provision provides a refundable payroll tax credit for 50 percent of wages paid by employers to employees during the COVID-19 crisis. The credit is available to employers whose (1) operations were fully or partially suspended, due to a COVID-19-related shutdown order, or (2) gross receipts declined by more than 50 percent when compared to the same quarter in the prior year.

The credit is based on qualified wages paid to the employee. For employers with greater than 100 full-time employees, qualified wages are wages paid to employees when they are not providing services due to the COVID-19-related circumstances described above. For eligible employers with 100 or fewer full-time employees, all employee wages qualify for the credit, whether the employer is open for business or subject to a shut-down order. The credit is provided for the first $10,000 of compensation, including health benefits, paid to an eligible employee. The credit is provided for wages paid or incurred from March 13 through December 31, 2020.

PROVISIONS FOR INDIVIDUALS

For individuals the package provides direct payments of $1,200 per adult and $500 for each child to lower and middle-income Americans. Phaseouts begin at $75K for individuals and $150K for married couples. Checks are anticipated in mid-May. Additionally, unemployment insurance will be extended to four months and the benefits bolstered by $600 weekly with eligibility being expanded to cover more workers.

Again, these are just three of the major provisions addressed in the CARES Act. CLICK HERE TO FIND AN OUTLINE OF ALL OF THE KEY PROVISIONS.

Reynolds + Rowella wants to make sure you were fully aware of this legislation and encourage you to take early action on it. We anticipate there will be significant demand for the forgivable SBA loans so it makes sense to reach out to your lenders now. In the event that you would like a referral to a local bank that will be supporting this program please let us know and we will be happy to provide an introduction.

During this extraordinary event, we want to make sure our firm is supporting you to the best of our ability. Please don’t hesitate to reach out if we can provide any immediate assistance. You can also expect a R+R team member to contact you during the weeks ahead to check in and provide you with information on additional new regulations and legislation that might apply to you and your business.

REYNOLDS & ROWELLA | ACCOUNTING AND CONSULTING

The firm has offices at 90 Grove St., Ridgefield, Conn., and 51 Locust Ave., New Canaan, Conn. For more information, give us a call at 203.438.0161 or email us.

COVID-19 (CORONAVIRUS) Federal Tax Filing UPDATE

March 20, 2020 by Reynolds & Rowella Leave a Comment

Office Operation Update:

Following national guidelines, Reynolds + Rowella will temporarily close our offices as of close of business Friday, March 20th. Our firm’s technology infrastructure and proactive business continuity plan will help to ensure that we can continue our work seamlessly to support our clients from out-of-the-office locations.

IRS Tax Filing Update:

Treasury Secretary Steven Mnuchin announced Friday that the IRS is extending the federal income tax filing deadline to July 15. The deadline extension gives Americans three months longer to file their individual and business income tax returns for the 2019 tax year, without incurring interest or penalties.

The coronavirus outbreak is a critical, developing situation. The health and safety of our clients and team is always a top priority. Based on the rapidly changing conditions and to help reduce the stress on our staff and their families, we will be working our traditional office hours from remote locations. R+R is committed to continuing to work on client returns and will file as soon as possible. If you have any special time constraints, please contact a member of the team so that we can meet your requirements.

Please be assured that R+R is focused on our commitments to you and that we will continue to provide the high-quality service to which you are accustomed. Thank you for your understanding in these very challenging times

We are available to answer any questions you have. Please contact us via email or call us by using the dial by name directory at 203-438-0161.

REYNOLDS & ROWELLA | ACCOUNTING AND CONSULTING FAIRFIELD COUNTY CT

Our mission is to operate as a financial services firm of outstanding quality. Our efforts are directed at serving our clients in the most efficient and responsive manner possible, delivering services that exceed the expectations of those we serve.

The firm has offices at 90 Grove St., Ridgefield, Conn., and 51 Locust Ave., New Canaan, Conn. For more information, give us a call at 203.438.0161 or email us.

2019 Walk To End Alzheimer’s – Fairfield County, CT

October 14, 2019 by Reynolds & Rowella Leave a Comment

October 13, 2019

Reynolds + Rowella and the Rowella family (pictured) both support and participated in the Norwalk/Fairfield County Walk to End Alzheimer’s on October 13, 2019.

Held annually in more than 600 communities nationwide, the Alzheimer’s Association Walk to End Alzheimer’s® is the world’s largest event to raise awareness and funds for Alzheimer’s care, support and research. This inspiring event calls on participants of all ages and abilities to join the fight against the disease!

REYNOLDS & ROWELLA | ACCOUNTING AND CONSULTING FAIRFIELD COUNTY CT

Reynolds + Rowella is a regional accounting firm known for a team approach to financial problem solving. As Certified Public Accountants, our partners foster a personal touch with our clients. As members of DFK International/USA, an association of accountants and advisors, our professional network is international, yet many of our clients have known us for years through the local communities we serve.
Our mission is to operate as a financial services firm of outstanding quality. Our efforts are directed at serving our clients in the most efficient and responsive manner possible, delivering services that exceed the expectations of those we serve. The firm has offices at 90 Grove St., Ridgefield, Conn., and 51 Locust Ave., New Canaan, Conn. For more information, give us a call at 203.438.0161 or email us.

Collene Torres of Reynolds + Rowella joins over 300 swimmers for Swim Across America

June 25, 2019 by Reynolds & Rowella Leave a Comment

Collene Torres of Team Wave Riders joined more than 300 swimmers and volunteers in the 13^th annual Swim Across America Fairfield County on June 22, 2019. Team Wave Riders raised more than $8,500 for this event! Collene says the team is already talking about expanding and have set their goal for 2020 at $20,020!

Swim Across America is the inspired sequel to a triumphant Run Across America completed by the two founders of SAA, Jeff Keith and Matt Vossler in 1985. The eight-month journey spanned the country from Boston to Los Angeles and raised over $1 million for cancer research. Jeff Keith, one of the determined runners, a 22-year-old from Fairfield, CT, had lost his right leg to cancer a decade before. Following college graduation, these two childhood buddies embarked on their mission, making history in the process. Together, they instilled hope in all who fight this disease and heightened consciousness about overcoming this frightening diagnosis.

It was in 1987 that Keith and Vossler decided to bring their cause back home and transitioned from running to swimming for a cure. With a focus on raising money and awareness for cancer research, prevention and treatment, Swim Across America was chartered as a 501c3 nonprofit organization.

Since 1987, SAA has granted over $80 million through 20 experiential open water swimming fundraising events and over 100 pool swim fundraisers.

REYNOLDS & ROWELLA | ACCOUNTING AND CONSULTING FAIRFIELD COUNTY CT

Strength in Numbers 2019

June 10, 2019 by Reynolds & Rowella Leave a Comment

The Partners at Reynolds + Rowella are pleased to announce the following Strength In Numbers Scholarship Award winners for 2019. Since 2000, the firm has awarded $500 scholarships to two graduating seniors from New Canaan, Ridgefield and Wilton High Schools.

Congratulations to all the winners!

New Canaan High School Winners:
Luke Crowley, Ryan Levene

Ridgefield High School Winners:
MacKenzie Robson, Ryan Garson

Wilton High School Winners:
Alexander (AJ) Eustace, Rebekah Sherwood

Congratulations to Olivia Hanisch

June 6, 2019 by Reynolds & Rowella Leave a Comment

Reynolds + Rowella is pleased to congratulate Olivia Hanisch, summer college intern in the Ridgefield office, on being one of three students in the state to be awarded CTCPA’s Rising Junior Accounting Scholarship.

This endowment of $5,000 (with renewability for a potential total of $10,000 over two years) is chosen by The Trustees of the Accounting Scholarship Foundation of the Connecticut Society of Certified Public Accountants. The award recognizes the academic achievement of college students entering their junior year who are looking to pursue a career in accounting, and eventually a CPA licensure.

Olivia is currently attending the University of Connecticut, Storrs Campus, where she is a Babbidge Scholar, indicating that she has earned a grade point average equaled to 4.0. In addition, Olivia is heavily involved on campus, especially within the School of Business. She is a brother of the professional co-ed business fraternity, Alpha Kappa Psi, and was a member of the Business Connections Learning Community for the last two years. One of her true passions is community service, made evident through her active participation in HuskyTHON, an 18-hour dance marathon to support Connecticut Children’s Medical Center.

We are glad to have Olivia joining us in the office this summer and are excited to be contributing to her journey in the accounting profession.

Shall I sleep on it?

January 27, 2016 by Reynolds & Rowella Leave a Comment

Ah, the procrastinator’s dilemma. We all have tasks that we dread doing.
That could be as simple as making your bed to filing your tax return.

Shall I sleep on it or I will get to it tomorrow is said everyday throughout millions of business every single day. Mostly by the employees, but many owners are guilty of this was well. Why do we procrastinate and what can we do to motivate those to do the difficult tasks first?

One way to motivate your employees (or yourself) is to assign a subjective value to the task relative to the price of thinking about it all night. When you complete that daunting task, it is a great feeling of relief and accomplishment. William James once said, “Nothing is so fatiguing as the eternal hanging of an uncompleted task”. You could think about how miserable the task will be or you can attack it and get it done.

In 1989, George Loewenstein and Richard H. Thaler penned an article for the Journal of Economic Perspectives around the idea of delay discounting. Basically, people are willing to accept less now than wait for a larger gain. In today’s terms, think about that $20 item from Amazon that you are willing to pay $17 in shipping to get it on Monday rather than free shipping that will get it there on Wednesday. Delay discounting is a component of procrastination that is relative to the length of time before the deadline and the reward. Further away the deadline, less important it is or less attractive the reward or satisfaction of getting it done. I think I mastered in this subject in high school and book reports.

People like to feel rewarded, so they tend to work on the easier tasks first. There is a sense of accomplishment when things are checked off the list.

So, how do you motivate those employees or yourself to focus on the major items? Well, push the small items to someone else. Try to devoid yourself of the “daily minutia” to less experienced staff and train them. Place a value on the items you need to get done and get the high value items done first. Think to yourself, what would happen if I didn’t get ABC done today versus how much better and productive I would be if I got XYZ done?

When you strip out the easy tasks, all is left are the important ones and you can focus on the XYZ tasks. Associate those difficult with your own identity. People are motivated by a positive self identity and the more aligned they are with their tasks, the more efficient and effectively they will be done.