RISCPA/RI BUSINESS FORUM NEWS RELEASE NOVEMBER 12, 2020
NEWS AND UPDATES:
TECHNICAL ASSISTANCE & TRAINING RESOURCES announced for COVID-impacted businesses:
- Rhode Island Society of Certified Public Accountants (RISCPA) and our vendor partners have been contracted to provide customized online training programs including training and assistance with grant and loan applications, legal assistance to reposition your business, improve your credit score and cash flow, create a business or strategic plan, leverage technology and digital solutions like ZOOM to increase sales and more. The next Zoom info session will be held (with President Melissa Travis) Monday, November 16th 12:30-1:30 pm; REGISTER to ATTEND
- Governor Raimondo announced the state continues to see rapidly increasing cases of COVID-19 and brought a team of medical experts to her weekly press conference. The Governor pleaded with Rhode Islanders to wear a mask, stop having social gatherings (of any kind) and abide by quarantine or isolation when needed ‘reign it in”. The Governor stated if she does not see changing behavior, she will have, “no choice but to implement a lock-down”.
- RESTORE RI Program has been expanded with businesses eligible for grants Up to $30K (double the original grant sizes). Applicants who already received grants with expenses not covered under their original grant application will be eligible to request additional funding under a streamlined process. To learn more, visit: https://commerceri.com/about-us/restore-ri/ or for training, assistance or additional resources, contact RISCPA at firstname.lastname@example.org
Phase 3 Extended through November 27th: https://www.reopeningri.com/
RI Business Forum partners RISCPA and RIMA announce a first of its kind partnership and ancillary benefits platform to serve members and partners. The partners also announced the release of the following:
RISCPA's 2020 Virtual Tax Forum - Registration is OPEN: Click HERE
Thursday, December 3
- RI Division of Taxation - Updates and News
- NEW RI Department of Revenue
- IRS Updates
- PPP Loan Forgiveness Featuring SBA Lending Leadership Team
- Regulatory and Legislative Updates
- Special guests and more...
6 CPE, Taxes
The U.S. Small Business Administration announces updated PPP Forgiveness Assistance: Paycheck Protection Program Loan Forgiveness
VIRTUAL event - attendees are eligible to receive up to 17 CPEs:
Managing Partners Track: $749
Emerging Leaders Track: $499
Firm Operations Track: $299
- Keys to Success for Tax Automation and Outsourcing
- Business Reinvention: Strategies for Helping Your Clients Adapt
- HR and Legal Update
- Diversity and Performance: Leveraging Diﬀerence to Power the Bottom Line
- Developing the Skills of a Business Advisor
- Leverage the Power of Office 365 and Teams in Your Firm
For more information visit: www.mscpaonline.org/map20. Note - event is Eastern Standard Time
RISCPA is proud to partner with Massachusetts Society of CPAs for this event!!
RISCPA/RI BUSINESS FORUM ANNOUNCES PARTNERSHIP WITH LT. GOVERNOR DAN MCKEE - OPERATION HOLIDAY CHEER SUPPORTING RHODE ISLAND MILITARY RELIEF FUND
PBN special report “Crisis spurs businesses to reevaluate their worth”
The report features RISCPA Business Valuation Committee members including co-chairs John Barrett, Barrett Valuation Services, Inc. and Kevin Papa, Partner, Piccerelli, Gilstein & Co. LLP and committee member, Karen S. Rice, CPA, CVA, Partner, Kahn, Litwin, Renza & Co. Ltd., KLR Tax and Valuation Services: https://pbn.com/crisis-spurs-businesses-to-reevaluate-what-their-worth/
More business valuation news:
John Barrett (Barrett Valuation Services) hosted a special presentation to the Rhode Island Family Law Inns of Court November 12th. The Impact of the Coronavirus on Business Valuations for Rhode Island Divorce Purposes. The presentation focused on adjusting a Company's expected future cash flow projections, increasing the cost of capital estimate for COVID 19 related risks and adjusting long-term growth rates; it also highlighted the shift from a capitalization of historical earnings method to a discounted cash flow method.
Rhode Island Small Business Development Center is hosting a series of free events to help small businesses with their business and marketing needs. For more information, please CLICK HERE
RISCPA GOVERNMENT AFFAIRS
Rhode Island November Revenue Estimating Conference summary:
Revenue Estimating Conference provided the state some good news regarding estimated revenue for FY2021 and FY2022. Business Corporation Tax saw an increase of $27M vs last year and Personal Income Tax came in around $450M higher than expected (approx $1.4B); it is widely expected Sales & Use tax numbers will also exceed last year’s collections. General revenue collection (FY2021) was set at t $4,056,425,000. For perspective, in May, expected revenue amount was $3,725,850,000. The numbers put the state slightly behind last year, but given the extraordinary year it has been, this is good news for all. One key point – FY2022 is going to require the state and business community to come together because we are on an unsustainable path on income vs spending – innovation is needed – NOW.
House and Senate are in recess this week.
All Division Advisories are available here: http://www.tax.ri.gov/Advisory/index.php
COVID-19 Rhode Island Stats (as of 11/12/2020)
- Total number of cases: 40,764
- New cases: 936
- People hospitalized: 232
- Total Number of Deaths: 1,250
- Total number of tests: 1,301,286
- Positivity rate: 4.7%