Dear Clients, Colleagues and Friends,
As I write this email we are still facing uncertainty regarding the future prospects of the economy. People are relying less on the statistics they read and this has impacted consumer confidence. A recent survey by the AICPA detailed “flat” results as we move out of the initial lock down phases. I believe many people are in a “wait and see” mode. This will most likely stay until we know more about potential “hotspots or upticks”.
On our end, we have been working with clients on their PPP applications as well as starting to understand the tax components of the CARES act for individuals and businesses. We have seen an uptick in inquiries regarding bankruptcy services as well as business interruption claims. I am also amazed in times like this how the phone rings with individuals “discovering fraud” of some sort.
I remind business owners and leaders to stay mindful of the current economy, but also determine how the current risk may lead to future opportunities.
Josh Shilts, CPA/ABV/CFF/CGMA, CFE
Some of the articles and content we want to make you aware of are
- Our President, Josh Shilts, recently participated in the production of an FAQ with the AICPA. This FAQ address questions arising in relation to business valuation, followed by a summary of four key CARES Act provisions with additional FAQs. In addition to this FAQ Mr. Shilts is chairing the AICPA’s BV Committees Task Force on the CARES Act wherein he is working with professionals across the country to provide guidance on its implications on valuation.
Other articles of interest
The following are events Mr. Shilts will be speaking at. If you have questions or are interested in attending refer to the links below or contact us by clicking here.
- June 25, 2020 – Business Valuation Resources will host a webinar at 1 pm by Mr. Shilts named “The Balance Sheet and its Correlation to Company Specific Risk” wherein the Balance Sheet is analyzed and used to support Company Specific Risk Premiums
- July 2020 – Business Interruption presented by Shilts CPA. More information to follow.
- August 27, 2020 – The American Academy of Matrimonial Lawyers has asked Mr. Shilts to present on “The Valuation of Distressed vs. Impaired Companies”
Importance of Anti-Fraud Efforts During COVID-19
Any advice contained in this article, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion. If desired, we would be pleased to perform the requisite research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter that would define the scope and limits of the desired consultation services.