HSC CORONAVIRUS C
OMMUNICATION
Edition #35
February 17, 2021
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HSC COVID-19 Fast Response Team
We are here to help!
In these uncertain times with multimedia channels reporting conflicting and sometimes incorrect information, our firm is working to add clarity to this situation by providing new and verified information as it becomes available to us. We have also set up a
Coronavirus Resource Center on our website for ongoing information.
In addition, we have created the HSC COVID-19 Fast Response Team to serve our clients in addressing the difficult decisions they are being faced with on a daily basis. This dedicated multi-disciplinary team consists of our tax, payroll, HR, capital markets and accounting professionals.
If you have questions or would like to speak with this team, please contact your HSC team member or
Kyle Wininger,
CPA, CICA, CVA, CFE at
kwininger@hsccpa.com.
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Sick and Family Leave Credits for Self-Employed
(includes Sch C, Sch F and Certain Partners)
Self-employed individuals may be eligible for credits on their personal return if they were
unable to perform services under certain COVID related circumstances (see below). If any of the following scenarios apply to you, please reach out to your HSC client server.
Who does the credit apply to?
Self-employed individuals reporting income on:
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Schedule C
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Schedule F
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Partner in a partnership of a trade/business (income on K-1 must be SE income)
Are you required to show a profit in 2020 to claim the credit?
No, the credit can be based off 2019 or 2020 self-employment income. If you had self-employment income in either year, you may be eligible for a credit. If both years are a loss, the credit will not apply.
What are the scenarios in which the credits may apply?
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You had COVID-19 or were subject to quarantine.
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You were caring for someone who had COVID-19 or was subject to quarantine.
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You provided care for a son/daughter whose childcare or school was unavailable as a result of COVID-19.
If you have any questions or are unsure whether you may qualify for the credit, please contact Michele Graham, CPA, MST, at
mgraham@hsccpa.com and we can discuss your specific situation.
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Changes to Paid Sick Leave and FSAs
Below is a video that outlines changes to paid sick leave and FSA's
If you have any questions please reach out to Matt Folz, CPA at
mfolz@hsccpa.com.
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Small Business Rescue Slowed by Fight Against Fraud, Drawing Protests
"The SBA has put up this firewall" against fraud, said Sam Sidhu, vice chair of Customers Bank, which experienced an immediate loan rejection rate of as high as 75 percent at first. "The firewall's going to be very beneficial in the long-term, but it's extremely painful right now, especially when we feel pretty comfortably the money is going to mostly satisfy the demand."
For the full story please click the link below.
https://www.politico.com/news/2021/02/10/small-business-rescue-delayed-anti-fraud-468363
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Harding, Shymanski & Company, P.S.C. is a public accounting firm with offices in Evansville, Indiana, and Louisville, Kentucky. We are one of the largest accounting firms in Southern Indiana and Kentucky, providing experienced professionals who look beyond the numbers to the heart of complex issues. Our clients range in size from small proprietorships to billion-dollar corporations, from closely-held and family-owned businesses to publicly traded firms, and span nearly every industry. They all have one thing in common: they count on our expertise to capitalize on their opportunities and make the best of their challenges.
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Evansville Office
21 SE Third Street
Suite 500
Evansville, IN 47708
(812) 464-9161
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Louisville Office
545 S Third Street
Suite 102
Louisville, KY 40202
(502) 584-4142
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As a reminder, you are receiving this email because you are a valued client of Harding, Shymanski & Company, P.S.C. For more information on our company, please
visit our website.
Harding, Shymanski & Company, P.S.C
Office locations
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