Apollonian AccountingApollonian Accountinghttps://apollonianaccounting.com/c/blogs/find_entry?p_l_id=4882024-03-29T04:59:05Z2024-03-29T04:59:05Z3 Business Accounting Tasks You Should Outsource To A Professional Accounting FirmStacy Bendahttps://apollonianaccounting.com/c/blogs/find_entry?p_l_id=488&entryId=2432462022-09-08T09:40:36Z2020-10-22T13:11:00Z<p>As a business owner, nothing is more frustrating than being stuck in either mundane or tedious and time-consuming activities. It, especially, becomes difficult for small business owners to stay on top of things because they have so much to worry about. There is an easier way to handle your business accounting by outsourcing some tasks to a professional accounting firm.</p>
<p><b>PAYROLL PROCESSING</b></p>
<p>Small businesses don't always have payroll processing resources in-house. While business owners or other decision-makers usually take care of payroll processing themselves, once your business encounters increased business activity and more than a dozen employees, in-house payroll processing becomes difficult if you are doing it on the side.</p>
<p>Keeping track of employee leaves, joining and exiting formalities, salary processing, tax deductions, etc. is a time-consuming job that also needs attention to detail. It is, hence, advisable to outsource your payroll processing as it can make your life a lot easier. With the right accounting firm as a partner, you might also land a lot of benefits.</p>
<p><b>TAX PREPARATION & FILING</b></p>
<p>If your days (and nights) get hectic when the date for filing taxes comes closer, outsourcing your taxes is a great idea. Taxes are a tiresome and time-consuming task - preparation of books, balancing the books, managing tax reports, filing returns, etc.</p>
<p>Outsourcing these tasks will not only allow you to focus on your day-to-day business activities but also ensure that the tax preparation and filing is handled in a professional manner. Tax preparation services are more or less standardized and any accounting firm following these standards would be a great associate to outsource to.</p>
<p><b>INVENTORY & BANK RECONCILIATIONS</b></p>
<p>Business owners deal with a lot of cheques, payments, receipts, and bank withdrawals/deposits and a regular basis. It is fairly common to have irregularities in these transactions. These discrepancies should be checked periodically (ideally, monthly) and reconciled. The reconciliation procedure requires time and resources. Similarly, inventory reconciliation also has to be carried out by comparing physical inventory with inventory storage.</p>
<p>Outsourcing reconciliation tasks to a professional accounting and bookkeeping firm not only time-saving but also frees you of the hassles of running around to get things in order. Professionals use real-time tracking and professional skills for reconciliation, making sure all your hassles are taken care of.</p>
<p>For small businesses, the business environment is becoming increasingly competitive. With the pandemic effects still looming, it is imperative that small business owners focus on growing and running their business, and leave the other fuss to professionals. At AAABSI, we understand this completely and use our 5+ decade of experience and expertise to provide you with end-to-end accounting, bookkeeping, and tax service solutions. If you would like to hire us for your business, call us now on 9492200312 and our professionals would be glad to help you.</p>Stacy Benda2020-10-22T13:11:00Z7 Simple Steps To Clean Up Your Accounting RecordStacy Bendahttps://apollonianaccounting.com/c/blogs/find_entry?p_l_id=488&entryId=2277852020-10-14T12:33:35Z2020-10-14T12:31:00Z<p>These are tough times for most businesses. In addition to operational affairs, payroll management, inventory issues, etc., business owners also have to keep track of their financial records. Small business owners usually neglect this aspect either because they have surrounded themselves with other things, which leaves little time for it, or simply because they don't know how to do it properly.</p>
<p>While most business owners are aware of it, few do anything to tackle the problem. A neat and organized accounting record comes handy in many situations such as financial audits, investor pitches, partnership deals, etc. Whether it is financial illiteracy or lack of time management, with so much at stake in a business, creating a checklist and system of periodic accounting clean-up will go a long way in preventing unfortunate consequences.</p>
<p>Below are seven easy tips that will help keep ease the pressure of financial record-keeping on you.</p>
<p><b>1) Track your transactions as they happen.</b></p>
<p>One of the most common accounting problems is that audits and reviews happen when it is too late. An easy solution to this issue is to keep track of your expenses on the go. If you have a pre-set budget, tracking expenses will help you control expenditure within the budget. Tracking transactions also addresses another critical area - overspending. If you do not track where your money is going, you run the risk of either overspending or miscalculating while setting budgets.</p>
<p><b>2) Know where your cash flow position is in real-time.</b></p>
<p>Tracking and understanding your business's cash flow is extremely vital. A cash flow plan is not a peek into the future, it is a mere prediction based on several factors. Hence, it is important to know the status of your cash flow in real-time. It is hence advisable to extend payables while trying to improve incoming payments while keeping an eye on the market situation and fluctuations. Keeping an eye on the cash flow position will also help avoid a potential shortfall of capital as you can be aware of the cash flow status in real-time.</p>
<p><b>3) Document and allocate your expenses.</b></p>
<p>Every expenditure incurred should be documented and allocated. Keep track of any gaps in the documentation and allocation of expenses. Costs should be allocated based on distribution. Documentation is proof of the costs incurred to your business. Hence documenting and allocating expenses, and tallying them ensures compliance and less work in the long run.</p>
<p><b>4) Separate personal vs business income and expenses.</b></p>
<p>Separate personal and business accounts not only sort your accounting records but also gives you an insightful and informed look into your business's financial records. Tidier accounting records provide a more accurate financial statement for your business, which not only helps you while paying taxes but also in tracking deductible expenses. A separate record of your business income and expenses also helps while applying for loans, credit cards, etc.</p>
<p><b>5) Financial statements can be used as tools to make short term and long term business decisions and goals.</b></p>
<p>Through short-term goals such as cash flow management and cost containment and long-term goals such as annual tax planning and improving margins, business owners can focus on visible and tangible planning of expenses.</p>
<p><b>6) Plan for the future and prepare for any unforeseen emergency or natural disaster.</b></p>
<p>Business owners should plan to cover unexpected expenses due to unforeseen business emergencies, natural disasters, market losses, etc. Unexpected financial emergencies can be extremely stressful, and in the process to smoothen things, business owners may panic and amend financial records. To avoid this situation, your business must be guarded against hostile or conflicting situations. Planning for future emergencies also shows the organization's ability to adapt.</p>
<p><b>7) Hire an accounting professional to assist you</b></p>
<p>Hiring an accounting professional to make sure the company records are accurate and to help you make executive decisions is more than just outsourcing. A professional who brings a certain level of expertise will save you a lot of legal anomalies and disputes. Hiring a professional also saves time as you don't need to worry if the accounting records are in order and are being reviewed and filed in time. This allows you as an owner to dedicate more time to your business.</p>
<p>Issues related to accounting records can hurt businesses in the long run. Disorganized accounting records can make it difficult to track financial transactions during audits or year-end reviews. It is best to outsource your bookkeeping and accounting to a professional. At AAABSI, we have over five decades of experience working with small businesses on their financial statements, accounting, bookkeeping, cash flow analysis, etc.</p>Stacy Benda2020-10-14T12:31:00ZIRS Announces Nationwide Expansion of Opt-In Identity Protection PIN Program from January 2021Stacy Bendahttps://apollonianaccounting.com/c/blogs/find_entry?p_l_id=488&entryId=2171692020-10-10T11:13:26Z2020-10-10T11:11:00Z<p>The Internal Revenue Service (IRS)'s Wage & Investment Division announced a nationwide rollout of the Identity Protection PIN (IP PIN) voluntary opt-in program starting in January 2021. The six-digit IP PIN is designed to provide additional protection against tax-related identity theft.</p>
<p><b>What Is An IP PIN?</b></p>
<p>An IP PIN is a six-digit number assigned to eligible taxpayers to help prevent tax frauds in their accounts. The IP PIN works like the security on the back of your bank card, without which, refund transactions cannot proceed. The PIN is used for Forms 1040, 1040PR, and 1040SS but not for amended returns or for extension requests.</p>
<p>Once an account holder has an opt-in IP PIN, their tax return will not be processed if it is filed with an incorrect or missing PIN number. Every IP PIN number is associated with that taxpayer's Social Security Number (SSN), hence has a unique identification for every account. In the case of paper filing, the IRS will hold back the refund process until they can verify the genuineness of the request and user, in case of a missing or incorrect PIN number.</p>
<p><b>How It Works</b></p>
<p>January 2021 onwards, the IRS website will display a 'Get an IP PIN' tool link. Once users pass the security authentication, they can access their six-digit IP PIN. Tax Payers with a Social Security number (SSN) or Individual Tax Identification Number (ITIN), and valid identity documents/authentication, can go for the Opt-In program. This PIN has to be entered when filing for tax returns by the taxpayers or their accountants. The IRS has kept this system voluntary so far.</p>
<p>For people who cannot authenticate their accounts online, IRS is working on a solution where they can visit the nearest IRS office and get it done manually. This process might involve a series of questions to verify the identity and authentication of some documents. This process is still being vetted.</p>
<p>IP PINs are not tax filing pins which are 5-digit numbers used to file taxes. Additionally, IP PINs are valid for only one year and have to be renewed every year for security purposes.</p>
<p><b>A New System</b></p>
<p>IRS introduced the IRS PIN system a year ago to deal with identity theft and tax fraud. In the first phase, only victims of identity theft and tax fraud were given the PIN numbers. Eventually, the IRS rolled out voluntary opt-in for the PIN in selective states, viz. Arizona, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Illinois, Maryland, Michigan, Nevada, New Jersey, New Mexico, New York, North Carolina, Pennsylvania, Rhode Island, Texas, or Washington.</p>
<p>The IRS had declared earlier that the system would eventually be rolled out to everyone, and the current nationwide expansion seems to be in line with that announcement.</p>
<p>More changes and announcements are expected as we move forward in this regard. Watch this space for more. If you are looking for assistance with getting an IP PIN, feel free to <a href="https://apollonianaccounting.com/contact">reach out to one of our professionals at AAABSI </a>and we would be happy to help you.</p>Stacy Benda2020-10-10T11:11:00ZConsidering an Early Withdrawal from IRA Here's Ways You Can Avoid PenaltyStacy Bendahttps://apollonianaccounting.com/c/blogs/find_entry?p_l_id=488&entryId=1886772020-09-28T13:17:32Z2020-09-28T13:14:00Z<p>The COVID-19 pandemic has disembogued an array of financial difficulties on people. The economy has suffered, businesses have shuttered and people are dealing with severe pay cuts and job losses. Amidst this crisis, many people facing a shortfall of cash have turned to IRA to pay their bills and rent.</p>
<p>Typically, an early withdrawal from the IRS (before you reach age 59½) attracts a 10% penalty and is subject to income taxes. The taxable percentage depends on whether you’ve made any nondeductible contributions to the account. There are exceptions, of course, such as paying for higher education costs or medical expenses.</p>
<p><b>New Exceptions</b></p>
<p>There is some relief for those looking for early withdrawal from the IRA. Under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, an exception has been added where a withdrawal from your retirement plan allows you to pay the taxes over three years. Additionally, if you can repay the fund within these three years, you would be exempted from taxes.</p>
<p>The IRS has extended this provision to cover those suffering from COVID-19, laid off or furloughed during the pandemic, entrepreneurs or small business owners who closed down their businesses, or a spouse or dependent family member of the same. Anyone qualifying as per the above requirements is eligible for a $100,000 distribution.</p>
<p><b>Substantially Equal Periodic Payments (SEPP) </b></p>
<p>SEPP is a method of distributing specific annual funds from an IRA or other qualified retirement plans before the age of 59½ without running into penalties. The amount that can be withdrawn every year is decided as per IRA's set formulas. SEPP can only be availed for five years or before the withdrawer hits the age of 59½, whichever comes earlier.</p>
<p>SEPP is ruled by a fairly complicated set of rules and guidelines, hence it is best to use it as a last resort. Moreover, if you are going to opt for a SEPP plan, it is best to consult a professional accounting firm to assist and advise you on the same. Ideally, SEPP is best suited for those whose careers have ended early due to various reasons, and they don't see a new source of income coming in the future. A major downside of opting for the SEPP plan is that if the account holder quits the plan before it ends, they are obliged to pay the penalties avoided as part of the plan's benefits.</p>
<p><b>Expenses of Exception</b></p>
<p>As discussed above, early withdrawals made from the IRA for certain expenses are exempt from penalties and taxes.</p>
<p>First-time home purchasers or their immediate kin (spouse, child, grandchild, or grandparent) can avail of a penalty-free and tax-free early withdrawal for qualified acquisition costs. Qualified acquisition costs are costs required to acquire, construct, or reconstruct a principal residence. One of the most critical requirements of this exemption is that the buyer must not have owned a principal property within the last two years.</p>
<p>Account owners can also withdraw the money to pay for higher education expenses of their own, their child, grandchild, spouse, stepchild, or adopted child.</p>
<p>Another exemption that has gathered excessive momentum in the wake of COVID-19 is the health insurance exemption. One important condition that has to be met to avail of this exemption is that the account holder has to have received unemployment compensation payments for 12 consecutive weeks. For the year that these unemployment benefits have been claimed, the IRA owner can withdraw funds from their IRA account without attracting any penalties.</p>
<p><b>The Bottomline</b></p>
<p>Withdrawing money from your IRS account is always a plausible option, but it should be done very wisely. Before going for it though, know what you are getting into. While the CARES act waives off the penalty, you still have to pay the pertaining taxes for early withdrawal, albeit over a period of three years. For other ways you can avoid penalties too, you must consider the tax implications. Moreover, do not forget that your IRS account is like your retirement fund. An early withdrawal should always be considered only after all options are exhausted.</p>
<p>If you are considering an early IRA withdrawal or are looking to explore more options to meet the pandemic income crunch, our professionals at AAABSI are here to help you. With years of experience and expertise behind us, we look out for the best solution for your needs. Get in touch with us now, and our professionals would be glad to assist you.</p>Stacy Benda2020-09-28T13:14:00ZThinking Beyond PPP Alternative Financing Options Small Businesses Can LeverageStacy Bendahttps://apollonianaccounting.com/c/blogs/find_entry?p_l_id=488&entryId=1269212020-09-18T03:22:53Z2020-09-10T13:31:00Z<p>Earlier this year, when the COVID-19 pandemic struck, the Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act. One of the most critical provisions of this act, the Paycheck Protection Program (PPP), was a critical incentive that helped small businesses to maintain their payrolls.</p>
<p>The PPP loan provision expired earlier this month, and small businesses have been forced to look elsewhere for funding. An economic downturn also brings a freeze of capital flow. Options are limited and small businesses are not looked upon in favorable terms by borrowers.</p>
<p><strong>Hang on to the Government</strong></p>
<p>The federal government hasn’t entirely closed the doors on small business owners with the PPP. The Small Business Administration (SBA) offers up to $150,000 in aid, plus an emergency grant of up to $10,000, to small businesses under the Economic Injury Disaster Loan (EIDL) program. The EIDL program is designed to provide economic relief to businesses affected by a disaster such as a pandemic or an earthquake.</p>
<p>The SBA also has loan programs such as 7a for business debts or 504 for commercial real estate and heavy-equipment purchases for small businesses. Both the loan programs offer up to $5 million in funding. 504 loans are especially handy if business owners are looking to purchase occupied commercial real estate.</p>
<p><strong>Private Grants and Bank Loans</strong></p>
<p>The Salesforce Care Small Business Grants is offering $10,000 to eligible businesses to navigate the challenges presented by challenges from COVID-19. Additionally, GoFundMe, Godaddy, US Bank, Bank of America, Zapier, Google, etc. are offering various resources that small businesses can take advantage of.</p>
<p>Short-term or long-term business goals through banks or financial institutions are also worth looking into. Term loans cover business-related expenses in various forms and most banks are presently offering COVID-19 specific relief loans for small and medium-sized businesses. These loans can be used to fund capital flow, inventory or equipment purchases, payroll financing, premise remodel/renovation, business expansion, etc.</p>
<p><strong>Investment</strong></p>
<p>Understandably, venture capital and investor fund was a more reliable option for small businesses before the pandemic. The market slowdown has limited how many and how much investors are willing to pump in the markets. It still is an option worth exploring.</p>
<p>It is unlikely VCs will fund businesses for growth in the present scenario, but if business owners present their case backed by data and reasonable arguments, some investors might be ready to support business operations through the pandemic and downturn.</p>
<p>Similarly, angel investors too will be very cautious about investing in the present scenario. But in the absence of big-shot VCs, many angel investors will be looking at the present situation as an opportunity to add some specialized products or services to their portfolio. This might just work in favor of small business owners.</p>
<p>Local business associations and chambers are also worth exploring in the present scenario. As always, they remain the best places to network and pitch your business requirements to potential investors. In the present scenario, many associations might also be offering special networking or funding services to business owners.</p>
<p>COVID-19 has thrown many businesses in a cyclone of uncertainty. Small business owners must look at this situation as an opportunity to get creative and thrive in the new normal, rather than be devasted by it. There are still plenty of non-PPP funding options for the taking and business owners should go all out to take advantage of them.</p>Stacy Benda2020-09-10T13:31:00ZHow Businesses Can Create Sustainable Cash Flow Management In The Post-Pandemic WorldStacy Bendahttps://apollonianaccounting.com/c/blogs/find_entry?p_l_id=488&entryId=1266492020-09-26T05:45:59Z2020-08-05T13:19:00Z<p style="text-align:justify">It has been nearly six months since the Coronavirus outbreak forced countrywide shutdowns and disrupted the economy in the worst possible way in living memory. The situation has resulted in high volatility in the markets, with many businesses facing an existential crisis as their liquidity has dried up. The post-pandemic world will be full of uncertainties, but it will also be full of opportunities. To conserve. To diversify. To sustain. And more importantly, to thrive.</p>
<h5><strong>Hear the Knock of Opportunity</strong></h5>
<p>As the saying goes, every cloud has a silver lining. Black swan events, such as this, come once in a while, and it is a serious test to an organization's leadership. But through them all, we have seen victors rise. Be it the Great Depression or the Oil Embargo or even the Recession of 2008, resilient businesses with long-term sustainability plans are the ones that best weathered those storms.</p>
<p style="text-align:justify">By now, most organizations must have got some urgent and critical tasks such as employee safety, operational continuity, regulatory compliance, etc. out of the way. Now is the time to pay attention to the company's financial health, and more importantly, its cash and liquidity status.</p>
<h5><strong>Bring in the Experts</strong></h5>
<p>To begin with, organizations, especially small businesses, should outsource their accounts to a professional accounting firm. The current situation demands that the focus be on conserving cash more than the P&L. As a stakeholder of the business, it can, sometimes, become difficult to look beyond the P&L. That is where the experts weigh in.</p>
<p style="text-align:justify">A professional accounting firm with cash flow management expertise will stress-test your company's liquidity and cash flow position for a variety of challenging scenarios. It will also lead to a seamless reprioritization of the sources of capital, budget, and forecast of your business. The 'outsider' perspective that a professional accounting firm can bring in is invaluable at a time like this.</p>
<h5><strong>Look Within</strong></h5>
<p>Urgency is particularly essential in tight times. One of the first things to put in place is spending cuts. In other words, put in place clear and precise processes to access spending. Implement tactical measures such as only essential hiring, pausing big marketing and branding pushes, and reprioritizing of resources.</p>
<p style="text-align:justify">Another point of consideration is to not depend on the same sources of capital you previously did. Using a professional accounting firm's forecast planning services, evaluate how much cash your business needs for a particular period. Engage with your current as well as new and prospective investors to ensure this credit flow remains open.</p>
<h5><strong>Assess the Market</strong></h5>
<p>In a situation like this, yours is not the only business facing tough times. Financial forecasting and supply chain management are closely tied, and even more interdependent in times of crisis.</p>
<p style="text-align:justify">One of the earliest priorities in building a sustainable cash flow is to evaluate your suppliers', customers', and key trading partners' ability to be able to pump cash into your supply cycle.</p>
<h5><strong>Leverage Technology</strong></h5>
<p>One of the pandemic's biggest revelations has been the extent to which technology has made life simpler for businesses. Remote work, online classes, AI-based tracking of the virus - 2020 has been a landmark year for technological disruption.</p>
<p style="text-align:justify">It is no different for small businesses. Business owners and CFOs will have to consider investing in technology to draw long-term sustainability benefits. Manyissues caused by a lack of readiness and efficiency hindrances can be addressed by leveraging technology through automation tools, remote meetings, etc. A tangential advantage of this is cost-cutting - very important in creating a sustainable cash-flow cycle.</p>
<p style="text-align:justify">The pandemic will take a while to fade away. Its effects will linger in our lives and the global economy for even longer. In times like this, business owners have to come to terms with two critical aspects - a) conducting business in a world whose mindset has altered significantly, and b) conservative risk management will be slightly more important than market daredevilry.</p>
<p style="text-align:justify">The post-COVID-19 world will not be the same as the one before it. It is hard to predict what exactly the future has to offer, but the immediate future calls for cash conservation. Businesses with a sustainable cash flow cycle and a cautious yet agile approach will be the most relevant.</p>
<p style="text-align:justify">Apollonian Accounting and Business Services, Inc. takes pride in providing your business with the accounting tools, resources, and support needed to make intelligent decisions to continually develop your business and continue to meet your overall goals. Our cash-flow analysis service includes a thorough assessment of your organization's financial condition, financial estimates, and cash-flow sources. For over five decades, we have worked with numerous startups and small- and medium- businesses in California to deliver reliable cash-flow and forecasting services.</p>
<p style="text-align:justify">To understand how we can help your business withstand the pandemic-led crisis and get back on track, please visit us on our website, <a href="https://apollonianaccounting.com/" rel="noopener noreferrer" target="blank">www.apollonianaccounting.com</a>, so one of our professionals can respond to your contact request.</p>Stacy Benda2020-08-05T13:19:00ZSome States Are Restoring Job Search Reporting Rules For Unemployment BenefitsStacy Bendahttps://apollonianaccounting.com/c/blogs/find_entry?p_l_id=488&entryId=1268032020-09-18T03:21:54Z2020-07-21T13:24:00Z<p style="text-align:justify">The COVID-19 pandemic struck Americans like a bolt out of the blue. The consequential lockdowns and ceasing of business activities have resulted in one of the worst slowdowns in the US economy. Millions of Americans have since lost their jobs, and over 50 million workers have filed for unemployed since March. The federal government has taken due steps to pump money into the economy, while also looking out for the workers' welfare.</p>
<h5><strong>Tough Times Ahead</strong></h5>
<p style="text-align:justify">Since March, the federal government has rolled out enhanced unemployment benefits for many workers. Under the plan, many received an extra $600 above their usual unemployment benefits. Additionally, the small businesses were also provided with stimulus and loans to keep them from laying off workers or shuttering their business forever. As some states have started to reopen their economies cautiously, some of these benefits have started drying up. Businesses too have exhausted the funds they borrowed to keep workers on the payroll. Even as business and manufacturing pick up, America should expect considerable layoffs across the spectrum in the coming future.</p>
<h5><strong>Job-search Reporting</strong></h5>
<p style="text-align:justify">Workers in the United States, who claim unemployment benefits from the state or federal government are by law required to keep a log of their job search efforts. While the specifics vary from state to state, the basic requirement for work search reporting is in place to ensure people claiming unemployment benefits are ready, willing and available to work when offered work, and do not just live-off the benefit funds.</p>
<p style="text-align:justify">Beginning March, this requirement was waived off as many workers lost their jobs and had to stay-at-home until cities shut down to prevent the spread of coronavirus.</p>
<h5><strong>Restoring Normalcy</strong></h5>
<p style="text-align:justify">Lawmakers across the country have argued that unemployment benefits are discouraging many Americans from looking for a job. An active workforce is the need of the hour if the country is to crawl out of the economic slowdown.</p>
<p style="text-align:justify">While the health concerns of venturing out and socializing are still as real as they were four months ago, states are increasingly beginning to realize that the economy, as well as workers, cannot stay in a dormant state forever. To that effect, many states are such as Nebraska and Washington are looking to call-off the waiver on job-search requirements after the extra $600 unemployment benefit ends in the last week of July.</p>
<h5><strong>Status Update</strong></h5>
<p style="text-align:justify">California has currently steered clear of wanting to bring back the work-search requirements in any form as the state has over 390,000 confirmed cases of coronavirus. Even as the state added the most jobs of any state as it started opening its economy in phases, the unemployment rate is still pretty high at 14.9%. The state added over a quarter of the jobs lost during closures and lockdowns in April and May. There is more uncertainty than optimism as the state has seen a resurgence in the number of cases.</p>
<p style="text-align:justify">Nebraska is making reporting job-search mandatory for all unemployment claimants except certain exemptions such as workers with an employer-confirmed recall date within 112 days of their layoff, union workers, etc. Missouri too has reinstated the requirement starting from the first week of July. The state now requires claimants to show job applications either directly to the employer or through job sites as proof when filing for the weekly payment request.</p>
<p style="text-align:justify">The state of Texas was all set to restore the job-search requirement from July 6th. After a resurgence of positive COVID-19 cases in the state though, the Texas Workforce Commission decided to push it back. New Mexico also hasn't made work-search requirement essential as of now. The Secretary of the Department of Workforce Solutions has made it amply clear that the state would not rush into opening businesses as of now, and might now even see a full reopen until the virus is under control.</p>
<p style="text-align:justify">A heated debate has ensued amongst Wisconsin lawmakers who are split if the waived-off requirements should be restored so early. While the state's unemployment rate is improving as it slowly opens its economy, it is having a hard time processing all the benefit claims amidst the pandemic.</p>
<h5><strong>The Road Ahead</strong></h5>
<p style="text-align:justify">The waiving off of job-search requirements by most states presents a unique challenge for many workers under the present circumstances. Most states are reopening their economies in phases, and the risk of community infection still looms large.</p>
<p style="text-align:justify">COVID-19 hasn't entirely gone away, nor will it any time soon, as can be seen from the resurgence in numbers in many parts of the country. For workers to go out looking for jobs and give job interviews in this atmosphere is a double-edged sword. If they don't, they risk losing their unemployment benefits. If they do, they risk getting infected.</p>
<p style="text-align:justify">Lawmakers need to strike a fine balance between economic wellbeing and workers' benefits in these challenging times. Ultimately, only when the businesses open and workers rejoin can the economy recover. But decisions that might cause the states to lose out on a skilled workforce by exposing them to the virus also need to be avoided at all costs</p>Stacy Benda2020-07-21T13:24:00Z