Search Results for: COVID-19

Press Releases


Karen Lake Appointed as Chairwoman of Florida TaxWatch’s COVID-19 Taxpayer Tax Force

FT. LAUDERDALE, Fla., – June 2, 2020 – Florida TaxWatch, a non-partisan, non-profit research institute and government watchdog for the state of Florida. has appointed Berkowitz Pollack Brant Associate Director Karen A. Lake, CPA, as chairwoman of its COVID-19 Taxpayer Tax Force. The task force will identify and analyze key state and local tax issues […]

Articles


Estate Planning in the Time of COVID-19 by Christopher Taarick, JD, LLM

The COVID-19 pandemic has disrupted life as we know it, threatening our physical and financial well-being, potentially for years to come. Just as social distancing and other safer-at-home measures have been implemented to help you protect your health, there are some estate planning strategies you should consider at this time to help you protect your […]

Nonresident Aliens, Foreign Businesses, U.S. Expats May Receive Relief from U.S. Tax Problems Arising from COVID-19 by Arthur Dichter, JD, LLM

The IRS has issued a series of guidance providing relief for nonresident alien individuals, foreign businesses and U.S. expats living and working abroad who may be adversely affected by the COVID-19 international travel restrictions and forced to prolong their stays in the United States. In general, individuals who meet U.S. residency tests are considered resident […]

Have You Suffered Any Losses Due to COVID-19? Some 2020 Losses May Be Deductible in 2019 by Arthur J. Lieberman

The COVID-19 crisis has caused major economic hardship for many companies, making it imperative for businesses of all kinds to increase cash flow to ensure survival. Taxpayers should not overlook the potential to reduce 2019 taxes and/or generate refunds of taxes previously paid from 2014 through 2018 by making an election to deduct eligible 2020 […]

Importers Receive COVID-19 Relief, Approval to Delay Payments of Duties, Taxes, Fees by Jim Spencer, CPA

The U.S. Treasury and Customs and Border Protection (CBP) are granting much-needed relief to importers and critical supply-chain businesses struggling with restricted operations and rising financial difficulties through the COVID-19 pandemic. Under a temporary interim-final rule, eligible importers have the option to defer for 90 days deposits of estimated duties, taxes and fees on merchandise […]

UPDATED – COVID-19 Economic Relief Extended to Mid-Size Businesses by Joel Glick, CPA/CFF, CFE, CGMA

The Federal Reserve Bank has announced it will expand the eligibility and scope of its Main Street Lending Program, introduced on April 9 to provide up to $600 billion in stimulus to businesses suffering under the economic strain of the COVID-19 health crisis. While the recent guidance adds a third loan facility and extends loan […]

UPDATED – Some Opportunity Zone Investment Deadlines Extended by Federally Declared Disaster for COVID-19 by Arthur J. Lieberman

The COVID-19 pandemic has brought a variety of commercial transactions to a screeching halt. For businesses and investors involved in the Qualified Opportunity Zone (QOZ) program, this temporary pause can delay their ability to meet the program’s statutory time constraints, which may expose them to excise-tax penalties. However, relief from some deadlines currently is available […]

UPDATED – COVID-19 Loans for Small Businesses, Not-For-Profits, Independent Contractors by Judd Appel, ABV

Small businesses and non-profits organizations suffering significant losses and risk of permanent closure in the wake of the COVID-19 pandemic may qualify for financial assistance from the Small Business Administration (SBA)’s Paycheck Protection Program (PPP) and Economic Injury Disaster Loan program (EIDL). The PPP, which offers potential loan forgiveness, was created under the government’s $2.2 […]

COVID-19 CARES Act Provides Significant Benefits to Property Owners and Others That Invest Capital in Commercial Real Estate Improvements by Angie Adames, CPA

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) grants a 15-year depreciation period to qualified improvement property (QIP), making it eligible to bonus depreciation. With this legislation, businesses with commercial real estate holdings may immediately write-off expenses incurred to improve the interiors of non-residential buildings rather than depreciating those costs over 39 years. This […]

Congress Passed COVID-19 Economic Stimulus Package, Expands Assistance for Businesses by Edward N. Cooper, CPA

As the number of COVID-19 cases in the U.S. continues to increase, Congress on March 27 approved its third stimulus package to provide more than $2 trillion in much-needed financial relief to U.S. businesses and families. Following is a brief overview of some of the business-friendly provisions included in the Coronavirus Aid, Relief, and Economic […]

Businesses Affected by COVID-19 May Receive Financial Relief from Bank Lenders by Brent Leslie, CPA

The Federal Deposit Insurance Corporation (FDIC) issued a letter on March 13 encouraging the country’s banks and credit unions to be especially accommodative to borrowers whose business operations have been adversely affected by the COVID-19 pandemic. Although the notice specifically recommends financial institutions be flexible when working with entities in industries hard-hit by the virus, relief may […]

Berkowitz Pollack Brant Introduces COVID-19 Response Team, Helps Individuals and Businesses Respond to Challenges by Andrew Leonard, CPA

The spread of the coronavirus and the rapid pace at which taxpayers must make critical decisions and adapt to shifting policies and regulations will leave an indelible mark on individuals and businesses for generations to come. While change is expected, you do not have to face it alone. The tax, audit, business-consulting and business-valuation advisors […]

President Signs Second COVID-19 Emergency-Aid Package, Extends Paid Leave to More Employees and Provides Employers With Tax Credits by Andreea Cioara, CPA

On March 18, President Trump signed into law the Families First Coronavirus Response Act (FFCRA), offering much needed relief to many American families and businesses in the wake of the COVID-19 pandemic. Among the provisions included in this second package of aid are the Emergency Paid Sick Leave Act (“The Paid Sick Leave”) and the Emergency […]

Federal and State Governments Offer Disaster-Relief Loans to Small Businesses Impacted by COVID-19 by Joseph L. Saka, CPA/PFS

The Small Business Administration (SBA) announced it will offer up to $2 million in low-interest disaster-recovery loans to support the nation’s 30 million small businesses suffering losses due to the novel coronavirus (COVID-19). Under the Economic Injury Disaster Loan program, the SBA will provide states and territories with federal aid to help qualifying small businesses […]

PPP Loan Recipients Receive Some Guidance on Forgiveness by Andrew Leonard, CPA

On May 15, the Small Business Administration (SBA) released the application form businesses must use to request forgiveness of Paycheck Protection Program (PPP) loans they applied for and received in the wake of COVID-19 crisis. Although the form helps to clarify some issues that businesses were hoping would help them calculate loan forgiveness, its 11 […]

IRS Allows Employees to Make Mid-Year Adjustments to FSAs as Part of CARES Act by Adam Cohen, CPA

One of the unanticipated consequences of the COVID-19 pandemic has been a change to the actual healthcare expenses employees estimated when they made irrevocable salary-reduction elections to employer-sponsored cafeteria plans. In response, the IRS has issued a series of guidance offering taxpayers more time and flexibility to make mid-year changes to flexible spending arrangements (FSAs) […]