Search Results for: COVID-19

Articles


Tax Relief for Real Estate Property Owners with Uncollectable Rent Accruals in the Wake of COVID-19 by Arthur J. Lieberman

The ongoing COVID-19 pandemic continues to be a burden on the cash flow of commercial and residential real estate owners and their tenants. Many landlords have seen their rent receivables explode as a result of executing rent-forbearance agreements with struggling tenants, but they may not be certain if they will ever be able to collect […]

How Do COVID-19 and Gap Years Affect 529 College Savings Plans? by Rick D. Bazzani, CPA

Millions of college-age students are taking a gap year or living at home during the Fall 2020/Spring 2021 semesters while many classes have moved online as a result of the COVID-19 pandemic. It is important for families to understand how these decisions may affect the funds they have saved in 529 plans. A 529 college […]

COVID-19-Related Identity Theft Scams on the Rise by Joseph L. Saka, CPA/PFS

The IRS warns taxpayers to be on alert to a rise in identity-theft schemes related to the COVID-19 pandemic, including phony offers for government-backed economic relief, access to FDA-approved vaccines or other products falsely marketed as virus cures. In one scam, thieves are directing victims to click on a link in a text message to […]

Time to Pivot Again – Moving Management Beyond COVID-19 Survival by Richard A. Berkowitz, JD,CPA

The COVID-19 pandemic has forced businesses to quickly adapt in extraordinary ways. Today, as vaccinations begin to roll out across the country, companies must again prepare to acclimate to a future business environment when the pandemic is no longer paramount. As simple as it may seem to assume that we will all return to “business […]

Which COVID-19-Related Payroll Tax Credit Is My Business Eligible to Receive? by Cherry Laufenberg, CPA

In the wake of the COVID-19 pandemic, the U.S. enacted laws providing a variety of financial-relief measures to support businesses struggling to maintain operations and payroll through the crisis period. Key among those provisions are tax credits for businesses that retain employees despite full or partial suspensions of their operations and that continue to pay […]

UPDATED – Did COVID-19 Layoffs Trigger a Partial 401(k) Plan Termination? by Melissa Fleitas, CPA

The Consolidations Appropriations Act of 2021, signed into law on Dec. 27, 2020, provides 401(k) sponsors with welcome relief from partial plan terminations that may have otherwise occurred in the wake of COVID-19-related workforce reductions. Background  Under longstanding IRS rules, businesses that lay off 20 percent or more of employees covered by a defined-contribution plan in a […]

What’s in the New COVID-19 Stimulus Bill for Businesses? by Andrew Leonard, CPA

On December 27, President Trump signed the $900 billion economic-assistance package approved by Congress earlier in the week to help Americans weather the ongoing financial strains of the COVID-19 health crisis. The legislation calls for direct stimulus payments to qualifying taxpayers, an additional 11-weeks of federal emergency-unemployment benefits and greater flexibility for taxpayers to qualify […]

COVID-19 Plagues the IRS’s 2020 List of Dirty Dozen Tax Scams by Joseph L. Saka, CPA/PFS

There is no doubt that the COVID-19 health crisis has permeated almost every aspect of life in 2020. According to the IRS, the pandemic has even spread to the agency’s annual list of the 12 most common tax scams criminals use to steal taxpayers’ money and personal information. Following are the “Dirty Dozen” schemes to […]

Avoid Elevated Risks of Fraud and Other Financial Scams Related to COVID-19 by Rick D. Bazzani, CPA

The COVID-19 pandemic has not slowed the pace of financial crimes targeting taxpayers. In fact, the IRS Criminal Investigation division (CI) has noted an increase in coronavirus-related scams seeking to steal taxpayers’ money and personal information. Reducing your risks of falling victim to these schemes requires you to take precautionary measures to secure your data […]

IRS Provides COVID-19 Relief for Opportunity Zone Investors by Arkadiy Eric Green, CPA

On June 4, 2020, in response to the COVID-19 pandemic, the IRS issued another round of guidance relaxing certain deadlines and requirements that Qualified Opportunity Zone (QOZ) investors and funds must meet in order to obtain preferential tax benefits. As a reminder, the QOZ program, introduced by Congress in December 2017 provides investors with potential […]

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 […]

Press Releases


LEGAL SERVICES OF GREATER MIAMI, INC., CELEBRATES PRO BONO VOLUNTEERS EXTRAORDINARY CONTRIBUTION DURING COVID-19

Miami, Fl. — On October 29, 2020, Legal Services of Greater Miami, Inc. (Legal Services) recognized the volunteer services of over 340 attorneys and professional partners at its 2020 Pro Bono Celebration. The virtual event honored the pro bono volunteers who made extraordinary contributions throughout the year and during COVID-19. Pro bono volunteers took on […]

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 […]