Search Results for: Coronavirus

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Is Your Business Protected Against Coronavirus-Related Losses? by Daniel S. Hughes, CPA/CFF/CGMA, CVA

The novel coronavirus (COVID-19) is having a profound impact on lives, businesses and commerce across the globe. As the disease continues to spread, countries have closed their borders, financial markets have fallen, supply chains have become disrupted and businesses are facing the potential of mounting losses that may continue for some time. The longer it […]

UPDATED – Retirement Savers, Retirees Receive Penalty-Free Financial Relief Under CARES Act by Joanie B. Stein, CPA

The CARES Act lifts restrictions on 401(k) plans, IRAs and certain other retirement savings plans to provide plan participants with immediate financial assistance and make it easier for employers to adopt these critical relief provision. It is important for plan sponsors to weigh the benefits of these relief measures and recognize the specific administrative rules they […]

UPDATED _ PPP Loan Recipients Encouraged to Reassess Eligibility, Potentially Return Money by Joseph Leuchter, CPA

Much of the news surrounding the first round of potentially forgivable Paycheck Protection Program (PPP) loans intended to provide emergency financial support to small businesses and nonprofits have focused on the surprising number of large, publicly traded companies that received funding. To avoid this scenario going forward, the Small Business Administration (SBA) and Treasury Department […]

State and Local Tax Considerations for Businesses Under the CARES Act by Karen A. Lake, CPA

While the Coronavirus Aid, Relief, and Economic Security (CARES) Act contains many business-friendly tax provisions, it also serves as a reminder that state and local business tax laws do not always conform with those on the federal level. Consequently, businesses may be subject to different multistate tax rules and liabilities, depending on where their companies […]

Impact of the CARES Act on Divorce and Family Law Matters by Sandra Perez, CPA/ABV/CFF, CFE

Couples who were in the midst of a divorce or who were preparing to start the process are finding the COVID-19 pandemic has turned their planning upside-down and added more stress to an already difficult situation. While many individuals are continuing to follow through on their divorce plans, their financial pictures may have changed substantially […]

IRS Provides Limited Relief for Taxpayers in the Midst of 1031 Exchanges by Arkadiy (Eric) Green, CPA

Investors and other taxpayers involved in Section 1031 tax-deferred exchanges during the COVID-19 pandemic may now have additional time to identify and/or close on replacement property without losing the preferential tax treatment afforded by these transactions. Section 1031 of the Internal Revenue Code allows real estate investors to defer recognition of capital gains on the […]

Coping With COVID – Some Personal Thoughts from Richard A. Berkowitz, JD, CPA

No matter where we are, who we are with, or what we are doing, we have all adapted to an environment dictated by the Coronavirus.  It is not just that our world has fundamentally shifted, it is that we do not know when it is going to be altered again nor what it will look […]

What Small Businesses, Nonprofits and Self-Employed Need to Know about PPP Loan Forgiveness by Steve Nouss, CPA, CGMA

As of April 16, 2020, the Small Business Administration (SBA) has approved loan requests for all the initial $349 billion set aside by the CARES Act’s Paycheck Protection Program (PPP) for small businesses, nonprofits and self-employed taxpayers. While there is hope that the federal government will expand the program with additional funds to help qualifying […]

PPP Loan Guidance for Self-Employed Small-Business Owners, Independent Contractors by Andrew Leonard, CPA

On April 13, the Small Business Administration (SBA) issued interim final guidance to help self-employed small-business owners impacted by the COVID-19 pandemic begin applying for immediate economic relief through the Paycheck Protection Program (PPP) introduced by the CARES Act. If you are you of these taxpayers, which includes independent contractors and sole proprietors, you should […]

CARES Act Eases Limitation on Business Interest Expense Deductions, Special Rules Apply to Partnerships by Heath Standorf, CPA

To help businesses improve cash flow and manage rising debt in the wake of the COVID-19 pandemic, the CARES Act allows certain taxpayers to deduct more business interest expense than was previously allowed under existing law. This, combined with other provisions of the government’s $2.3 trillion coronavirus stimulus package CARES Act, can provide businesses with […]

The Latest on Catastrophic Business Losses and Business Insurance Claims by Dan Hughes, CPA/CFE, CGMA, CVA

Relief may be coming to the millions of business owners who now realize that the insurance policies they have been paying into for many years will not reimburse them for any of the catastrophic business-interruption losses they sustained due to the COVID-19 pandemic. Already, several states have introduced bills requiring insurers to retroactively cover and […]

Provisions in the CARES Act that are Important in the M&A Area by Lewis Taub, CPA

On March 27, the president signed into law the Coronavirus Aid, Relief and Economic Security Act (CARES Act), which provides a wide range of tax and financial relief to businesses and individuals suffering the economic consequences of the COVID-19 pandemic. Provisions contained in the law include simple payroll tax relief and intricate adjustments to the […]

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 […]

Key Tax Provisions for Individuals in the CARES Act by Christopher Taarick, JD, LLM

The Coronavirus Aid, Relief and Economic Security Act (CARES Act) is the federal government’s third round of economic support for individuals and businesses in the wake of the COVID-19 health and economic crisis. Following are some of the tax-relief provisions the legislation provides to individuals. It is important to recognize that the IRS may not […]

IRS Issues Guidance on Employee Retention Tax Credit for Employers Under CARES Act by Andreea Cioara, CPA

The IRS today provided details on how it will implement the payroll tax credit included in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), which encourages U.S. businesses to retain and continue paying employees through the COVID-19 health crisis even when their businesses are shuttered. What is the Employee Retention Credit? The Employee […]