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 […]

Businesses Surprised to Receive ACA Penalties by Adam Cohen, CPA

The Affordable Care Act (ACA), signed into law in 2010 and effective for tax years beginning in 2014, continues to be a source of political and legal contention. Today, amid the COVID-19 pandemic and resulting business closures and job losses, Republican lawmakers and business owners in 20 states prepare to argue before the Supreme Court […]

Taxing Challenges for the New Work-from-Home Labor Force by Karen A. Lake, CPA, CFST

The COVID-19 pandemic has forced a record number of taxpayers to work from home, creating a sea of new income tax challenges they had not previously been required to consider. Despite all the conveniences of work-from-home (WFH) policies, employees need to prepare themselves for how this new normal will impact their state and federal tax […]

Lessons in Bankruptcy for Struggling Business Owners by Joel Glick, CPA/CFF, CFE, CGMA

The economic realities of the COVID-19 health crisis are setting in, forcing businesses of all sizes and in all industries to think about how and if they can continue to meet their existing financial obligations and remain afloat without taking on more debt. While some business owners consider bankruptcy to be a death knell for […]

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 […]

2019 Tax Refunds to be Delayed by Joanie B. Stein, CPA

The COVID-19 pandemic that precipitated a three-month delay of the 2019 federal income tax filing deadline is also requiring taxpayers to wait longer than usual to receive any refunds to which they may be entitled. It is not unusual for taxpayers to view refunds as welcome surprises they can use to free-up cash flow, pay […]

Which COVID-19-Related Payroll Tax Credits 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 […]

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 […]

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

As of June 12, 2020, the Small Business Administration (SBA) had approved more than $512 billion in potentially forgivable Paycheck Protection Program (PPP) loans to small business, non-profits and self-employed taxpayers struggling to maintain operations and retain workers through the COVID-19 pandemic. However, since the CARES Act introduced the PPP in March, loan applicants have […]

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 […]

Congress Eases Rules for PPP Loan Forgiveness by Andrew Leonard, CPA

Small businesses and nonprofit organizations that received emergency, government-backed Paycheck Protection Program (PPP) loans to help them maintain their workforce during the COVID-19 crisis can breathe a sigh of relief. On June 3, Congress passed a bill giving loan recipients more time and flexibility to use those proceeds and still be eligible for complete loan […]

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 […]