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 […]

Employer Tax Credits for Paid Sick and Family Leave Extends to Vaccines by Joanie Stein, CPA

The IRS issued important guidance concerning an expansion of the COVID-19-related paid sick and family leave tax credits available to employers under the American Rescue Plan (ARP) enacted earlier this year. Background Congress introduced the emergency paid sick leave and family and medical leave programs in 2020 as part of the Families First Coronavirus Response […]

UPDATED – 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 various laws providing a variety of financial-relief measures to support businesses through the crisis period. Key among those provisions are tax credits for those businesses that retain and continue to pay qualifying wages to employees despite interruptions or their normal business operations. It is critical […]

Small Businesses Get Exclusive Access to PPP Loan Assistance by Joseph C. Leuchter, CPA

At the direction of President Joe Biden, the Small Business Administration (SBA) has established a special 14-day period for the nation’s smallest businesses and non-profits to apply for potentially forgivable loans under the Paycheck Protection Program (PPP). This exclusive application period for entities with fewer than 20 employees runs from Feb. 24 through March 9, […]

Commercial Real Estate Landlords Can Find Tax Savings in COVID-Related Abandonment Losses by John G. Ebenger, CPA

With all the economic hardships caused by the COVID-19 crisis, businesses must take the time to carefully review their financial losses to uncover potential opportunities for which they may use those deductions to maximize tax efficiency in 2020 and the years ahead. For example, much ink has been spilled over the Coronavirus Aid, Relief and […]

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 […]

Retirement Savings Plan Contribution Limits for 2021 by Joanie B. Stein, CPA

There is good and bad news for retirement savers in 2021. While the IRS’s annual inflation adjustments will allow more individuals to qualify to contribute to traditional IRAs and Roth IRAs, the maximum amount that can be contributed to employer-sponsored 401(k) and 403(b) plans remains unchanged from last year. If you are already retired or […]

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 […]

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 […]

7 Tried-and-True Year-End Tax Planning Tips by Christopher Taarick, JD, LLM

As we count down the days to the end of a tumultuous year, there are some strategies you should consider implementing now to potentially reduce your tax liabilities for 2020. Year-end tax planning is equally important for maintaining tax efficiency in the year ahead, which, for 2021, includes a new president and the prospect of […]

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 […]