Author Archives: mgracey

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 […]

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 […]

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) […]

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 […]

The IRS released guidance on April 30, 2020, prohibiting businesses from deducting any normally deductible expenses they pay using funds from a Paycheck Protection Program (PPP) loan that later becomes forgiven. Businesses must consider these tax implications, and any subsequent guidance, before applying for or accepting PPP loans. The CARES Act introduced PPP loans to provide immediate […]

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 […]

Here are the slides from our webinar held on April 30, 2020.   Real Estate Webinar Slides April 2020

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 […]

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 […]

Please copy and insert this path into your browser to view our webinar in Spanish. https://bpbcpa.zoom.us/rec/share/4dYtCZXy7D9JG5WUtmfia4Q_JYnJaaa8hiUZ8qELzUbI0ssmoIoaGvgsI4LdUVu1?startTime=1588190301000