Business Owners

COVID-19 Economic Relief Extended to Mid-Size Businesses by Joel Glick, CPA/CFF, CFE, CGMA

Posted on April 10, 2020 by Joel Glick

The Federal Reserve Bank announced on April 9 several programs to support its mission of maximizing employment and stabilizing the financial system through the COVID-19 health and economic crisis. One of the Fed’s key initiatives is the Main Street Lending Program, which will extend up to $600 billion in stimulus to mid-size businesses. It is […]

State Income Tax Relief for Individuals and Businesses by Michael Hirsch, JD, LLM

Posted on April 07, 2020 by Michael Hirsch

Many U.S. states are responding to the COVID-19 pandemic by postponing the deadline for individual and business taxpayers to file and pay 2019 state income taxes. In many instances, these jurisdictions are extending their deadlines to July 15, 2020, to match the new due dates the IRS announced for federal income taxes. Please note that […]

UPDATED – SBA Loans Comparison Chart

Posted on April 07, 2020

Click here to review a comparison chart covering the SBA loans that are part of the CARES Act. SBA Loan Comparison Chart 4 7 20_

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

Posted on April 02, 2020 by Andreea Cioara-Schinas

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 […]

COVID-19 CARES Act Provides Significant Benefits to Property Owners and Others That Invest Capital in Commercial Real Estate Improvements by Angie Adames, CPA

Posted on April 01, 2020 by Angie Adames

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) grants a 15-year depreciation period to qualified improvement property (QIP), making it eligible to bonus depreciation. With this legislation, businesses with commercial real estate holdings may immediately write-off expenses incurred to improve the interiors of non-residential buildings rather than depreciating those costs over 39 years. This […]

Congress Passed COVID-19 Economic Stimulus Package, Expands Assistance for Businesses by Edward N. Cooper, CPA

Posted on March 30, 2020 by Edward Cooper

As the number of COVID-19 cases in the U.S. continues to increase, Congress on March 27 approved its third stimulus package to provide more than $2 trillion in much-needed financial relief to U.S. businesses and families. Following is a brief overview of some of the business-friendly provisions included in the Coronavirus Aid, Relief, and Economic […]

Under CARES Act, YOU Get $1,200 and YOU Get $1,200…Maybe by Jeffrey M. Mutnik, CPA/PFS

Posted on March 29, 2020 by Jeffrey Mutnik

COVID-19 recovery rebates are perhaps the most talked about provision of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The newly enacted law calls for the federal government to issue cash payments of as much as $1,200 directly to qualifying individuals. As with most provisions of the tax code, the devil is in […]

Businesses Affected by COVID-19 May Receive Financial Relief from Bank Lenders by Brent Leslie, CPA

Posted on March 27, 2020 by Brent Leslie

The Federal Deposit Insurance Corporation (FDIC) issued a letter on March 13 encouraging the country’s banks and credit unions to be especially accommodative to borrowers whose business operations have been adversely affected by the COVID-19 pandemic. Although the notice specifically recommends financial institutions be flexible when working with entities in industries hard-hit by the virus, relief may […]

Berkowitz Pollack Brant Introduces COVID-19 Response Team, Helps Individuals and Businesses Respond to Challenges by Andrew Leonard, CPA

Posted on March 26, 2020 by Andrew Leonard

The spread of the coronavirus and the rapid pace at which taxpayers must make critical decisions and adapt to shifting policies and regulations will leave an indelible mark on individuals and businesses for generations to come. While change is expected, you do not have to face it alone. The tax, audit, business-consulting and business-valuation advisors […]

Taxpayers Have More Time to Make Contributions to Certain Retirement Plans, HSAs for 2019 by Rick D. Bazzani, CPA

Posted on March 25, 2020 by Rick Bazzani

The IRS has clarified that the extension of the 2019 federal income tax filing deadline to July 15, 2020, also applies to taxpayers’ contributions to traditional IRAs, solo 401(k)s and health savings accounts (HSAs). Generally, the deadline for making these contributions is the due date of the taxpayer’s federal income tax return filing, which is […]

Category: Business Owners