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 […]
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 […]
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 […]
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 […]
The IRS has clarified that the postponement of the due date for 2019 federal income tax filings and payments to July 15, 2020, also applies to installment payments of repatriation tax on foreign earnings and base erosion and anti-tax abuse tax (BEAT) that would otherwise be due on April 15. The Tax Cuts and Jobs Act […]
In response to COVID-19 and its impact on U.S. taxpayers, the IRS officially postponed the 2019 federal income tax filing and payment deadlines from April 15, 2020, to July 15, 2020. These automatic filing and payment extensions apply to all individual taxpayers (including the self-employed), trusts and estates, C corporations, partnerships, limited liability companies (LLCs) and other […]
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 […]
The Small Business Administration (SBA) announced it will offer up to $2 million in low-interest disaster-recovery loans to support the nation’s 30 million small businesses suffering losses due to the novel coronavirus (COVID-19). Under the Economic Injury Disaster Loan program, the SBA will provide states and territories with federal aid to help qualifying small businesses […]
With the cheer of a New Year, businesses must contend with new rules for calculating employees’ overtime hours under the Fair Labor Standards Act (FLSA). According to the Department of Labor, companies will need to begin paying overtime in 2020 to approximately 1.3 million workers who were not previously eligible to receive it. In general, […]
The sale, exchange or liquidation of partnership interest in appreciated property, such as real estate, is a common occurrence among partners and members of partnerships and LLCs taxed as partnerships. Whether due to disagreements among the partners, the death or divorce of a partner, or the addition of new partners, these transactions can result in […]