Category: COVID-19

COVID-19

Estate Planning in the Time of COVID-19 by Christopher Taarick, JD, LLM


Posted on May 22, 2020 by Christopher Taarick

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 […]

PPP Loan Recipients Receive Some Guidance on Forgiveness by Andrew Leonard, CPA


Posted on May 21, 2020 by Andrew Leonard

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 […]

IRS Allows Employees to Make Mid-Year Adjustments to FSAs as Part of CARES Act by Adam Cohen, CPA


Posted on May 21, 2020 by Adam Cohen

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) […]

UPDATED – Retirement Savers, Retirees Receive Penalty-Free Financial Relief Under CARES Act by Joanie B. Stein, CPA


Posted on May 20, 2020 by Joanie Stein

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 […]

IRS Disallows Deductions for Business Expenses Paid with Forgiven PPP Loan Amounts by Angie Adames, CPA


Posted on May 12, 2020 by Angie Adames

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 […]

UPDATED _ PPP Loan Recipients Encouraged to Reassess Eligibility, Potentially Return Money by Joseph Leuchter, CPA


Posted on May 11, 2020 by Joseph Leuchter

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


Posted on May 04, 2020 by Karen Lake

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 […]

Real Estate Webinar Slides


Posted on April 30, 2020

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

Nonresident Aliens, Foreign Businesses, U.S. Expats May Receive Relief from U.S. Tax Problems Arising from COVID-19 by Arthur Dichter, JD, LLM


Posted on April 30, 2020 by Arthur Dichter

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 […]