Posted on March 30, 2021
by
Angie Adames
The IRS today updated its guidance on the previously announced extension of the federal income tax filing and payment deadlines from April 15 to May 17, 2021. In doing so, the agency has also postponed the following tax deadlines to May 17: 2020 contributions to individual retirement accounts (IRAs) and Roth IRAs and reporting and […]
Posted on March 18, 2021
by
Edward Cooper
In response to the ongoing pandemic, the U.S. government continues to postpone several critical deadlines, including recent extensions of the due date for individual federal income tax filings and the application period for paycheck protection program (PPP) loans. However, taxpayers must take special care to understand the unique applications and limitation of each announcement and […]
The latest round of stimulus approved by Congress in response to the ongoing pandemic further enhances the employee retention tax credit (ERC) and the benefits it provides to eligible taxpayers that keep employees on payroll despite COVID-related suspensions of operations or declines in gross revenue. With the enactment of the $1.9 trillion American Rescue Plan […]
Posted on February 22, 2021
by
John Ebenger
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 […]
Posted on February 19, 2021
by
Art Lieberman
The ongoing COVID-19 pandemic continues to be a burden on the cash flow of commercial and residential real estate owners and their tenants. Many landlords have seen their rent receivables explode as a result of executing rent-forbearance agreements with struggling tenants, but they may not be certain if they will ever be able to collect […]
Posted on February 11, 2021
by
Rick Bazzani
Millions of college-age students are taking a gap year or living at home during the Fall 2020/Spring 2021 semesters while many classes have moved online as a result of the COVID-19 pandemic. It is important for families to understand how these decisions may affect the funds they have saved in 529 plans. A 529 college […]
Posted on February 08, 2021
by
Joseph Saka
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 […]
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 […]
As businesses and nonprofits close their books for 2020, those that received SBA-backed Paycheck Protection Program (PPP) loans must now consider how they will account for those funds on their end-of-year financial statements. Absent specific reporting requirements from the SBA or the IRS, borrowers can instead rely on technical guidance issued by organizations that include […]
Posted on January 14, 2021
by
Andrew Leonard
The Small Business Administration (SBA) and U.S. Treasury Department recently announced the opening dates for the second round of the Paycheck Protection Program (PPP2) and released the application forms small businesses, nonprofits and other qualifying entities should use when applying for first-time and second-draw loans under the revived program. Lenders with $1 billion or less […]
