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 […]
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On April 13, the Small Business Administration (SBA) issued interim final guidance to help self-employed small-business owners impacted by the COVID-19 pandemic begin applying for immediate economic relief through the Paycheck Protection Program (PPP) introduced by the CARES Act. If you are you of these taxpayers, which includes independent contractors and sole proprietors, you should […]
The CARES Act provides billions of dollars in much-needed financial assistance to millions of U.S. businesses and not-for-profit organizations struggling to survive the economic realities of the COVID-19 pandemic. To apply for and obtain government-backed loans, eligible entities must take special care to understand and abide by all the specific rules applicable to each financial-assistance […]
To help businesses improve cash flow and manage rising debt in the wake of the COVID-19 pandemic, the CARES Act allows certain taxpayers to deduct more business interest expense than was previously allowed under existing law. This, combined with other provisions of the government’s $2.3 trillion coronavirus stimulus package CARES Act, can provide businesses with […]
Posted on April 15, 2020
by
Daniel Hughes
Relief may be coming to the millions of business owners who now realize that the insurance policies they have been paying into for many years will not reimburse them for any of the catastrophic business-interruption losses they sustained due to the COVID-19 pandemic. Already, several states have introduced bills requiring insurers to retroactively cover and […]
Posted on April 10, 2020
by
Lewis Taub
On March 27, the president signed into law the Coronavirus Aid, Relief and Economic Security Act (CARES Act), which provides a wide range of tax and financial relief to businesses and individuals suffering the economic consequences of the COVID-19 pandemic. Provisions contained in the law include simple payroll tax relief and intricate adjustments to the […]
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 […]
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 […]
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 […]
