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 […]
Posted on April 09, 2020
by
Art Lieberman
The COVID-19 pandemic has brought a variety of commercial transactions to a screeching halt. For businesses and investors involved in the Qualified Opportunity Zone (QOZ) program, this temporary pause can delay their ability to meet the program’s statutory time constraints, which may expose them to excise-tax penalties. However, relief from some deadlines currently is available […]
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 […]
Posted on April 05, 2020
Small businesses and non-profits organizations suffering significant losses and risk of permanent closure in the wake of the COVID-19 pandemic may qualify for financial assistance from the Small Business Administration (SBA)’s Paycheck Protection Program (PPP) and Economic Injury Disaster Loan program (EIDL). The PPP, which offers potential loan forgiveness, was created under the government’s $2.2 […]
The Coronavirus Aid, Relief and Economic Security Act (CARES Act) is the federal government’s third round of economic support for individuals and businesses in the wake of the COVID-19 health and economic crisis. Following are some of the tax-relief provisions the legislation provides to individuals. It is important to recognize that the IRS may not […]
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 […]
Posted on March 30, 2020
by
Joanie Stein
The Coronavirus, Aid, Relief and Economic Security Act (CARES Act) Act calls for the IRS to lift restrictions on certain retirement savings plans and enable taxpayers to access needed funds without incurring early-withdrawal penalties. Plans covered under this relief include 401(k)s, 403(a)s and 403 (b)s, and individual retirement accounts (IRAs). Specific guidance from the IRS on how […]
Following on the heels of the 2019 federal income tax filing extension, the IRS is instituting additional programs to help individuals and businesses meet their previously unpaid tax liabilities while struggling with the economic realities of the COVID-19 pandemic. The agency has already closed many offices, including Taxpayer Assistance Centers, and reduced its operations to focus on […]
