COVID-19 Blog Posts
Updated accounting rules for long-term leases took effect in 2019 for public companies. Now, after several deferrals by the Financial Accounting Standards Board (FASB), private companies and private not-for-profit entities must follow suit, starting in fiscal year 2022. The updated guidance requires these organizations to…
There may be a tax-advantaged way for people to save for the needs of family members with disabilities — without having them lose eligibility for government benefits to which they’re entitled. It can be done though an Achieving a Better Life Experience (ABLE) account, which…
Auditors of public companies started reporting critical audit matters (CAMs) in their audit opinions in 2019. This represents a major change to the pass-fail auditors’ reports that had been in place for decades. Now, accounting rule makers are assessing how this project has fared over…
If your child is fortunate enough to be awarded a scholarship, you may wonder about the tax implications. Fortunately, scholarships (and fellowships) are generally tax free for students at elementary, middle and high schools, as well as those attending college, graduate school or accredited vocational…
If you have a parent entering a nursing home, you may not be thinking about taxes. But there are a number of possible tax implications. Here are five. 1. Long-term medical care The costs of qualified long-term care, including nursing home care, are deductible as…
Auditors typically deliver financial statements to calendar-year businesses in the spring. A useful tool that accompanies the annual report is the management letter. It may provide suggestions — based on industry best practices — on how to fortify internal control systems, streamline operations and reduce…
Even before the COVID-19 pandemic, construction businesses were increasingly relying on mobile devices, cloud-based applications, online collaboration, and Internet-connected vehicles and equipment. The pandemic has only accelerated the adoption of these technologies. As the number of entry points into your company’s network increases, so does…
The COVID-19 pandemic has had an enormous impact on the economy, but different types of businesses have been affected differently. Some businesses — such as restaurants, bars, entertainment venues, airlines and other transportation companies — have suffered significant losses as a result of lockdowns, travel…
If your construction business has struggled because of the COVID-19 pandemic, you may have received a forgivable Paycheck Protection Program (PPP) loan through the Small Business Administration (SBA). But if those funds have run out — or if you have expenses that a PPP loan…
The CARES Act created a refundable payroll tax credit called the Employee Retention Credit (ERC) for qualified wages paid by an eligible employer between March 13th and December 31st of 2020. The credit was equal to 50% of qualified wages paid, up to $10,000 in…
During the pandemic, many employees have postponed using their allotted paid time off until COVID-related restrictions are lifted and safety concerns subside. This situation has caused an increase in accruals for certain employers. Here’s some guidance to help evaluate whether your company is required to…
In recent months, there have been a number of tax changes that may affect your individual tax bill. Many of these changes were enacted to help mitigate the financial damage caused by COVID-19. Here are two changes that may result in tax savings for you…
The COVID-19 relief legislation signed into law in December 2020 includes some provisions that could be a boost to donors and the nonprofits they support. For example, it extends the temporary “universal charitable deduction” for taxpayers who don’t itemize their deductions through 2021. The deduction…
Remember the Consolidated Appropriations Act (CAA)? It was signed into law on December 27, 2020, providing relief to individuals and businesses affected by the COVID-19 pandemic. In addition to reducing 2020 tax bills, the act provides several tax benefits for 2021, so be sure to…
President Biden has signed the Paycheck Protection Program Extension Act of 2021, which extends the covered period for the PPP. Before the law was passed, the loan application deadline was set to expire on March 31, 2021. The new law extends the deadline to May…
On March 30, the Financial Accounting Standards Board (FASB) published an updated accounting standard on events that trigger an impairment test under U.S. Generally Accepted Accounting Principles (GAAP). This simplified alternative may provide relief to private companies and not-for-profit entities that have been adversely affected…
Some nonprofits have been forced to restructure their organizations due to the economic challenges of the COVID-19 pandemic. Fortunately, IRS rule changes from a couple of years ago make the restructuring process far easier than it once was. If you’re considering such a change, here’s…
The American Rescue Plan Act, signed into law on March 11, provides a variety of tax and financial relief to help mitigate the effects of the COVID-19 pandemic. Among the many initiatives are direct payments that will be made to eligible individuals. And parents under…
The Consolidated Appropriations Act (CAA), passed late last year, provides much needed stimulus and tax relief for businesses hard hit by the COVID-19 pandemic. Two of the provisions that business owners likely are most interested in are the $284 billion in funding for forgivable loans…
The Taxpayer Certainty and Disaster Tax Relief Act of 2020 (TCDTRA) signed into law in December of 2020 retroactively amended the Employee Retention Credit (ERC) to allow eligible employers to claim credit even if the employer previously obtained a Paycheck Protection Program (PPP) loan. Now…
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Important Communications from TG
3/25/21 - ARPA Modifications, Extension of Paid Sick Leave and Family Leave Credits
3/17/21 - ARPA Modifications to the Employee Retention Tax Credit in 2021
3/16/21 - ARPA's Temporary Expansion of Child Tax Credit for Tax Year 2021
3/15/21 - Payroll Provisions of the American Rescue Plan Act
2/23/21 - Exclusive PPP Application Window for Very Small Businesses Opens February 24, 2021
1/14/21 - SBA Reveals When the PPP Portal Will Reopen to All Lenders
1/08/21 - SBA Paycheck Protection Reopening Monday, January 11th
1/08/21 - Two Taxpayer-Friendly Changes to the Employee Retention Credit
1/06/21 - 2020 COVID Relief Bill Provisions Affecting Individual Taxpayers