COVID-19 Blog Posts
The 2021 Consolidated Appropriations Act (CAA 2021) included several updates regarding the forgiveness of PPP loans. Most of these changes seek to simplify the process and allow greater flexibility to businesses. Key points to remember when thinking about PPP loan forgiveness include: Changes to forgiveness…
With the COVID-19 crisis pushing people across the country into financial hardship, it’s natural that some nonprofits want to extend a helping hand to staff members. The good news is that the federal tax code provides a way to make tax-free direct payments to your…
The COVID-19 pandemic has led to a surge in unemployment. And while people who have been furloughed or lost their jobs are among the hardest hit by the pandemic, those who remain employed have also experienced financial hardships. Fortunately, the tax code provides some incentives…
The new COVID-19 relief law that was signed on December 27, 2020, contains a multitude of provisions that may affect you. Here are some of the highlights of the Consolidated Appropriations Act, which also contains two other laws: the COVID-related Tax Relief Act (COVIDTRA) and…
Many businesses are closed or are limiting third-party access as COVID-19 surges across the United States. These restrictions could still be in place at year end — a time when external auditors traditionally observe physical inventory counts for calendar-year entities. Here’s how you can identify…
This year, as a result of the COVID-19 pandemic, more people worked at home than ever before. As 2020 draws to a close, many employees may be wondering whether any of the expenses they incurred to work at home qualify for a tax break. For…
The coming audit season might be much different than seasons of yore. As many companies continue to operate remotely during the COVID-19 pandemic, audit procedures are being adjusted accordingly. Here’s what might change as auditors work on your company’s 2020 year-end financial statements and consider…
Unfortunately, the COVID-19 pandemic has forced many businesses to shut down. If this is your situation, we’re here to assist you in any way we can, including taking care of the various tax obligations that must be met. Of course, a business must file a…
The COVID-19 pandemic has had a significant impact on landlords. Many tenants have struggled to meet their financial obligations, often resulting in late or unpaid rent or negotiated lease modifications. As the end of 2020 quickly approaches, landlords should review the tax implications of their…
The federal government created qualified opportunity zones (QOZs) in 2017 under the Tax Cuts and Jobs Act. By providing valuable tax incentives for investors in QOZs, the government seeks “to spur economic development and job creation in distressed communities,” according to the IRS. Some of…
Many construction companies have taken advantage of the Paycheck Protection Program (PPP) loans during the COVID-19 pandemic. Established under the CARES Act, the PPP provided eligible businesses with loans — guaranteed by the Small Business Administration (SBA) — to help cover payroll and other costs.…
For investors, 2020 has been marked by volatility and uncertainty. As we approach the end of the year, it’s a good idea to review your portfolio and consider strategies for reducing your tax bill, improving your cash flow and positioning yourself for future growth. Let’s…
Nonprofits of all kinds once again face a nationwide economic crisis, this time caused by the COVID-19 pandemic. The challenges are daunting, but previous recessions may provide a road map for helping organizations navigate the far-reaching effects of the virus. The path forward starts with…
COVID-19 has changed our lives in many ways, and some of the changes have tax implications. Here is basic information about two common situations: working from home and collecting unemployment. 1. Working from home. Many employees have been told not to come into their workplaces…
Many companies are struggling as a result of shutdowns and restructurings during the COVID-19 crisis. To add insult to injury, some have also fallen victim to arson, looting or natural disasters in 2020. Lenders and investors want to know how your business has weathered these…
The ongoing novel coronavirus (COVID-19) pandemic has taken a terrible toll on the economy. But the current low-interest-rate environment coupled with depressed asset values means that now may be a good time to transfer wealth to your children and grandchildren. Consider making gifts For 2020,…
As individuals continue to deal with the impact of the novel coronavirus (COVID-19) pandemic, the Coronavirus Aid, Relief and Economic Security (CARES) Act contains some retirement-related provisions to help ease the financial pain. RMDs waived in 2020 If you’re in the fortunate financial position that…
On August 4th, the SBA in consultation with the Department of the Treasury released a new set of frequently asked questions addressing PPP loan forgiveness. These FAQs address some, but certainly not all, of the questions we have been asking. The FAQs clarify the following…
When it was signed into law in late March, the Coronavirus Aid, Relief and Economic Security (CARES) Act was the largest stimulus package in U.S. history. The law contains numerous provisions designed to help mitigate the economic impact of the novel coronavirus (COVID-19) pandemic, including…
Even before the COVID-19 crisis, tech was transforming the way construction companies go about their business. Whether this transformation was happening rapidly or gradually is up for debate, but there’s little doubt that change was (and is) occurring. The pandemic will likely accelerate the tech…