COVID-19 Blog Posts

How will revised tax limits affect your 2022 taxes?

January 18, 2022

While Congress didn’t pass the Build Back Better Act in 2021, there are still tax changes that may affect your tax situation for this year. That’s because some tax figures are adjusted annually for inflation. If you’re like most people, you’re probably more concerned about…

Two Issues to Consider before Applying for the 8(a) Program

1st Payment Deadline for Deferred Social Security Payments is January 3, 2022

December 21, 2021

In 2020, the CARES Act allowed employers to elect to defer the deposit of Social Security taxes that otherwise would have been paid between March 27, 2020 and December 31, 2020. The first deadline for making these deferred deposits is January 3, 2022 (originally December…

COVID Legislation – 2021 Construction Tax Planning Opportunities

December 10, 2021

On March 27, 2020 the President signed The Coronavirus, Aid, Relief and Economic Security Act (CARES Act). The CARES Act includes many tax provisions that are intended to put cash flow in the hands of individuals and businesses. Additional coronavirus relief related legislation has been passed…

IRS Issues New Guidance on PPP Basis Adjustments

December 3, 2021

When the Consolidated Appropriations Act was passed in December of 2020, taxpayers across the nation were relieved to learn that not only would the forgiveness of Payroll Protection Program (PPP) loans be considered tax-exempt income, but that the expenses paid with those funds would also…

Going Concern Disclosures Today

October 15, 2021

With the COVID-19 pandemic well into its second year and the start of planning for the upcoming audit season, you may have questions about how to evaluate your company’s going concern status. While some industries appear to have rebounded from the worst of the economic…

Private companies: Are you on track to meet the 2022 deadline for the updated lease standard?

August 25, 2021

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…

CAMs: Thumbs up or thumbs down?

August 18, 2021

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…

Scholarships are usually tax free but they may result in taxable income

August 18, 2021

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…

5 possible tax aspects of a parent moving into a nursing home

August 16, 2021

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…

Have you followed up on the management letter from your audit team?

August 13, 2021

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…

cybersecurity

Do You Have a False Sense of Cybersecurity?

July 27, 2021

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…

merger

Merging For Tax Dollars

July 27, 2021

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…

EIDL

EIDLs Offer Access to Working Capital

July 13, 2021

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…

erc

Employee Retention Credit Guidance for 2021 Q1 & Q2

June 21, 2021

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…

Liabilities for unused time off mount as pandemic lingers

Liabilities for Unused Time Off Mount as Pandemic Lingers

May 4, 2021

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…

Unemployed last year? Buying health insurance this year? You may benefit from favorable new changes

Unemployed Last Year? Buying Health Insurance This Year? You May Benefit from Favorable New Changes

April 23, 2021

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…

news for nonprofits

News for Nonprofits: COVID-19 Relief Benefits Donors

April 8, 2021

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…

Tax Planning Construction CAA

Tax Planning: Don’t Forget About the CAA

April 7, 2021

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…

PPP Loan Application Window Extended to May 31, 2021

April 6, 2021

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…