COVID-19 Blog Posts

PPP loan forgiveness

PPP Loan Forgiveness Process and Forms Updated by the SBA

January 22, 2021

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…

disaster relief payments

Help Staffers with Tax-Free Disaster Relief Payments

January 7, 2021

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…

COVID relief section 139

Section 139: How to Provide Your Employees with Tax-Free COVID-19 Relief

January 6, 2021

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…

COVID relief law

The COVID-19 Relief Law: What’s in it for You?

January 5, 2021

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…

inventory counts

How COVID-19 Could Impact Year-End Inventory Counts

December 8, 2020

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…

does working from home entitle you to a tax break

Does Working from Home Entitle You to a Tax Break?

November 10, 2020

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…

remote audit

Preparing for the Possibility of a Remote Audit

November 9, 2020

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…

tax obligations for closing businesses

Tax Responsibilities if Your Business is Closing Amid the Pandemic

November 4, 2020

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…

landlords tax implicatons

Landlords and COVID-19: What are the Tax Implications?

November 3, 2020

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…

qualified opportunity zones (QOZs)

Qualified Opportunity Zone Deadline Extended

November 3, 2020

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…

ppp loans

Asking for Forgiveness? Contractors Should Handle PPP Loans with Care

October 13, 2020

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.…

year-end tax planning strategies

Year-End Tax Planning for Investors

September 18, 2020

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…

nonprofit strategically cutting costs

Reduce Your Costs to Cope with COVID-19

September 18, 2020

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…

unemployment and working from home tax implications

Tax Implications of Working from Home and Collecting Unemployment

September 16, 2020

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…

delayed financial reporting

On-Time Financial Reporting is Key in Times of Crisis

September 11, 2020

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…

transfer wealth

Current Conditions are Favorable for Cost-Effective Wealth Transfers

August 12, 2020

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,…

CARES Act Retirement accounts

How Does the CARES Act Affect Your Retirement Accounts?

August 11, 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…

ppp loan forgiveness

SBA Releases New FAQs Addressing PPP Loan Forgiveness

August 5, 2020

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…

business tax relief

The CARES Act Offers Tax Relief for Businesses

August 4, 2020

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…

construction tech

5 Construction Tech Strategies for the New Normal

August 4, 2020

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…