COVID-19 Blog Posts

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…

Updated guidance for impairment testing: When to consider triggering events

Updated Guidance for Impairment Testing: When to Consider Triggering Events

April 6, 2021

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…

Restructuring in today’s regulatory climate

Restructuring Your Nonprofit in Today’s Regulatory Climate

March 30, 2021

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…

child tax credit

New Law: Parents and Other Eligible Americans to Receive Direct Payments

March 18, 2021

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…

Businesses provided a lifeline CAA enhances PPP loans and extends Employee Retention Credit

Businesses Provided a Lifeline: CAA Enhances PPP Loans and Extends Employee Retention Credit

March 9, 2021

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…

IRS Provides Clarification and Guidance for Employer's Claiming Employee Retention Credit (ERC) for 2020

IRS Provides Clarification and Guidance for Employer’s Claiming Employee Retention Credit for 2020

March 5, 2021

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…

debt restructuring

Should My Distressed Company Consider a Debt Restructuring?

February 15, 2021

Many businesses have experienced severe cash flow problems during the COVID-19 pandemic. As a result, some may have delayed or missed loan payments. Instead of filing for bankruptcy in court, delinquent debtors may reach out to lenders about restructuring their loans. Restructuring vs. Chapter 11…

EIDL

SBA Announces New Targeted Economic Injury Disaster Loan (EIDL) Advance

February 5, 2021

In the first round of EIDL grants in March of 2020, funds were quickly depleted, and many small business applicants received only a small portion, if any, of the original full EIDL amount of $10,000.  As part of the Economic Aid to Hard-Hit Small Businesses,…

PPP loan denied

Employers Whose Request for Forgiveness of PPP Loan has Been Denied May Claim the Employer Retention Credit

February 3, 2021

Employers whose request for forgiveness of PPP Loan has been denied may claim the Employer Retention Credit related to those wages. The IRS has acknowledged that this guidance is being provided late.  It is noted that taxpayers are not required to use the following fourth…

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…