COVID-19

Telecommuting and Income Tax Nexus Post COVID-19

There is no denying COVID-19 has changed the corporate landscape when it comes to where employees perform work. Before COVID-19, most office employees worked at a central location and performed services in the state in which the employer resided. However, COVID-19 forced most employees to work from home. Often, home for employees may have been…

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Remote auditing: A brave new world

The pandemic has presented numerous challenges for businesses, but it also taught us how to be resilient, cost-conscious and adaptable. Over the last few years, we’ve learned that remote working arrangements offer many benefits, including reducing the time and cost of performing many tasks. Here’s how these lessons translate to the work auditors do to…

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Deferment Period for EIDL Payment Extended Again by SBA

In a March 15, 2022 news release, the Small Business Administration (SBA) announced an additional deferral period for existing Economic Injury Disaster Loan (EIDL) repayments. The new total deferment period is now 30 months with this new extension for principal and interest payments on existing approved EIDL. Important Details The extension is effective for all…

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Asset Values and the COVID-19 Pandemic: Depressed Values Can Affect Your Estate Plan

A variety of estate planning strategies require having accurate, supportable and well-documented valuations of assets. Indeed, the tax implications of these strategies depend on the fair market value of your assets when they’re transferred. The values of many assets may be temporarily depressed because of the COVID-19 pandemic. So, now may be an ideal time…

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Did Your Lender Approve Only Partial Forgiveness of Your PPP Loan? You May Be Able to Request an SBA Loan Review

Effective January 27, 2022, the Small Business Administration (SBA) issued Procedural Notice 5000-827666. This new process allows those Paycheck Protection Program (PPP) borrowers who have received partial forgiveness approval by their lender to request SBA review of that forgiveness decision.  SBA review is entirely at the SBA’s discretion. The SBA has received many inquiries from…

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How will revised tax limits affect your 2022 taxes?

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 your 2021 tax bill right now than you are about…

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

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

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 31, 2021 but changed due to the Federal Holiday).  Employers…

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COVID Legislation – 2021 Construction Tax Planning Opportunities

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 and is included in this whitepaper. The CICPAC Tax Thought…

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IRS Issues New Guidance on PPP Basis Adjustments

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 be deductible.  At the same time however, CPAs across the…

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Going Concern Disclosures Today

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 downturn, others continue to struggle with pandemic-related issues, such as…

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