COVID-19

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

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…

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news for nonprofits

News for Nonprofits: COVID-19 Relief Benefits Donors

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…

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PPP loan forgiveness image

PPP Loan Application Window Extended to May 31, 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…

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Updated guidance for impairment testing: When to consider triggering events

Updated Guidance for Impairment Testing: When to Consider Triggering Events

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…

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Restructuring in today’s regulatory climate

Restructuring Your Nonprofit in Today’s Regulatory Climate

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…

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child tax credit

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

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…

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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

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…

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debt restructuring

Should My Distressed Company Consider a Debt Restructuring?

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,…

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EIDL

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

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…

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PPP loan denied

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

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…

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