COVID-19 6 - Thompson Greenspon

Some People are Required to Return Economic Impact Payments that were Sent Erroneously

The IRS and the U.S. Treasury had disbursed 160.4 million Economic Impact Payments (EIPs) as of May 31, 2020, according to a new report. These are the payments being sent…

Making Long-Term Decisions About Working from Home

It can be a tough scenario to confront: First you had your employees working from home due to the COVID-19 pandemic. Now they want to stay there permanently. Should you…

Asset Impairment is Expected to Hit 2020 Financial Statements

Some companies are expected to report impairment losses in fiscal year 2020 because of the COVID-19 crisis. Depending on the nature of your operations and assets, the pandemic could be…

What Qualifies as a “Coronavirus-Related Distribution” from a Retirement Plan?

As you may have heard, the Coronavirus Aid, Relief and Economic Security (CARES) Act allows “qualified” people to take a certain “coronavirus-related distribution” from their retirement plans without paying tax.…

5 Steps for Surviving Tough Economic Times

The COVID-19 pandemic has greatly disrupted the overall economy, with unprecedented state government expenses, historic job losses, shuttering of businesses and volatile stock markets. The implications for nonprofits that rely…

Is it Time to Outsource Finance and Accounting?

Outsourcing may appeal to organizations that are currently struggling with mounting overhead costs during the COVID-19 crisis. By outsourcing, you convert certain fixed overhead costs associated with compensating and supporting…

Qualified Disaster Relief Payments Can Include Payments to an Employee

Are your employees struggling to pay everyday items due to COVID-19? There is a way you can help them by providing tax-free payments for assistance and still take a deduction…

Senate Approves Changes to the Paycheck Protection Program

The U.S. Senate approved changes to the SBA’s Paycheck Protection Program (PPP) Wednesday evening, making the program’s lending terms more favorable. The bill now heads to President Donald Trump for…

Overcoming the Challenges of Remote Auditing during the COVID-19 Crisis

Many people are currently working from home to help prevent the spread of the novel coronavirus (COVID-19). Your external auditors are no exception. Fortunately, in recent years, most audit firms…

Did You Get an Economic Impact Payment that was Less Than You Expected?

Nearly everyone has heard about the Economic Impact Payments (EIP) that the federal government is sending to help mitigate the effects of the coronavirus (COVID-19) pandemic. The IRS reports that…

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