Conduct a “2020 Paycheck Checkup” to Make Sure Your Withholding is Sufficient
The federal income tax is a pay-as-you-go tax. Taxpaye [...]
Assessing the Health of the National Manufacturing Industry in 2020
Industries across the commercial landscape are confronting a bevy of issues presented by coronavirus (COVID-19), and the U.S. manufacturing industry is no exception. The industry, which employs some 13 million workers, faces issues that range from supply chain disruptions, lack of capital resources and consumer spending decreases to reductions in workforce productivity and more.
IRS Issues Rollover Relief To All Who Took 2020 RMDs From IRAs & 401(k)s
On June 23rd, the Internal Revenue Service announced that anyone who already took a required minimum distribution (RMD) in 2020 from certain retirement accounts now has the opportunity to roll those funds back into a retirement account following the CARES Act RMD waiver for 2020.
SBA Simplifies the Loan Forgiveness Application, Introduces EZ Option
On the heels of congressional action that makes the Paycheck Protection Program (PPP) more flexible to use, the SBA and Treasury Department have unveiled a simplified full loan forgiveness application form along with an EZ version of the form.
Understanding COVID-19’s Impact on Fair Value Measurements
As the coronavirus (COVID-19) pandemic continues to rattle financial markets and the broader global economy, it also has added even greater uncertainty around fair value measurements, a financial reporting requirement that many businesses have long found challenging.
How Changing 2019 Overpayment from Carryforward to a Refund Could Benefit Individuals
In the wake of the Coronavirus Aid, Relief and Economic Security Act (CARES Act), much discussion has centered about helping businesses secure funding. As a result, business relief was provided through initiatives such as Payroll Protection Program (PPP) loans, Economic Injury Disaster Loans (EIDL), Employee Retention Credits and an increase in the allowable business interest deduction limit. Tax relief for businesses helps those businesses and by extension, the economy at large. Yet, what tax relief has been made available to individuals during the coronavirus (COVID-19) pandemic?
SBA Issues PPP Loan Forgiveness Application
Last Friday, May 15, 2020, the Small Business Administration (SBA) released its long-awaited Paycheck Protection Program (PPP) Loan Forgiveness Application and instructions.
CARES Act Offers Real Estate Companies Multiple Tax Planning and Business Strategy Opportunities
Real estate companies, like companies in most other business sectors, have struggled to maintain operations and drive revenues during the coronavirus (COVID-19) pandemic. Thankfully, the $2.2 trillion Coronavirus Aid, Relief, and Economic Security Act (CARES Act) contains changes to the 2017 Tax Cuts and Jobs Act (TCJA). Those changes, along with tax law changes and loan programs under the CARES Act, provide potential relief to companies in the real estate industry.
U.S. Treasury Changes Position on Qualifying Wages Under Employee Retention Credit
In a decision announced on its website, the U.S. Treasury has amended its position on the Employee Retention Credit (ERC)—specifically, its position on qualifying wages. Under this new position, employer-provided health insurance coverage now qualifies as wages, with respect to the ERC, to the extent it is otherwise allocable to qualifying wages, or to a period where the employee is not providing services. Treasury addresses this matter both for employers that averaged 100 or fewer employees in 2019 and employers who averaged more than 100.
PPP Loans Under $2 million Automatically Meet the Certification Concerning the Need for a PPP Loan
Today the Treasury released FAQ #46 regarding the PPP loan which includes guidance that PPP loans under $2 million automatically meet the certification concerning the need for a PPP loan. This long-awaited SBA guidance is very good news for most borrowers with respect to whether the loan was necessary.
