COVID-19 Resource Center

As we are in the midst of a global pandemic, be assured that the health and well-being of our clients, team members, colleagues and their families are of utmost importance to us.

Below is a collection of the latest tax and business news as it relates to COVID-19. We know in these unprecedented times many things are uncertain, but our commitment to helping and guiding our clients is unchanged. We are here to help. If you would like to discuss any of these updates please contact your ALL Advisor or contact us at 617.738.5200.

COVID-19 Resources & Updates:

Andrew Dieffenbach, CPA, CVA, MBA to Present “Your PPP Questions Answered” webinar for the Newton-Needham Regional Chamber 7/21/20

ALL Director Andrew C. Dieffenbach, CPA, CVA, MBA will [...]

2020-07-28T15:53:58+00:00July 20 2020|

Relief for Taxpayers Affected by COVID-19 Who Take Distributions or Loans from Retirement Plans

The IRS recently released Notice 2020-50 (PDF) to help retirement plan participants affected by the COVID-19 coronavirus take advantage of the CARES Act provisions providing enhanced access to plan distributions and plan loans. This includes expanding the categories of individuals eligible for these types of distributions and loans (referred to as “qualified individuals”) and providing helpful guidance and examples on how qualified individuals will reflect the tax treatment of these distributions and loans on their federal income tax filings.

2020-06-29T20:22:03+00:00June 29 2020|

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.

2020-06-29T20:03:59+00:00June 29 2020|

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.

2020-06-29T20:38:31+00:00June 29 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.

2020-06-18T16:15:46+00:00June 18 2020|

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.

2020-06-08T17:46:28+00:00June 8 2020|

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?

2020-06-08T17:42:23+00:00June 8 2020|