Important Takeaways for Single Audits Under the CARES Act
There’s no disputing that the intent of the Coronaviru [...]
COVID-19 and Construction Firms: Proactive Strategies to Transcend the Crisis
As the coronavirus (COVID-19) pandemic began spreading [...]
Conduct a “2020 Paycheck Checkup” to Make Sure Your Withholding is Sufficient
The federal income tax is a pay-as-you-go tax. Taxpaye [...]
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.
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.
