COVID-19 Tax Relief Impact on Your Financial Statement
CARES Act contains several tax-related provisions for businesses impacting financial statement reporting, changes aim to help improve operating cash flow.
Impact of COVID – 19 Brings “Going Concern” Issues to the Forefront
Companies of all sizes in all industries are faced with disruptions to their supply chains and customers due to COVID-19, creating “going concern” issues.
“Qualified improvement property” aided by CARES Act
Coronavirus law contains tax rules changes for improvements to interior parts of nonresidential buildings known as qualified improvement property (QIP).
Happy Earth Day and Administrative Professionals Day!
We hope everyone can take time today to appreciate the sunny skies and beautiful weather as we all Stay Home in the current world we live in.
Employment Tax Deposit Relief Due to COVID-19
The IRS has reissued guidance providing relief from failure to make employment tax deposits for employers that are entitled to the refundable tax credits provided under two laws passed in response to the Coronavirus (COVID-19) pandemic.
The IRS Issues Answers to Frequently Asked Questions About the CARES Act Employee Retention Tax Credit
The recently enacted Coronavirus Aid, Relief, and Economic Security (CARES) Act provides a refundable payroll tax credit for 50% of wages paid by eligible employers to certain employees during the COVID-19 pandemic. The employee retention credit is available to employers, including nonprofit organizations, with operations that have been fully or partially suspended as a [...]
Current Expected Credit Loss (CECL) Reporting Delayed by CARES Act
The Coronavirus Aid, Relief and Economic Security (CARES) Act was signed into law on March 27. Among other economic relief measures, the new law allows large public banks to temporarily postpone the current expected credit loss (CECL) standard. Here are the details. Updated Standard The Financial Accounting Standards Board (FASB) issued Accounting Standards Update [...]
Retirement Changes Due to the CARES Act
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) 1. Does the CARES Act contain special rules that affect qualified retirement plans? Yes, the CARES Act contained provisions that allows certain individuals to take a new type of “coronavirus-related distribution”, increases the limitation for plan loans from the plan for certain individuals and [...]
CARES Act: Payment Protection Program Loan Application Information
The Department of Treasury has released the Paycheck Protection Program and supplemental information, under the newly passed Coronavirus Aid, Relief and Economic Security Act (CARES) legislation. This article includes information which we recommend you review if you are considering applying for a loan under this program. The Paycheck Protection Program prioritizes millions of Americans [...]
Several key tax provisions for businesses provided by the new COVID-19 law
On March 27, President Trump signed into law another coronavirus (COVID-19) law, which provides extensive relief for businesses and employers. Below are several key tax-related provisions in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Employee retention credit The new law provides a refundable payroll tax credit for 50% of wages paid [...]
