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 [...]
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 [...]
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 [...]
Dear Valued Clients and Colleagues: We hope that you are safe and well during these unprecedented times due to the COVID-19 pandemic. With new announcements from Federal, California and Los Angeles County government officials released almost daily, the latest extending the tax filing deadline to July 15, 2020 for both California and Federal filings, [...]
The coronavirus (COVID-19) outbreak — officially a pandemic as of March 11 — has prompted global health concerns. But you also may be worried about how it will affect your business and its financial statements for 2019 and beyond. Make considerations when preparing financial statements The duration and full effects of the COVID-19 outbreak are [...]
The IRS has reported the following information: More and more taxpayers are receiving scam calls from nefarious criminals posing as IRS agents trying to steal their money and personal information. The tax filing season, when people are thinking about their taxes, is a popular time for these phone scams. Here are some ways you [...]
Cake break! Who doesn’t need a sweet treat during tax busy season? GS employees took a bit of time today to sing happy birthday and eat some delicious cake in celebration of our January and February birthday crew. Three kinds of cakes were offered to please any sweet tooth. Happy Birthday to all!
Congratulations to five of our shareholders for celebrating important anniversaries in 2019 and January 2020. Their longevity is a testament to the firm's success as GS Inc. celebrates 70 years in 2020. Congrats to all! GS wouldn’t be the same without you! Rodney Fingleson - 40 years (bottom right) Michael Savoy - 25 years (bottom [...]
The GS team had an extremely successful and entertaining time at LMU's Meet the Firms this week. We got a chance to meet with many different students to discuss our firm culture and current open positions.