/Tag: CARES Act

Four Retroactive Tax Relief Opportunities for your Business from the CARES Act

By |2020-06-30T01:42:10+00:00June 30th, 2020|Categories: COVID 19, Tax Planning|Tags: , , , |

The extended federal income tax deadline is coming up fast. As you know, the IRS postponed until July 15 the payment and filing deadlines that otherwise would have fallen on or after April 1, 2020, and before July 15. Four Retroactive COVID-19 Business Relief Provisions   The Coronavirus Aid, Relief and Economic Security (CARES) Act, which [...]

COVID-19 relief: Short-term loan modifications aren’t Troubled Debt Restructurings

By |2020-06-12T16:42:48+00:00June 10th, 2020|Categories: Audit & Accounting, COVID 19|Tags: , , , , |

During the novel coronavirus (COVID-19) crisis, financial institutions may be working with struggling borrowers on loan modifications. A group of financial institution regulatory agencies, after consulting with the Financial Accounting Standards Board (FASB), has issued a joint statement. The guidance confirms that, for borrowers that are current on their loan payments, short-term modifications due to [...]

Current Expected Credit Loss (CECL) Reporting Delayed by CARES Act

By |2020-04-15T21:00:33+00:00April 7th, 2020|Categories: Audit & Accounting, Blog, COVID 19, News|Tags: , , , , |

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

By |2020-04-10T23:22:51+00:00April 3rd, 2020|Categories: Blog, COVID 19, News|Tags: , , , , , |

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

By |2020-04-10T23:23:51+00:00April 2nd, 2020|Categories: Blog, COVID 19, News|Tags: , , , , |

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

By |2020-04-27T23:22:08+00:00March 31st, 2020|Categories: Blog, COVID 19, News|Tags: , , , , , |

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 [...]

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