Businesses can benefit from the enhanced Employee Retention Tax Credit
Can your business benefit from the enhanced Employee Retention Tax Credit?
What the President’s payroll tax deferral means for businesses
The President's four executive actions, including a Presidential Memorandum to defer the employee’s portion of Social Security taxes for some people were taken in an effort to offer more relief due to the COVID-19 pandemic. The action defers the taxes, which means they’ll have to be paid in the future.
Is your hobby providing you profit during COVID-19?
Today, many people sell homemade products online or work on some unincorporated sideline venture outside of their regular day jobs. Such activities can generate extra spending money. This can be especially helpful for retired people, stay-at-home parents and those who have been laid off or taken a pay cut during the COVID-19 crisis. For example, [...]
Businesses should be aware of the potential tax implications of PPP loans
Understanding CARES Act and PPP If your business was fortunate enough to get a Paycheck Protection Program (PPP) loan taken out in connection with the COVID-19 crisis, you should be aware of the potential tax implications. The Coronavirus Aid, Relief and Economic Security (CARES) Act, which was enacted on March 27, 2020, is designed to [...]
Four Retroactive Tax Relief Opportunities for your Business from the CARES Act
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
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
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 [...]
