The IRS recently issued Notice 2020-23, expanding on previously issued guidance extending certain tax filing and payment deadlines in response to the novel coronavirus (COVID-19) crisis. This guidance applies to specified filing obligations and other “specified actions” that would otherwise be due on or after April 1, 2020, and before July 15, 2020. It extends … Continue reading “IRS Extends Some (But Not All) Employee Benefit Plan Deadlines”
Month: April 2020
New COVID-19 Law Makes Favorable Changes to “Qualified Improvement Property”
The law providing relief due to the coronavirus (COVID-19) pandemic contains a beneficial change in the tax rules for many improvements to interior parts of non-residential buildings. This is referred to as qualified improvement property (QIP). You may recall that under the Tax Cuts and Jobs Act (TCJA), any QIP placed in service after December … Continue reading “New COVID-19 Law Makes Favorable Changes to “Qualified Improvement Property””
Furloughs vs Layoffs – What Are The Key Distinctions?
As businesses across the country grapple with the economic fallout from the novel coronavirus (COVID-19) pandemic, many must decide whether to downsize their workforces to lower payroll costs and stabilize cash flow. If your company is contemplating such a move, you’ll likely want to consider the choice within the choice. Furloughs vs layoffs: Should you … Continue reading “Furloughs vs Layoffs – What Are The Key Distinctions?”
COVID-19 Relief For Missing Employment Tax Deposits
The IRS has issued guidance providing relief from the failure to make employment tax deposits for employers that are entitled to the COVID-19 refundable tax credits provided under two laws passed in response to the pandemic. The two laws are the Families First Coronavirus Response Act, which was signed on March 18, 2020, and the … Continue reading “COVID-19 Relief For Missing Employment Tax Deposits”
Just Launched: The SBA’s Paycheck Protection Program
To stem the tide of joblessness caused by the coronavirus (COVID-19) outbreak, the Small Business Administration (SBA) has officially launched the Paycheck Protection Program (PPP). The program’s stated objective is “to provide a direct incentive for small businesses to keep their workers on the payroll.” What Does The Program Offer? Authorization of the PPP is … Continue reading “Just Launched: The SBA’s Paycheck Protection Program”
Q&A 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 (ERTC) is available to employers, including nonprofit organizations, with operations that have been fully or partially suspended as a … Continue reading “Q&A About The CARES Act Employee Retention Tax Credit”
Using Your Financial Statements During An Economic Crisis
The economic fallout from the coronavirus (COVID-19) pandemic has forced business owners to re-evaluate their operations and make difficult decisions. One place to look for the information you need to make rational, reasonable moves is your financial statements. Under the U.S. Generally Accepted Accounting Principles, these typically fall under the umbrella for COVID-19 financial reporting: … Continue reading “Using Your Financial Statements During An Economic Crisis”
CARES Act: New COVID-19 Law Providing Businesses with More Relief
On March 27, President Trump signed into law another coronavirus (COVID-19) law, which provides extensive relief for businesses and employers. Here are some of the 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 … Continue reading “CARES Act: New COVID-19 Law Providing Businesses with More Relief”
SBA Offering Loans To Small Businesses Hit Hard By COVID-19
Every company has been facing unprecedented challenges in adjusting to life following the widespread outbreak of the coronavirus (COVID-19). Small businesses face particular difficulties due to, by definition, their limitation of resources — human, capital and otherwise. If this describes your company, one place you can look to for some assistance is the Small Business … Continue reading “SBA Offering Loans To Small Businesses Hit Hard By COVID-19”