The coronavirus (COVID-19) pandemic has shut down many sectors of the U.S. economy, causing widespread job losses. Over 10 million Americans applied for unemployment benefits in March, according to the U.S. Department of Labor. And far more claims are expected… Read More
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New Law Retroactively Fixes QIP Drafting Mistake
At long last, Congress passed legislation to correct a drafting error related to real estate qualified improvement property (QIP). The correction is part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which was signed into law on March… Read More
Questions to Ask When Making COVID-19 Risk Disclosures
Efforts to contain the spread of the novel coronavirus (COVID-19) have led to suspension of many economic activities, putting unprecedented strain on businesses. The Securities and Exchange Commission (SEC) recently issued guidance to help public companies provide investors and other… Read More
Coronavirus Related Tax Scams to Watch Out For
The IRS is warning taxpayers to beware of new coronavirus related tax scams concerning the forthcoming economic impact payments, also referred to as stimulus payments or rebates. Under the Coronavirus Aid, Relief, and Economic Security (CARES) Act signed into law… Read More
Report the Employee Retention Credit on Return for 2nd Quarter of 2020
The IRS has provided guidance for taxpayers reporting the employee retention credit for certain employers subject to closure due to the COVID-19 crisis, including that the credit with respect to wages paid in March should be reported on the 2nd… Read More
Now May Be a Good Time for a Roth Conversion
The coronavirus (COVID-19) outbreak is causing havoc in the global markets and the U.S. economy. In today’s uncertain marketplace, it’s important to stay on top of your financial status, including taking measures to protect your retirement nest egg over the… Read More
Answers to 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,… Read More
Tax-Favored Coronavirus-Related Distributions
The coronavirus (COVID-19) pandemic is causing economic hardship for many people and businesses in the United States. On March 27, the $2.2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law by President Trump. A key… Read More
Cares Act Provides Option to Delay CECL Reporting
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 controversial current expected credit loss (CECL) standard. Here are… Read More
Paycheck Protection Program (PPP) Q&A
The Paycheck Protection Program (“PPP”) authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. All loan terms will be the same for everyone. The loan amounts will be forgiven as… Read More