Business Consulting and Planning

UPDATED June 4, 2020 – PPP Loan Recipients Receive Some Guidance on Forgiveness by Andrew Leonard, CPA

Posted on May 21, 2020 by Andrew Leonard

On May 15, the Small Business Administration (SBA) released the application form businesses must use to request forgiveness of Paycheck Protection Program (PPP) loans they applied for and received in the wake of COVID-19 crisis. Although the form helps to clarify some issues that businesses were hoping would help them calculate loan forgiveness, its 11 […]

IRS Allows Employees to Make Mid-Year Adjustments to FSAs as Part of CARES Act by Adam Cohen, CPA

Posted on May 21, 2020 by Adam Cohen

One of the unanticipated consequences of the COVID-19 pandemic has been a change to the actual healthcare expenses employees estimated when they made irrevocable salary-reduction elections to employer-sponsored cafeteria plans. In response, the IRS has issued a series of guidance offering taxpayers more time and flexibility to make mid-year changes to flexible spending arrangements (FSAs) […]

UPDATED – Retirement Savers, Retirees Receive Penalty-Free Financial Relief Under CARES Act by Joanie B. Stein, CPA

Posted on May 20, 2020 by Joanie Stein

The CARES Act lifts restrictions on 401(k) plans, IRAs and certain other retirement savings plans to provide plan participants with immediate financial assistance and make it easier for employers to adopt these critical relief provision. It is important for plan sponsors to weigh the benefits of these relief measures and recognize the specific administrative rules they […]

IRS Disallows Deductions for Business Expenses Paid with Forgiven PPP Loan Amounts by Angie Adames, CPA

Posted on May 12, 2020 by Angie Adames

The IRS released guidance on April 30, 2020, prohibiting businesses from deducting any normally deductible expenses they pay using funds from a Paycheck Protection Program (PPP) loan that later becomes forgiven. Businesses must consider these tax implications, and any subsequent guidance, before applying for or accepting PPP loans. The CARES Act introduced PPP loans to provide immediate […]

State and Local Tax Considerations for Businesses Under the CARES Act by Karen A. Lake, CPA

Posted on May 04, 2020 by Karen Lake

While the Coronavirus Aid, Relief, and Economic Security (CARES) Act contains many business-friendly tax provisions, it also serves as a reminder that state and local business tax laws do not always conform with those on the federal level. Consequently, businesses may be subject to different multistate tax rules and liabilities, depending on where their companies […]

Nonresident Aliens, Foreign Businesses, U.S. Expats May Receive Relief from U.S. Tax Problems Arising from COVID-19 by Arthur Dichter, JD, LLM

Posted on April 30, 2020 by Arthur Dichter

The IRS has issued a series of guidance providing relief for nonresident alien individuals, foreign businesses and U.S. expats living and working abroad who may be adversely affected by the COVID-19 international travel restrictions and forced to prolong their stays in the United States. In general, individuals who meet U.S. residency tests are considered resident […]

CARES Act and Cash Flow Strategies Webinar in Spanish

Posted on April 29, 2020 by Guillermo Campos

Please copy and insert this path into your browser to view our webinar in Spanish. https://bpbcpa.zoom.us/rec/share/4dYtCZXy7D9JG5WUtmfia4Q_JYnJaaa8hiUZ8qELzUbI0ssmoIoaGvgsI4LdUVu1?startTime=1588190301000

Florida Extends Certain Corporate Income Tax Filing, Payment Deadlines by Karen A. Lake, CPA

Posted on April 28, 2020 by Karen Lake

The Florida Department of Revenue has responded to the COVID-19 pandemic by issuing an emergency order that postpones the due dates for several state-level corporate and franchise tax filing and payment obligations. This announcement falls lass than one month after the IRS extended the 2019 federal income tax filing and payment deadlines for individuals and […]

Have You Suffered Any Losses Due to COVID-19? Some 2020 Losses May Be Deductible in 2019 by Arthur J. Lieberman

Posted on April 27, 2020 by Art Lieberman

The COVID-19 crisis has caused major economic hardship for many companies, making it imperative for businesses of all kinds to increase cash flow to ensure survival. Taxpayers should not overlook the potential to reduce 2019 taxes and/or generate refunds of taxes previously paid from 2014 through 2018 by making an election to deduct eligible 2020 […]

Importers Receive COVID-19 Relief, Approval to Delay Payments of Duties, Taxes, Fees by Jim Spencer, CPA

Posted on April 24, 2020 by Jim Spencer

The U.S. Treasury and Customs and Border Protection (CBP) are granting much-needed relief to importers and critical supply-chain businesses struggling with restricted operations and rising financial difficulties through the COVID-19 pandemic. Under a temporary interim-final rule, eligible importers have the option to defer for 90 days deposits of estimated duties, taxes and fees on merchandise […]

Category: Business Consulting and Planning