Business Consulting and Planning

UPDATED – CARES Act Loan Recipients Must Take Care to Avoid Potentially Fraudulent Acts by Richard Fechter, JD, CFE, CAMS

Posted on April 16, 2020 by Richard Fechter

The CARES Act provides billions of dollars in much-needed financial assistance to millions of U.S. businesses and not-for-profit organizations struggling to survive the economic realities of the COVID-19 pandemic. To apply for and obtain government-backed loans, eligible entities must take special care to understand and abide by all the specific rules applicable to each financial-assistance […]

CARES Act Eases Limitation on Business Interest Expense Deductions, Special Rules Apply to Partnerships by Heath Standorf, CPA

Posted on April 15, 2020 by Heath Standorf

To help businesses improve cash flow and manage rising debt in the wake of the COVID-19 pandemic, the CARES Act allows certain taxpayers to deduct more business interest expense than was previously allowed under existing law. This, combined with other provisions of the government’s $2.3 trillion coronavirus stimulus package CARES Act, can provide businesses with […]

UPDATED – COVID-19 Economic Relief Extended to Mid-Size Businesses by Joel Glick, CPA/CFF, CFE, CGMA

Posted on April 11, 2020 by Joel Glick

The Federal Reserve Bank has announced it will expand the eligibility and scope of its Main Street Lending Program, introduced on April 9 to provide up to $600 billion in stimulus to businesses suffering under the economic strain of the COVID-19 health crisis. While the recent guidance adds a third loan facility and extends loan […]

Provisions in the CARES Act that are Important in the M&A Area by Lewis Taub, CPA

Posted on April 10, 2020 by Lewis Taub

On March 27, the president signed into law the Coronavirus Aid, Relief and Economic Security Act (CARES Act), which provides a wide range of tax and financial relief to businesses and individuals suffering the economic consequences of the COVID-19 pandemic. Provisions contained in the law include simple payroll tax relief and intricate adjustments to the […]

UPDATED – Some Opportunity Zone Investment Deadlines Extended by Federally Declared Disaster for COVID-19 by Arthur J. Lieberman

Posted on April 09, 2020 by Art Lieberman

The COVID-19 pandemic has brought a variety of commercial transactions to a screeching halt. For businesses and investors involved in the Qualified Opportunity Zone (QOZ) program, this temporary pause can delay their ability to meet the program’s statutory time constraints, which may expose them to excise-tax penalties. However, relief from some deadlines currently is available […]

UPDATED – COVID-19 Loans for Small Businesses, Not-For-Profits, Independent Contractors by Judd Appel, ABV

Posted on April 05, 2020

Small businesses and non-profits organizations suffering significant losses and risk of permanent closure in the wake of the COVID-19 pandemic may qualify for financial assistance from the Small Business Administration (SBA)’s Paycheck Protection Program (PPP) and Economic Injury Disaster Loan program (EIDL). The PPP, which offers potential loan forgiveness, was created under the government’s $2.2 […]

IRS Issues Guidance on Employee Retention Tax Credit for Employers Under CARES Act by Andreea Cioara, CPA

Posted on April 02, 2020 by Andreea Cioara

The IRS today provided details on how it will implement the payroll tax credit included in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), which encourages U.S. businesses to retain and continue paying employees through the COVID-19 health crisis even when their businesses are shuttered. What is the Employee Retention Credit? The Employee […]

COVID-19 CARES Act Provides Significant Benefits to Property Owners and Others That Invest Capital in Commercial Real Estate Improvements by Angie Adames, CPA

Posted on April 01, 2020 by Angie Adames

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) grants a 15-year depreciation period to qualified improvement property (QIP), making it eligible to bonus depreciation. With this legislation, businesses with commercial real estate holdings may immediately write-off expenses incurred to improve the interiors of non-residential buildings rather than depreciating those costs over 39 years. This […]

Congress Passed COVID-19 Economic Stimulus Package, Expands Assistance for Businesses by Edward N. Cooper, CPA

Posted on March 30, 2020 by Edward Cooper

As the number of COVID-19 cases in the U.S. continues to increase, Congress on March 27 approved its third stimulus package to provide more than $2 trillion in much-needed financial relief to U.S. businesses and families. Following is a brief overview of some of the business-friendly provisions included in the Coronavirus Aid, Relief, and Economic […]

Under CARES Act, YOU Get $1,200 and YOU Get $1,200…Maybe by Jeffrey M. Mutnik, CPA/PFS

Posted on March 29, 2020

COVID-19 recovery rebates are perhaps the most talked about provision of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The newly enacted law calls for the federal government to issue cash payments of as much as $1,200 directly to qualifying individuals. As with most provisions of the tax code, the devil is in […]

Category: Business Consulting and Planning