Posted on July 30, 2020
by
Joanie Stein
The COVID-19 pandemic that precipitated a three-month delay of the 2019 federal income tax filing deadline is also requiring taxpayers to wait longer than usual to receive any refunds to which they may be entitled. It is not unusual for taxpayers to view refunds as welcome surprises they can use to free-up cash flow, pay […]
Posted on July 28, 2020
by
Angie Adames
The use of net operating losses (NOLs) to offset taxable business income continues to evolve under the CARES Act, which temporarily reinstates NOL carrybacks that were previously eliminated under the Tax Cuts and Jobs Act (TCJA). The most recent IRS guidance concerns the application of the new NOL rules for consolidated groups. The TCJA, which […]
Fractional ownership of high-value assets, such as private airplanes, yachts and vacation homes is nothing new. However, in today’s burgeoning sharing economy, this business model has made it affordable for the masses to not only buy access to items once reserved for the wealthy, but they also have the potential to yield significant returns from […]
Posted on July 07, 2020
One of the provisions included in the CARES Act to help U.S. taxpayers during the financial crisis precipitated by COVID-19 is a suspension of required minimum distributions (RMDs) from IRAs, 401(k) plans and 403(b) plans for 2020. Because this relief is retroactive to Jan. 1, 2020, the IRS announced it will allow taxpayers who took […]
Posted on July 01, 2020
by
Karen Lake
Businesses that were forced to close their offices and send employees home to work remotely during the COVID-19 pandemic must consider how those actions may impact their state and local tax payment and reporting obligations. Just one employee telecommuting from a state outside his or her usual work location may be enough to trigger a […]
Posted on June 26, 2020
by
Rick Bazzani
The COVID-19 pandemic has not slowed the pace of financial crimes targeting taxpayers. In fact, the IRS Criminal Investigation division (CI) has noted an increase in coronavirus-related scams seeking to steal taxpayers’ money and personal information. Reducing your risks of falling victim to these schemes requires you to take precautionary measures to secure your data […]
The July 15, 2020, extended deadlines for filing 2019 federal income tax returns is right around the corner, but there is still ample time for taxpayers to identify their eligibility for new or expanded tax credits and deductions and pay the appropriate amount of taxes due. Taxpayers may request an additional three months to prepare […]
The SBA this week released another round of guidance relating to the Paycheck Protection Program, including two new applications borrowers must use when seeking forgiveness of loan amounts. These updates reflect borrower-friendly changes contained in the recently enacted PPP Flexibility Act of 2020. New Applications for Loan Forgiveness In addition to issuing a revised, long-form […]
Posted on June 16, 2020
On June 15, 2020, the Small Business Administration (SBA) announced the reopening of its Economic Injury Disaster Loan (EIDL) program, which includes forgivable advances of up to $10,000, to help small businesses and nonprofits ease cash flow challenges resulting from the COVID-19 pandemic. The program, first introduced on March 27, had been suspended temporarily to […]
Posted on June 02, 2020
by
Jack Winter
The financial impact of the COVID-19 health crisis will leave a lasting impression on individuals and businesses throughout the world. For nonprofit organizations that rely on public donations to fund research and services for those in need, the pandemic can be devastating. In response, the CARES Act offers U.S. individuals and businesses greater incentives to […]
