COVID-19 Resource Center

Economic Impact Payments

According to the IRS, millions of eligible Americans have already received their Economic Impact Payments (EIPs) as part of the CARES Act, via direct deposit or paper checks. Others are still waiting. Here are some answers to questions you may have about EIPs. This information was accurate as of 5/26/20.

Looking For a Trust That Can Also Act as a Financial Backup Plan? Consider a SLAT

What happens if your financial fortunes take a turn for the worse after you’ve irrevocably transferred a sizable portion of your wealth? This may be an especially pertinent question in light of the current economic downturn resulting from the novel Coronavirus (COVID-19) pandemic. This information was accurate as of 5/21/20.

Business Charitable Contribution Rules Have Changed Under the CARES Act

In light of COVID-19, many businesses are interested in donating to charity. In order to incentivize charitable giving, the CARES Act made some liberalizations to the rules governing charitable deductions. Here are two changes that affect businesses. This information was accurate as of 5/11/20.

New COVID-19 Law Makes Favorable Changes to “Qualified Improvement Property”

The Coronavirus Aid, Relief, and Economic Security (CARES) Act, which was signed into law on March 27, 2020 contains a beneficial change in the tax rules for many improvements to an interior portion of a nonresidential building. Here’s how it could lower your tax bill for 2018 and beyond. This information was accurate as of 5/05/20.

Benchmarking: Why Normalizing Adjustments are Essential

Before you conduct a Benchmarking study, it’s important to make normalizing adjustments to avoid any misleading comparisons. This is especially important when looking at periods that include atypical financial results due to the novel Coronavirus (COVID-19) pandemic. However, there are a variety of factors that require normalizing adjustments. This information was accurate on 5/01/20.

Going, Going, Gone: Going Concern Assessments in the Midst of COVID-19

The novel Coronavirus (COVID-19) pandemic has adversely affected the global economy. Companies of all sizes in all industries are faced with closures of specific locations or complete shutdowns. These negative impacts have brought the “going concern” issue to the forefront. This information was updated on 4/24/20.

New COVID-19 Law Makes Favorable Changes to “Net Operating Losses” (NOLs)

The CARES Act unwinds some of the tax-revenue-generating provisions included in a previous tax law. Here's a look at how the rules for claiming certain tax losses have been modified to provide businesses and individuals with relief from the financial effects of the COVID-19 crisis. This information was accurate as of 4/20/20.

Your Legacy: Charitable Giving is Vital During the COVID-19 Crisis

The novel Coronavirus (COVID-19) pandemic and the resulting economic fallout is dealing a crushing blow to charitable organizations. Your gifts reduce your taxable estate, and the Coronavirus Aid, Relief, and Economic Security (CARES) Act has expanded charitable contribution deductions. This information was accurate as of 4/16/20.

What Are the Key Distinctions Between Layoffs and Furloughs?

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: that is, should you lay off workers or furlough them? This information was accurate as of 4/15/20.