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.
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.
The IRS recently issued frequently asked questions (FAQs) regarding retirement plan distribution and loan relief under the CARES Act. This relief applies to qualified individuals affected by the novel COVID-19 pandemic. This information was accurate as of 5/15/20.
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.
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.
By now, many Paycheck Protection Program (PPP) applicants have received loan proceeds or expect to receive them soon. Here are key facts to ensure your loan forgiveness. This information was accurate as of 5/01/20.
The U.S. Department of Labor’s (DOL’s) Wage and Hour Division recently posted additional guidance regarding paid sick and emergency childcare leave under the Families First Coronavirus Response Act (FFCRA). This information was accurate as of 5/01/20.
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.
A natural place to turn when disaster strikes is insurance. However, when it comes to business interruption coverage, you may have to adjust your expectations if you intend to file a claim because of the novel Coronavirus (COVID-19) pandemic. This information was accurate as of 4/29/20.
The Coronavirus (COVID-19) pandemic has caused the value of some retirement accounts to decrease because of the stock market downturn. However, if you have a traditional IRA, this downturn may provide a valuable opportunity. This information was accurate as of 4/28/20.
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.
Congress and the Trump administration have struck a deal on another piece of legislation. For the latest federal measures intended to provide relief in response to the novel coronavirus (COVID-19) pandemic, click here. This information was accurate as of 4/24/20.
The IRS recently issued Notice 2020-23, expanding on previously issued guidance extending certain tax filing and payment deadlines in response to the novel Coronavirus (COVID-19) crisis. It extends the due date for specified actions to July 15, 2020. This information was accurate as of 4/22/2020.
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.
The U.S. Department of Labor recently issued temporary regulations implementing the emergency paid sick and family leave provided under the FFCRA and the CARES Act. Here are some highlights of the regs’ impact on group health plans. This information was accurate as of 4/17/20.
The CARES Act, signed into law on March 27, 2020, contains several tax-related provisions for businesses hit by the novel Coronavirus (COVID-19) crisis. Those provisions will also have an impact on financial reporting. Click here for more details. This information was accurate as of 4/17/20.
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.
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.