The sudden shutdown of the economy in March because of the COVID-19 pandemic forced many businesses to rely more heavily on technology. Some companies fared better than others. This information was accurate as of 7/08/20.
The IRS recently announced special tax relief for leave-based donation programs set up by employers to aid those directly affected by the COVID-19 pandemic. This information was accurate as of 7/06/20.
The COVID-19 crisis is affecting not only the way many businesses operate, but also how they assess productivity. How can you tell whether you’re getting enough done when so much has changed? This information was accurate as of 7/01/20.
The CARES Act was enacted in an attempt to mitigate the economic effects of the COVID-19 pandemic. Among other things, it extends favorable tax treatment to qualified individuals who take so-called “Coronavirus-related distributions” (CRDs) from IRAs, 401(k) plans and certain other retirement plans. This information was accurate as of 7/01/20.
The IRS and the U.S. Treasury had disbursed 160.4 million Economic Impact Payments (EIPs) as of May 31, 2020, according to a new report. These are the payments being sent to eligible individuals in response to the economic threats caused by COVID-19. This information was accurate as of 6/30/20.
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 6/24/20.
Just last week, the Small Business Administration (SBA) announced that it has reopened the Economic Injury Disaster Loan (EIDL) and EIDL Advance program to eligible applicants still struggling with the economic impact of the COVID-19 pandemic. This information was accurate as of 6/24/20.
As you may have heard, the CARES Act allows “qualified” people to take certain “Coronavirus-related distributions” from their retirement plans without paying tax. This information was accurate as of 6/23/20.
To cope with the COVID-19 crisis, many employers are taking employees’ temperatures and asking them general health-related questions as they report to work. This information was accurate as of 6/19/20.
Some companies are expected to report impairment losses in fiscal year 2020 because of the COVID-19 crisis. Here’s what you should know if your organization’s balance sheet includes these types of assets. This information was accurate as of 6/19/20.
Just about every business owner’s strategic plans for 2020 look far different now than they did heading into the year. The COVID-19 Pandemic has changed the economy in profound ways, forcing many companies to recalibrate suddenly and severely. This information was accurate as of 6/17/20.
If you’re planning to sell your home this year, it’s a good time to review the tax considerations. Unfortunately, the COVID-19 crisis has resulted in a slowdown in sales. This information was accurate as of 6/16/20.
Under a provision of the Coronavirus Aid, Relief and Economic Security (CARES) Act, the PPP is available to U.S. businesses with fewer than 500 employees. Here are some important aspects of the PPP Flexibility Act. This information was accurate as of 6/10/20.
The recent riots around the country have resulted in many storefronts, office buildings and business properties being destroyed. Here’s how a loss is figured for tax purposes. This information was accurate as of 6/08/20.
As COVID-19 pandemic has made clear, a business owner may suddenly vanish from the picture — leaving the company adrift in a time of crisis. In such an instance, a traditional succession plan may be too cumbersome or indistinct to execute. That’s why every company should create an emergency succession plan. This information was accurate as of 6/03/20.
Restaurants and entertainment venues have been hard hit by the novel COVID-19 pandemic. The treatment of meal and entertainment expenses became more complicated after the TCJA. It’s possible the deductions could increase substantially under a new stimulus law, if Congress passes one. This information was accurate as of 6/01/20.
Even before the novel Coronavirus (COVID-19) pandemic struck, Americans received a lot of packages. Not surprisingly, thieves and fraud perpetrators are looking for any opportunity to profit from what has become an essential service. Here’s what you should watch out for. This information was accurate as of 6/01/20.
In the midst of the COVID-19 crisis, the Financial Accounting Standards Board (FASB) has decided to give certain entities an extra year to make the changes, if they need it. This information was accurate as of 5/29/20.
One of the strongest predictors of a not-for-profit’s long-term survival is multiple revenue streams. The same is likely to be true for nonprofits that do — or don’t — survive the current COVID-19 crisis. This information was accurate as of 5/26/20,