COVID-19 Resource Center
As the Coronavirus (COVID-19) continues to spread globally, our main objective is to support you and your business, and to navigate this complicated and everchanging environment together. As part of this commitment, rely on these free resources to assist you as you prepare and respond to issues.
IRS Warns of Coronavirus-Related Scams
The IRS urges taxpayers to be on the lookout for a surge of calls and email phishing attempts about the Coronavirus, or COVID-19. These contacts can lead to tax-related fraud and identity theft. "Remember, don't open them or click on attachments or links. Go to IRS.gov for the most up-to-date information." said IRS Commissioner Chuck Rettig. Continue reading on our blog
COVID-19 Individual and Business Support
We have compiled a summary of changes for the latest updates related to individual stimulus checks, the Payment Protection Plan, SBA economic injury disaster loans, unemployment, the Families First Act, and payroll. To read this full list please visit our blog or sign up for our newsletter here.
Updated: Top Takeaways from CARES Act
We have compiled a list of the 7 big takeaways from the CARES act that include economic support for individuals, small businesses, higher education, medical devices, and pharaceuticals. Continue reading on our blog or contact us for more information.
Employee Retention Credit for Financially Impacted Businesses
The Treasury Department and the Internal Revenue Service today launched the Employee Retention Credit, designed to encourage businesses to keep employees on their payroll. The refundable tax credit is 50% of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19. Continue reading on our blog
Economic Impact Payments: What You Need To Know
The Treasury Department and the Internal Revenue Service today announced that distribution of economic impact payments will begin in the next three weeks and will be distributed automatically, with no action required for most people. However, some taxpayers who typically do not file returns will need to submit a simple tax return to receive the economic impact payment. Continue reading on our blog
Paycheck Protection Program
Congress passed “The Coronavirus Aid, Relief, and Economic Security Act” (CARES Act), which included the “Paycheck Protection Program” (PPP) for small businesses. The PPP provides short-term cash flow assistance to small businesses to help these businesses and their employees deal with the immediate economic impact of the COVID-19 pandemic. Loans are made by lenders certified by the Small Business Administration (SBA) and guaranteed by the federal government. The SBA will administer the PPP. Continue reading on our blog
COVID-19 Impacts on Financial Statments
Goodwill and indefinite-lived intangibles are tested annually for impairment, however, testing may be required between annual testing dates if events or circumstances indicate that the fair value of the entity or asset may be below its carrying amount. Impairment occurs if the fair value of the entity or asset is less than its carrying value. Continue reading on our blog
Congress Passes Tax Relief Plan
In an effort to mitigate some of the economic impact of the COVID-19 virus, Congress passed the Families First Coronavirus Response Act (the Act). The Act includes two payroll tax credits to help employers cover wages paid to employees that need time off due to the virus. In addition, the White House is proposing an $850 billion stimulus package to try to maintain liquidity in the economy. Read our updated version here
Business Insurance Considerations
The COVID-19 pandemic is raising many questions regarding insurance coverage for businesses. CPA firms maintain multiple types of insurance to help protect their businesses, each of which may provide coverage relevant to the pandemic. Continue reading on our blog
US Tax Filing Day Moved To July 15th
Tax Day is being pushed back until July while the nation copes with the effects of the coronavirus, Treasury Secretary Steven Mnuchin announced Friday. "At his direction, we are moving Tax Day from April 15 to July 15. All taxpayers and businesses will have this additional time to file and make payments without interest or penalties," Mnuchin said in a pair of tweets. Continue reading on our blog
This post has been updated on our blog here