The economic fallout from the coronavirus (COVID-19) pandemic has forced business owners to reevaluate their operations and make difficult decisions. One place to look for the information you need to make rational, reasonable moves is your financial statements. Under U.S. Generally Accepted Accounting Principles, these typically comprise a statement of cash flows, a balance sheet […]

You may have heard that the federal income tax filing and payment deadline has been extended from April 15, 2020, to July 15, 2020, to provide relief for taxpayers adversely affected by the coronavirus (COVID-19) pandemic. What you may have missed is that the U.S. Treasury Department also extended the April 15, 2020, federal gift […]

A new law signed by President Trump on March 27 provides a variety of tax and financial relief measures to help Americans during the coronavirus (COVID-19) pandemic. This article explains some of the tax relief for individuals in the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Individual cash payments Under the new law, an […]

On March 27, President Trump signed into law another coronavirus (COVID-19) law, which provides extensive relief for businesses and employers. Here are some of the tax-related provisions in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Employee retention credit The new law provides a refundable payroll tax credit for 50% of wages paid […]

The Treasury Department and IRS recently announced an extended deadline for filing tax returns and making payments for the 2019 fiscal year. The filing due date for federal income tax is now July 15, 2020 instead of April 15, 2020.  Taxpayers can additionally defer their income tax payments, which are typically due on April 15, […]

Eligible Businesses All businesses with 500 or fewer employees can apply. However, the company must have been in business with paid employees as of February 15, 2020. Nonprofits, self-employed individuals, and other independent contractors can also apply for a PPP loan. No personal guarantees or other types of loan security are required.  How to Apply […]

Deferment of all payment and filing deadlines The IRS initially responded to COVID-19 with a limited tax relief program, but almost immediately adopted a more comprehensive plan for all taxpayers, including individuals, partnerships, trusts, estates, associations, companies, and corporations — even if the expected impact of the pandemic is considered minimal Taxpayers with a Federal […]

Companies of every size are navigating new and unexpected challenges as they adjust to life after the widespread outbreak of the coronavirus (COVID-19.) But small businesses are particularly impacted by these challenges, since they often don’t have the same financial and employee resources as their larger counterparts. If the difficulties associated with running a small […]

The coronavirus (COVID-19) pandemic is impacting businesses in every part of the country. In response, Congress recently passed new legislation designed to provide economic relief and the IRS issued new guidelines that extended the April 15, 2020 tax deadline and allowed taxpayers to defer any amount of federal income tax payments until July 15, 2020 […]