The SALT Implications of the CARES Act
Posted by Mark Stack on April 06, 2020
The CARES modifies certain business tax provisions in the Internal Revenue Code. After the Tax Cuts and Jobs Act (TCJA) added these provisions to the IRC, states, and taxpayers have only recently come to understand the conformity implications of the TCJA. The CARES Act modifications will present a new round of state and federal conformity challenges for states, taxpayers, and practitioners.
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Stay Afloat with Tax-Favored Coronavirus-Related Distributions
Posted by Robert Ingrasci on April 06, 2020
The CARES Act provides financial relief for people who are experiencing hardship due to the COVID-19 pandemic. One relief measure allows withdrawals of up to $100,000 from IRAs and qualified retirement plan accounts, with no tax hit, if those amounts are recontributed within three years. Here are the rules, along with news of the temporary suspension of the retirement account required minimum distribution rules.
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Now May Be a Good Time for a Roth Conversion
Posted by D'Marie Murray on April 03, 2020
When life gives you lemons, make lemonade. The financial markets have plummeted over the last month. But there's an upside for long-term investors: Low market values may provide a tax-smart opportunity to convert your traditional IRA to a Roth IRA. This strategy is simple, but it's not right for everyone. Here are some factors to consider before you execute a Roth conversion in 2020.
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What Does the CARES Act Mean to Your Mobility Program?
Posted by Brian Kern on April 03, 2020
With the signing of the CARES Act, millions of Americans are looking forward to receiving their stimulus checks. However, will your relocated employees actually receive one? The stimulus checks are to be delivered to individuals who meet certain income conditions and is phased-out for individuals over certain thresholds.
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401(k) Plan Contributions: Keep Calm but Know Your Options
Posted by Bryan Staniszewski on April 02, 2020
The COVID-10 pandemic has had adverse effects on many industries. Both employers and employees are seeking ways to respond to financial stress resulting from the economic slowdown and financial market volatility. If your company's revenue has plummeted, you might be considering eliminating or scaling back your contributions to employees' 401(k) accounts. Here's what you should know before making any cuts.
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Impact of the CARES Act on Higher Educational Institutions
Posted by Sarah Hopkins and Cathleen Karpik on April 01, 2020
The Coronavirus Aid, Relief and Economic Security Act (the CARES Act) was signed into law on March 27, 2020 to provide financial relief to individuals and businesses in response to the COVID-19 pandemic and several provisions included in the Act impact nonprofit higher educational institutions. The following are the highlights of the provisions that directly impact higher education institutions.
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IRS Releases FAQs Regarding July 15, 2020, Postponed Income Tax Filing, and Income Tax Payment Date
Posted by Cheryl Jankowski on April 01, 2020
On March 24, 2020, the IRS posted frequently asked questions to provide additional clarification and guidance regarding the application of its relief guidance. Here is a summary of those FAQs.
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OMB Guidance Provides Relief to Federal Award Recipients
Posted by Seth Hennard on March 30, 2020
In response to the extended decrease in the operational capacity of many entities due to COVID-19, the Office of Management and Budget (OMB) has provided administrative, financial management, and audit requirement relief for certain Federal grant regulations.
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The CARES Act and Nonprofit Organizations
Posted by Donna Gonser on March 30, 2020
The Coronavirus Aid, Relief and Economic Security Act (the CARES Act) was signed into law on March 27, 2020 to provide financial relief to individuals and businesses in response to the COVID-19 pandemic. The following are the highlights of the provisions included in the Act that impact nonprofit organizations.
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President Trump Signs Into Law CARES Act
Posted by Mark Janulewicz on March 28, 2020
On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief and Economic Security (CARES) Act, which provides relief to taxpayers affected by the novel coronavirus (COVID-19). The CARES Act is the third round of federal government aid related to COVID-19.
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Seven Proposed Stimulus Bill Highlights (CARES Act)
Posted by Mark Janulewicz on March 26, 2020
Some of the highlights of the proposed stimulus bill (also known as the CARES Act) with respect to businesses are as follows.
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SBA Disaster Assistance in Response to the Coronavirus – Low-Interest Loans
Posted by Michē Needham on March 25, 2020
In response to the novel coronavirus (COVID-19) pandemic affecting the small business community across the country, the U.S. Small Business Administration (SBA) is offering low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury.
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IRS Releases Updated Covid-19 Relief – Now Extending Filing Date And Payment
Posted by Michē Needham on March 25, 2020
On March 20, 2020, the Internal Revenue Service released Notice 2020-18, its second round of formal guidance – this time expanding its earlier guidance (Notice 2020-17) by including relief to taxpayers for both federal income tax returns and federal income tax payments which would be due April 15, 2020.
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IRS Outlines Procedures for Payroll Tax Credits and Rapid Refunds for Employers Making Federally-Mandated Covid-19 Leave Payments
Posted by Mark Janulewicz on March 25, 2020
The IRS has just clarified that employers can subtract the cost of the new mandated paid leave (plus the cost of keeping affected employees' health care coverage in place during that leave) from any payroll taxes that are otherwise due to the IRS.
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How Manufacturers Can Navigate the Novel Coronavirus’ Supply Chain Impacts
Posted by Jonathan Roller on March 25, 2020
The novel coronavirus crisis has struck a serious blow to the manufacturing industry, which was already battling trade policy turbulence, a slowdown in global manufacturing growth and broader economic uncertainty.
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How to Determine if n Employer has "Fewer Than 500 Employees" for COVID-19 Federal Paid Sick and Family Leave Mandates
Posted by Brian Kern on March 24, 2020
The Families First Coronavirus Response Act (H.R. 6201) became law on March 18, 2020. Among other things, the Act requires employers with “fewer than 500 employees” to provide two new benefits: (1) federal emergency paid sick leave and (2) federal emergency paid family and medical leave (FMLA). As a result, employers need to know immediately how to determine if they have “fewer than 500 employees.”
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US Small Business Administration Fact Sheet - Economic Injury Disaster Loans
Posted by Michē Needham on March 23, 2020
Economic Injury Disaster Loans (EDLs) are available through the US Small Business Administration (SBA). The SBA has created a fact sheet on who can apply for these loans and details on the loans.
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SBA Disaster Assistance in Response to the Coronavirus
Posted by Cory Van Deusen on March 23, 2020
The U.S. Small Business Administration is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19).
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Federal Tax Relief to Alleviate COVID-19 Hardships
Posted by Michē Needham on March 23, 2020
The federal government has been working on various relief measures to help individuals and small businesses cope with the situation, including tax relief provisions. Here are the tax changes that have been finalized so far.
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How to Manage COVID-19-Related Business Risks
Posted by Jonathan Roller on March 23, 2020
The federal government has been working on various relief measures to help individuals and small businesses cope with the situation, including tax relief provisions. Here are the tax changes that have been finalized so far.
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Federal Aid Package Helps Individuals Affected by COVID-19
Posted by Cory Van Deusen on March 20, 2020
The Families First Coronavirus Response Act (H.R. 6201), became law on March 18, 2020. The Act guarantees free testing for the novel coronavirus (COVID-19), establishes emergency paid sick leave, expands family and medical leave, enhances unemployment insurance, expands food security initiatives, and increases federal Medicaid funding.
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Employers Can Immediately Provide Tax-Free Qualified Disaster Payments to Employees in Connection with COVID-19
Posted by John Schiavone on March 19, 2020
Now that the COVID-19 has been declared a national emergency, Internal Revenue Code Section 139 can be used to allow employers to make tax-free payments or reimbursements to employees as “qualified disaster payments.”
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Novel Coronavirus (COVID-19) Impact and Risk Response Guide
Posted by John Schiavone on March 19, 2020
This BDO Guide includes a message from Wayne Berson, CEO, BDO USA LLP and aims to provide insights into the relevant impacts of COVID-19. It gives general risk response guidance for companies to consider when deploying business continuity planning (BCP) measures to combat the pandemic and, more importantly, to maintain the agility to overcome the difficulties faced.
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IRS Releases COVID-19 Payment Relief
Posted by Mark Janulewicz on March 19, 2020
On March 18, 2020, the Internal Revenue Service released Notice 2020-17, formal guidance describing relief provided to taxpayers for federal income tax payments due April 15, 2020.
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House Updates Aid Package to Help Individuals Affected by COVID-19
Posted by Mark Janulewicz on March 18, 2020
This article summarizes the leave provisions contained in the bill passed by the House on March 16, 2020. The Senate is expected to make significant changes to the bill, which may expand the provisions described below to more employers.
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Top Cybersecurity Recommendations Amid COVID-19
Posted by Jill Johnson on March 17, 2020
Realizing that 40% or more of cyber vulnerabilities are directly linked to employee behavior, per Gartner’s latest studies, it is vital that organizations focus more on their employees via cybersecurity awareness, education, training, and use of simulations to create a stronger human firewall to protect their vital digital assets.
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Coronavirus Strikes Nonprofits in More Ways than One
Posted by Donna Gonser on March 16, 2020
While this situation is evolving daily, here are some of the key goals nonprofits should prioritize when considering their response to COVID-19.
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Coronavirus Update: Stock Selloff Might be Exaggerated; Economic Impact Still Unclear, Fear Remains
Posted by David Schlein on March 04, 2020
Concern remains elevated about the coronavirus behind an epidemic in China and other countries. On Friday, Feb. 28, the World Health Organization raised the global risk for the new virus from “high” to “very high," and markets sent a clear message: investors fear the spillover effects of the coronavirus.
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Coronavirus Update: Stock Selloff Might be Exaggerated; Economic Impact Still Unclear, Fear Remains
Posted by David Schlein on March 04, 2020
The outbreak of new coronavirus strain COVID-19 came at a particularly vulnerable point in the global business cycle, and it appears that a meaningful amount of both panic and hysteria in the last few days reflects a rapid rise in investor uncertainty.
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