The Coronavirus Aid, Relief, and Economic Security (CARES) Act eliminates 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 with…
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Posted in Tax Legislation | Leave a comment
UPDATED: On May 13th, the Treasury and SBA have released favorable guidance for the PPP economic need certification. They have also clarified that an employer that applied for a PPP loan, received payment, and repays the loan by the safe…
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Posted in Tax Legislation | Leave a comment
IMPORTANT NOTE: The PPP program is now replenished for round two. We encourage all eligible small businesses to apply now through their financial institution or through an online lender as the funds will quickly run out. While the EIDL program…
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Posted in Tax Legislation | Leave a comment
The law providing relief due to the coronavirus (COVID-19) pandemic contains a beneficial change in the tax rules for many improvements to interior parts of nonresidential buildings. This is referred to as qualified improvement property (QIP). You may recall that…
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Posted in Business Management | Leave a comment
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. This guidance applies to specified filing obligations and other “specified actions” that would otherwise…
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Posted in Employee Benefit Plans | Leave a comment
