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COVID-19 Regulatory & Tax Updates


 

04/22/2021

Focus on Taxation: COVID Relief Update


While the first COVID-related legislation was enacted over a year ago, resulting programs are still ongoing or just getting started. Below is the latest on relief programs available for businesses impacted by the pandemic:

03/30/2021

Focus on Taxation: IRS Issues Official Guidance on 2021 Tax Deadline Postponement


The IRS issued Notice 2021-21 to provide additional guidance on the postponement of the federal April 15 tax deadline to May 17, 2021 for individuals.

03/22/2021

Focus on Taxation: IRS Announces One Month Filing and Payment Extension for Individuals    


For a second straight year, the Internal Revenue Service has delayed the April 15 tax filing deadline.

03/11/2021

COVID-19: President Biden Signs Additional COVID Relief Package


On March 11, 2021, President Biden signed the American Rescue Plan Act (ARPA) into law. The $1.9T stimulus package passed Congress largely along party lines, with one Democrat voting in opposition.

03/05/2021

Focus on Taxation: Nominal Effect Defined for the Employee Retention Credit


Notice 2021-20 provides much needed guidance on the 2020 Employee Retention Credit (ERC), including a definition of the word “nominal” as it is used in in determining whether a business has sustained a partial shutdown.

01/06/2021

Focus on Taxation: Congress Strikes a Stimulus Deal


Despite several months of stalled negotiations, the long-awaited, much debated second COVID-19 stimulus package has been finalized.

01/20/2021

Focus on Taxation: New Grant Program for Shuttered Venue Operators


Live venue operators impacted by the pandemic may find significant help in the form of a new grant made available by the December COVID-19 stimulus package.

01/15/2021

Focus on Taxation: Employee Retention Credit


The recently enacted Consolidated Appropriations Act, 2021 (CAA) has given new life to the Employee Retention Credit (ERC) initially made available by the Coronavirus Aid, Relief, and Economic Stimulus (CARES) Act.

01/12/2021

Focus on Taxation: PPP Reopens for First Draw and Also Provides a Second Draw


Pursuant to recent COVID-19 relief legislation, the SBA announced that the Paycheck Protection Program (PPP) will reopen beginning on Monday, January 11. To give underserved and minority business owners a first chance at the $284B, community financial institutions will be the only lenders able to make First Draw PPP loans on Monday.

08/28/2020

COVID-19: SBA Releases Interim Final Rule Governing Forgiveness of Paycheck Protection Program (PPP) Loans


On August 24, 2020, the Small Business Administration (SBA) published an Interim Final Rule (IFR), governing forgiveness of Paycheck Protection Program (PPP) loans.

06/04/2020

COVID-19: FASB Issues Delay For Leases And Revenue Recognition Standards For Private Companies And Not-For-Profit Organizations


The FASB has issued ASU 2020-05, Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842): Effective Dates for Certain Entities, which allows for the postponement of effective dates of ASU 2014-09, Revenues from Contracts with Customers (Topic 606) and ASU 2016-02, Leases (Topic 842) for certain entities in an effort to provide much needed relief as a result of the COVID-19 global pandemic.

05/21/2020

COVID-19: FASB Proposes Delay For Leases And Revenue Recognition Standards For Private Companies And Not-For-Profit Organizations


The FASB is proposing the postponement of effective dates of ASU 2016-02, Leases (Topic 842) and ASU 2014-09, Revenues from Contracts with Customers (Topic 606) for certain entities in an effort to provide much needed relief as a result of the COVID-19 global pandemic.

04/23/2020

COVID-19: FASB Proposes Delay for Leases And Revenue Recognition Standards For Certain Companies


The FASB is proposing the postponement of effective dates of ASU 2016-02, Leases (Topic 842) and ASU 2014-09, Revenues from Contracts with Customers (Topic 606) for certain entities in an effort to provide much needed relief as a result of the COVID-19 global pandemic.

04/15/2020

COVID-19 Legislation: What It Means for Not-For-Profit Organizations


Not-for-profit organizations are navigating financial hardship and uncertainty caused by the COVID-19 pandemic. Fortunately, there are now numerous options available to ease these unprecedented situations.

04/10/2020

COVID-19: Regulatory Summary for Individuals & Families


Recently governments and business have launched various programs and changes to help those affected financially by the COVID-19 pandemic.

04/06/2020

COVID-19: The Business Impact of the COVID-19 Pandemic


COVID-19 continues to impact us all across the country, and recent legislation provides support to those struggling to navigate these uncertain times.

 

01/06/2021

Focus on Taxation: Congress Strikes a Stimulus Deal


Despite several months of stalled negotiations, the long-awaited, much debated second COVID-19 stimulus package has been finalized.

04/13/2020

COVID-19: CARES Act will Release Billions of Federal Funding into the Economy


The CARES Act will release billions of dollars in federal funding into the system to be administered by states and federal agencies.

04/10/2020

COVID-19: Families First Coronavirus Response Act Paid Sick Leave and Family Medical Leave Expansion


During the first two weeks of unpaid expanded family and medical leave, you may not simultaneously take paid sick leave under the EPSLA and preexisting paid leave, unless your employer agrees to allow you to supplement the amount you receive from paid sick leave with your preexisting paid leave, up to your normal earnings. 

03/19/2020

COVID-19: President Signs into Law Coronavirus Relief Act


On March 18, 2020, President Trump signed into law the Families First Coronavirus Relief Act. In addition to providing free COVID-19 testing, access to meals for children required to stay home from school and extended unemployment insurance, the bill includes benefits for employees and employers impacted by the pandemic. 

 

03/30/2021

Focus on Taxation: IRS Issues Official Guidance on 2021 Tax Deadline Postponement


The IRS issued Notice 2021-21 to provide additional guidance on the postponement of the federal April 15 tax deadline to May 17, 2021 for individuals.

03/05/2021

Focus on Taxation: Nominal Effect Defined for the Employee Retention Credit


Notice 2021-20 provides much needed guidance on the 2020 Employee Retention Credit (ERC), including a definition of the word “nominal” as it is used in in determining whether a business has sustained a partial shutdown.

05/04/2020

COVID-19: Employee Retention Credit FAQ


The IRS recently published additional FAQs on the refundable Employee Retention Credit (ERC), as well as draft Form 941 for 2020.

04/20/2020

COVID-19: Rev Proc. 2020-25 Provides Guidance On Claiming Retroactive QIP Depreciation


On Friday, April 17, 2020, the IRS released Revenue Procedure 2020-25. This guidance explains how taxpayers may now claim accelerated depreciation or bonus depreciation on Qualified Improvement Property (QIP) for tax years 2018-2020.

04/13/2020

COVID-19: Revenue Procedure 2020-22, Reversing a Prior Election out of the Interest Limitation Rules


On Thursday, April 9, the IRS published Revenue Procedure 2020-22, allowing taxpayers who made an irrevocable election out of the interest expense limitation of Section 163(j) as a “real property trade or business” on a 2018 or 2019 tax return to undo the election.

04/13/2020

COVID-19: IRS Payroll Deferral FAQ


On April 10, 2020, the IRS released guidance on the employment tax deposit deferral that came as part of the CARES Act.

04/10/2020

COVID-19: Notice 2020-23


On April 9, 2020, the IRS released Notice 2020-23, which automatically postpones due dates for payments, returns, and form filings specified in the notice to July 15th, 2020.

04/09/2020

COVID-19: Revenue Procedure 2020-23


On April 8th, 2020, the Internal Revenue Service released Rev. Proc. 2020-23.

03/28/2020

COVID-19: Notice 2020-20 Extends Filing and Payment Date for Gift Tax Returns


On March 27, 2020, the IRS published Notice 2020-20, which expands relief provided previously in Notice 2020-18. The notice extends the due date for Form 709, (Gift and Generation Transfer Skipping Tax Return), as well as the date for making payments of Federal gift and generation-skipping transfer tax from April 15, 2020 until July 15, 2020.

03/24/2020

COVID-19: IRS Provides Additional Guidance of Blanket Extension of April 15 Tax Deadline to July 15


Last Friday, the IRS superseded and expanded guidance issued earlier in the week by giving certain taxpayers an extra three months to file and pay their taxes.

03/23/2020

COVID-19: Federal Emergency Declaration Opens Door for Employers to Make Certain Tax-Free Payments to Employees


With President Trump having issued an “emergency declaration” related to the COVID-19 pandemic, the IRS delayed tax season until July 15th by relying on Section 7508A(a) of the Internal Revenue Code, which can only be done when there is a “federally declared disaster” pursuant to Code Section 165.

03/19/2020

COVID-19: Questions Related to Notice 2020-17


As the April 15 tax deadline fast approaches, the nation continues to struggle with the Coronavirus pandemic. Earlier this week, Treasury Secretary Steven Mnuchin promised relief for taxpayers, and on March 18th, the IRS formalized that relief by publishing Notice 2020-17

03/17/2020

COVID-19: Treasury Department Delays April 15 Tax Payment Deadline


The United States Treasury Department announced today, March 17, that it would be pushing back the April 15 deadline to pay taxes owed by 90 days, giving Americans three extra months to pay their 2019 income tax bills.