Insurance generally covers revenues lost and expenses incurred while normal operations are suspended because of applicable events. Is the COVID-19 pandemic an applicable event? A natural place to turn when disaster strikes is insurance. The very reason you pay premiums and deal with the paperwork is to have these risk management policies in place when […]

If the value of your traditional IRA has decreased because of the stock market downturn, it may allow you to convert to a Roth IRA at a lower tax cost. Here’s what makes a traditional IRA different from a Roth IRA: The coronavirus (COVID-19) pandemic has caused the value of some retirement accounts to decrease […]

Not properly classifying independent contractors for federal tax purposes can be an expensive mistake if the IRS reclassifies them as employees. The question of whether a worker is an independent contractor or an employee for federal income and employment tax purposes is a complex one. As a result of the coronavirus (COVID-19) crisis, your business […]

The IRS recently issued Notice 2020-23, expanding on previously issued guidance extending certain tax filing and payment deadlines in response to the coronavirus (COVID-19) pandemic. Here are some highlights specifically related to employee benefit plans: This guidance applies to specified filing obligations and other “specified actions” that would otherwise be due on or after April […]

The Coronavirus Aid, Relief, and Economic Security (CARES) Act contains a beneficial change in the tax rules for many improvements to interior parts of nonresidential buildings. These improvements are referred to as qualified improvement property (QIP). Under the Tax Cuts and Jobs Act (TCJA), any QIP placed in service after December 31, 2017 wasn’t considered […]

Businesses across the country are having to adjust how they operate due to the coronavirus (COVID-19) pandemic. Many are faced with the decisions to downsize their workforces or decrease payroll costs to help with the cash flow. If your business is leaning towards this direction, you may wonder, should you lay off workers or furlough […]

As the coronavirus (COVID-19) continues to spread, Americans are focusing on their health, safety, and financial well-being. During these unprecedented times, the government has provided assistance to the people who have been affected by COVID-19. Here are some new announcements made by the IRS: More deadlines extended As you probably know, the IRS postponed the […]

The IRS has released guidance for employers who are not required to make employment tax deposits due to claiming the refundable tax credits available as a result of COVID-19. Eligible employers are entitled to refundable tax credits under two laws that passed due to the coronavirus (COVID-19) pandemic. The two laws are the Families First […]

The Small Business Administration (SBA) has officially launched the Paycheck Protection Program (PPP) to help employees keep their paycheck and employers from feeling the burden of paying employees when to no fault of their own the government temporarily shut down their business. The program’s stated objective is “to provide a direct incentive for small businesses […]

Are you an employer that has had their operations fully or partially suspended as a result of a government order limiting commerce, travel or group meetings? If you answered yes, then the employee retention credit is available to you. The recently enacted Coronavirus Aid, Relief, and Economic Security (CARES) Act provides a refundable payroll tax […]