Clearly no company wants to get to the point where they have to file for bankruptcy. However, if you do find yourself in this situation there is some good news. Due to a new law and a provision of the Coronavirus Aid, Relief, and Economic Security (CARES) Act there is now an easier bankruptcy process.

The coronavirus (COVID-19) pandemic has left many with questions. Some of these questions are likely related to your financial situation. We can help answer some of the common tax and finance questions. My employer closed the office and I’m working from home. Can I deduct any of the related expenses? Unfortunately, no. If you’re an […]

In a time of rapid changes and with many small businesses facing uncertainty the Coronavirus Aid, Relief and Economic Security (CARES) Act is looking to help provide businesses with some relief. One way is based around a change in tax laws on the treatment of net operating losses. NOL deductions Basically, you may be able […]

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 […]