The Coronavirus Aid, Relief, and Economic Security (CARES) Act enacted on March 27, 2020, provides a number of tax changes that offer relief during the Coronavirus crisis. Three significant changes include: 1. Rollback of restrictions on using tax losses to recover taxes paid in profitable years, 2. Cash payments to individuals and families, and 3. [...]
With the influx of new accounting standards over the past couple of years, the burdens added to smaller accounting departments seem to be continuously mounting. Add in the COVID-19 pandemic, and now accounting departments and business owners are burdened with how to keep businesses afloat when collections take longer to come in, vendors requesting payment [...]
The CARES Act, which was signed into law on March 27, 2020, allows a “qualified individual” to take $100,000 in distributions from an IRA, 401k, or other qualified retirement plan during 2020 and reap the following benefits: You will not have to pay the 10% early distribution penalty if you are under the age of [...]
ENTERPRISE, ALABAMA – APRIL 22, 2020: Carr, Riggs & Ingram (CRI) McAllen’s Jeanette Pierro Smith was named by Governor Greg Abbott to the Texas State Board of Public Accountancy on April 20, 2020, with a term set to expire on January 25, 2025. Jeanette is the Partner-in-Charge of the firm’s Rio Grande Valley market, which [...]
ENTERPRISE, ALABAMA – APRIL 20, 2020: Joining more than 50 other accounting firm CEOs in the nation, Carr, Riggs & Ingram’s (CRI) Managing Partner and Chairman, Bill Carr, signed the CEO Action Pledge for Diversity & Inclusion™, further solidifying the firm’s commitment to fostering an inclusive and diverse workplace. The CEO Action for Diversity & [...]
While we can’t know what is ahead of us over the next weeks and months, it’s certainly likely that the global economic repercussion of COVID-19 will cause revenue reductions to local governments. The last major recession in 2008 and 2009 gives us learned lessons and successful techniques for navigating the potentially rough fiscal roads ahead. [...]
Economic Injury Disaster Loans (EIDL) As of April 16, 2020, the Small Business Administration (SBA) noted on its website that it is currently no longer able to accept new applications for the Economic Injury Disaster Loan (EIDL) assistance program (including EIDL advances) based on available appropriations funding. Please note that if you have already submitted [...]
Although many authors have written the same message across different industries, these are unprecedented times that have our governments, health professionals, financial markets, and so many other industries. Everyone is scrambling to address what has happened and anticipate what may come next. These preparations include the insurance markets—state insurance departments around the U.S. are rushing [...]
The coronavirus has been described by many as both a healthcare crisis and an economic crisis. This pandemic has wreaked havoc on both our healthcare systems and infrastructure, while also having an unprecedented impact on financial markets and investor confidence. Most insurance business models depend heavily on a successful investment portfolio strategy and, therefore, are [...]
The strong economy of the last few years brought many benefits with it, including easier access to credit with lenders. With low interest rates and soft demand for loans, lenders focused on credit quality while streamlining the loan application process and relaxing documentation requirements. Those practices will now change in response to the economic uncertainties [...]
In the span of less than 90 days, the United States government made unprecedented changes to existing regulations and authorized the injection of nearly $300 billion of funding into the healthcare space – and they aren’t finished yet. These bold actions were taken to (hopefully) ensure that healthcare providers are able to remain open and [...]
As business losses continue to mount from the pandemic-induced economic shutdown, parties from different civil arenas are pursuing various solutions to cover the losses. Judicial, legislative, and political developments are all pressuring insurance companies to contribute. Despite these forces, the insurance industry continues to balk at the notion of covering business insurance (BI) claims that [...]
Clients and Friends, It’s no secret that COVID-19 has turned the world on its head. What most deemed a far-off possibility and something that only occurs on movie sets in Hollywood has come to be a part of our daily lives as Americans. Businesses, governments, families, schools—none of us are exempt from the impacts of [...]
Many states have relaxed their open meeting laws to accommodate the necessity of virtual meetings to protect the health and safety of their residents. In tune, governments everywhere are now having to find new ways to connect and hold their board meetings using a virtual platform instead of, or in addition to, conducting in-person meetings. [...]
As businesses continue to deal with the effects of COVID-19, it is imperative to focus on the steps you can take to protect and help your business withstand the coronavirus storm. For a closer look at the filing process for business interruption claims, be sure to check out our previous articles regarding Business Interruption Loss [...]
In light of the recent COVID-19 outbreak, most nonprofit organizations have now been required to instruct many of their employees to work remotely or implement the use of technology to continue providing programs and collect contributions. This transition is unchartered territory in an environment that is evolving daily. Most organizations have policies and controls that [...]
The Employee Retention Credit — enacted as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act — helps employers whose businesses have suffered financially as a result of COVID-19 to keep employees on their payrolls. It’s one of several provisions in the Act aimed at keeping people employed through the economic downturn. Employers [...]
In response to both the current public health crisis and the CARES Act, multiple government entities, including housing agencies, have provided guidance with regards to federally insured loans and tenants. Multifamily Housing: Section 4023 of the CARES Act provides for the forbearance of residential mortgage loan payments for multifamily properties with federally backed loans for [...]
Although protecting the safety of families and employees will remain a top priority for manufacturing organizations, business leaders are now facing unprecedented challenges brought on by COVID-19 that require a large amount of planning. These challenges evolve daily, and while many require immediate response, others present potential longer-term threats or positive outcomes. A crisis the [...]
The recent CARES Act provided some additional relief for not-for-profit organizations that may be facing significant hardships due to the COVID-19 pandemic. Relief comes in the form of Paycheck Protection Program (PPP) loans, expanded eligibility for emergency disaster loans, and payroll-related credits and tax deferrals. One area that may not be getting as much attention [...]
