COVID-19

Could the COVID-19 Pandemic Raise Your Tax Bill?

In response to widespread social and economic hardship during the COVID-19 pandemic, sweeping legislation and relief programs sought to aid struggling Americans and businesses. Meanwhile, millions of Americans temporarily (if not permanently) turned to remote work and freelance opportunities from the comfort of their homes. Even into 2021, the unpredictable impacts of COVID-19 continue to [...]

2021-02-19T10:56:50-06:00February 19th, 2021|COVID-19, INDIVIDUAL TAX|

Comparison: COVID-19 Employer Relief Options

Information updated as of February 2021.   Which COVID-19 relief benefit is right for your business, nonprofit, or governmental entity? The answer depends! Do you have over 500 employees, over 100 employees, under 50 employees, or are you self-employed? Is your business quarantined or are you able to continue working as normal, or by telework? [...]

COVID-19 Relief: Your Employee Retention Credit Questions Answered

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. The [...]

2021-01-20T12:53:14-06:00January 20th, 2021|COVID-19, SMALL BUSINESS|

The Consolidated Appropriations Act (CAA) Includes COVID-19 Relief to Individuals

Congress passed, and the President signed, the nearly 5,600-page Consolidated Appropriations Act (CAA), which includes COVID-19 and economic relief. The CAA includes over $900 billion in wide-ranging COVID-19 and economic relief. We’ve compiled some of the key provisions that affect individuals and their tax situations: Direct Payments of $600 to Americans Individuals making up to [...]

2021-01-11T14:38:42-06:00January 11th, 2021|COVID-19, INDIVIDUAL TAX|

Recent Stimulus Includes Important Provisions for Provider Relief Funds

When the President signed the Consolidated Appropriations Act (CAA) into law, several key provisions immediately affected health care providers: Provider Relief Fund Providers are now allowed to calculate lost revenue based upon initial guidance issued in June 2020. The Act states -  “Provider may calculate such lost revenues using the Frequently Asked Questions guidance released [...]

2020-12-31T10:41:27-06:00December 31st, 2020|COVID-19, HEALTHCARE|

New COVID-19 Relief Provisions for Individuals and Businesses

In the waning days of 2020, the latest of a series of COVID relief provisions were signed into law. This most recent round of stimulus and tax relief was tied to the Consolidated Appropriation Act. Not only does this bill provide additional economic aid in response to the pandemic, but it also avoids a federal [...]

2021-01-06T07:47:14-06:00December 30th, 2020|BUSINESS TAX, COVID-19, INDIVIDUAL TAX|

COVID-19 Relief Package – Does it Impact State and Local Governments?

After months of negotiating, Congress has passed a new COVID relief package, which will provide approximately $900 billion of additional pandemic aid. Although first glance may lead one to assume that the new bill has no direct impact on states and local governments, several key items were included in the most recent legislation: Coronavirus Relief [...]

2020-12-28T14:26:58-06:00December 28th, 2020|COVID-19, GOVERNMENTS, STATE & LOCAL TAX|

Legislation Changes to the Paycheck Protection Program

Among the many provisions included in the Consolidated Appropriations Act, 2021 are small business loans and tax policies designed to provide much-needed relief due to the economic fallout from the COVID-19 pandemic. As part of the relief package, Congress passed numerous changes to the Paycheck Protection Program (PPP), including reopening the application process for first-time [...]

2020-12-28T14:27:37-06:00December 28th, 2020|COVID-19, SMALL BUSINESS|

Much Needed Clarity on PPP Loan Forgiveness

The U.S. Senate and House of Representatives have both passed a new COVID-19 relief bill, which was signed into law by President Trump. Among many other things, this bill addresses the tax implications of the Paycheck Protection Program (PPP). After almost a year of uncertainty and conjecture, we have some clarity about the taxability of [...]

2020-12-28T14:27:44-06:00December 28th, 2020|COVID-19, SMALL BUSINESS|

What Qualifies You to Receive the Second Stimulus Payment?

Congress passed, and the President signed a $900 billion COVID-19 relief bill providing $600 direct stimulus payments to individuals, $300 to extended weekly unemployment benefits, and more than $300 billion in aid for small businesses, among other COVID-19 relief benefits.   $600 Direct Payments to Americans The bill includes a $166 billion provision for direct payments [...]

2020-12-28T13:08:41-06:00December 22nd, 2020|COVID-19, INDIVIDUAL TAX|

A Quick Guide to Your PPP Loan and Tax-Related Questions

Small businesses all around the country have taken advantage of the Paycheck Protection Program (PPP), a federal program designed to help companies keep employees paid and their operations running during the COVID-19 pandemic. Although widely successful, many questions surrounding PPP and the 2020 tax year have many taxpayers wary about the upcoming tax season, particularly [...]

2020-12-09T14:38:51-06:00December 9th, 2020|BUSINESS TAX, COVID-19, SMALL BUSINESS, TAX CONTROVERSY|

Paycheck Protection Loan Forgiveness—More Guidance is Needed

In Revenue Ruling 2020-27 and Revenue Procedure 2020-51, the IRS finally provided much-needed guidance on the timing of the taxability of the forgiveness of Paycheck Protection Program (PPP) loans. The guidance effectively states that the income tax effect will occur in the year in which forgiveness is reasonably foreseen. For most taxpayers, this will be the 2020 calendar [...]

Clarity – Handling Deductions Associated with PPP Loans

The Paycheck Protection Program (PPP) is a key component of the CARES Act passed in late March 2020. The PPP program provided loans to businesses struggling in the wake of the economic impact of COVID-19. PPP loan proceeds used by businesses to pay employee compensation and other eligible expenses are eligible to be forgiven. In [...]

2020-11-19T16:14:28-06:00November 19th, 2020|BUSINESS SUPPORT, BUSINESS TAX, COVID-19, SMALL BUSINESS|

PPP Guidance: Change of Ownership

The Small Business Administration (SBA) has recently issued guidance related to changes in ownership of an entity with a Paycheck Protection Program (PPP) loan. This new guidance will provide additional information and clarity regarding the PPP. Change in Ownership A change in ownership is considered to have occurred when at least 20% of the ownership [...]

2020-10-12T12:09:20-05:00October 12th, 2020|COVID-19|

Latest Guidance Answers Common Questions on Federal Loan Programs

The U.S. Small Business Administration (SBA) and the U.S. Department of the Treasury recently addressed a handful of frequently asked questions (FAQs) concerning the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL) Program. These programs have been lifelines for many businesses whose operations have been affected by the coronavirus pandemic, and only [...]

2020-09-08T18:16:09-05:00September 8th, 2020|BUSINESS TAX, COVID-19|

Maximizing Revenue Is a Realistic Goal, Even During a Pandemic

When managing our business operations in times of economic instability, we tend to focus on the expense side of the equation. We ask ourselves: Where can we cut costs? Is this a necessary purchase? Can we negotiate a lower fee? The revenue side can easily get overlooked. But just like our cash outflows, we can [...]

Federal Awards Best Practices

Download this Resource Have you or your organization received support under the CARES Act Provider Relief Fund? Did you know that receiving those funds may trigger an audit requirement—even for commercial (i.e, for-profit) organizations? Preparing for an audit of federal award funds can seem daunting, even if you have been subject to them [...]

2020-08-21T13:47:49-05:00August 19th, 2020|COVID-19, HEALTHCARE|

PRF Requirements Summary

Our initial piece, Provider Relief Fund Recipient Q&A, introduced the notion that recipients of funds awarded and disbursed by the U.S. Department of Health and Human Services (HHS) under the CARES Act Provider Relief Fund (PRF) could – much to their surprise – be subject to an audit related to those awards. This requirement is [...]

2020-08-19T18:23:44-05:00August 19th, 2020|COVID-19, HEALTHCARE|

Provider Relief Fund Recipient Q&A

1. Have you or your organization received support under the CARES Act Provider Relief Fund (PRF)? The U.S. Department of Health and Human Services (HHS) was authorized under the CARES Act to distribute $175 billion to hospitals and healthcare providers on the front lines of the coronavirus response.  Of this amount, approximately $130 billion has [...]

2020-08-14T13:22:52-05:00August 14th, 2020|COVID-19, HEALTHCARE|