Maximizing Recovery and Minimizing Disruption – COVID-19 Funding Administration and Related Challenges

The effects of the COVID-19 pandemic will be felt for months, if not years. As state and local governments look towards the future, the landscape is filled with uncertainty. Governmental entities are now looking to teams of experts to gather and communicate guidance and best practices as the “new normal” environment come into shape. Overall, [...]

2020-05-13T13:37:47-05:00May 12th, 2020|COVID-19, GOVERNMENTS|

CARES Act Impact for Tribal Governments

The COVID-19 crisis has had a considerable impact on governments across the country in a short space of time. In some areas, tribal governments are among the hardest-hit by the health crisis and are struggling to maintain personnel and consistency in day-to-day financial operations. On top of this, the rapid speed of developments makes it [...]

2020-05-18T11:48:48-05:00May 11th, 2020|COVID-19, GOVERNMENTS|

Challenges of Administering Relief Fund Programs

Many states have started to reduce restrictions that have been put in place to combat the COVID-19 outbreak. In addition to managing this next phase of the pandemic, states and local governments are also trying to administer new relief fund programs created by the crisis. This process already lends itself to be somewhat tricky in [...]

2020-05-13T13:37:42-05:00May 11th, 2020|COVID-19, GOVERNMENTS|

Main Street Lending Program

Click here for the most up-to-date information as of June 18, 2020. The Federal Reserve Board has announced an expansion of the scope of and eligibility for its Main Street Lending Program (MSLP). The MSLP is established under Section 13(3) of the Federal Reserve Act and is in response to the unprecedented economic challenges [...]

2020-06-18T14:45:29-05:00May 11th, 2020|CONSTRUCTION, COVID-19|

Latest Revisions To The Economic Injury Disaster Loan And Advance

As with so many things in life these days, change within the Small Business Administration’s Economic Injury Disaster Loan (EIDL) program seems to be inevitable. The EIDL application portal, on the Small Business Administration's website, was overwhelmed with applications for loans and emergency advances within the first couple of weeks of operation. This resulted in [...]

IRS Issues CARES Act NOL Relief Guidance

Thanks to the Coronavirus Aid, Relief, and Economic Security (CARES) Act, business owners who experienced net operating losses (NOLs) in recent years have new flexibility to apply those losses to offset taxable income. The IRS issued a series of revenue procedures and other guidance to help taxpayers take advantage of the relaxed NOL rules. Background [...]

2020-05-08T11:36:25-05:00May 8th, 2020|BUSINESS TAX, COVID-19|

Hazardous Duty Pay – Avoiding Unnecessary Troubles

Historically, hazardous duty pay has been associated with dangerous military actions, usually in a foreign country, in times of war or peril. Certainly, we’re living in unprecedented times where history seems to be re-written daily, and the enemy now moves swiftly, not only abroad, but here at home in America.  As in any time of [...]

CARES Act Funding and the SEFA for Governmental and Not-for-Profit Entities

As governmental and not-for-profit entities begin to receive and spend funds provided under the CARES Act, many unanswered questions related to the administration and treatment of the myriad funding sources remain. Auditors and auditees are looking ahead to determine the effect of these programs on upcoming audits. While there is very little conclusive information available [...]

2020-05-11T15:49:44-05:00May 5th, 2020|COVID-19, GOVERNMENTS, NOT-FOR-PROFITS|

IRS Denies Tax Deductions for Paycheck Protection Expenses

The IRS released a notice on April 30, 2020, stating that tax deductions for wages, mortgage interest, and rent paid with forgivable Paycheck Protection Program (PPP) loans are not permitted, viewing it as a “double-dipping” of tax benefits provided. Specifically, the notice clarified that no deduction is authorized under the Internal Revenue Code for an [...]

2020-05-04T18:13:29-05:00May 4th, 2020|BUSINESS TAX, COVID-19|

IRS Offers Guidance on Retail Glitch Fix

The IRS has released guidance (Revenue Procedure 2020-25) that will help affected taxpayers determine how best to utilize the depreciation relief offered for qualified improvement property (QIP) in the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The recent legislation corrected a drafting error in 2017’s Tax Cuts and Jobs Act (TCJA) that made certain [...]

2020-05-04T16:20:10-05:00May 4th, 2020|BUSINESS TAX, COVID-19|

Key Elements Involved in a Contractor’s Cash Flow During a Pandemic

In a matter of weeks, the U.S. has gone from a booming economy with record low unemployment to a virtual standstill. Many construction contractors are still awaiting potential impacts, while others are struggling to stay alive. Cash flow for contractors is always a key factor in any successful business, and in times of crisis, it [...]

2020-04-29T13:15:53-05:00April 29th, 2020|CONSTRUCTION, COVID-19|

The Rise of ConTech in a Time of Crisis

The construction industry faces unprecedented challenges amid the COVID-19 pandemic, and there is no time like the present to rise to the challenge. In everyday work, managing change is instilled in our routines, such as changes in schedules, budgets, and weather. In light of the COVID-19 virus, change has taken on a new shape for [...]

2020-04-28T17:14:09-05:00April 28th, 2020|CONSTRUCTION, COVID-19|

Three Big Tax Relief Changes Due to Coronavirus

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. [...]

2020-04-28T15:40:56-05:00April 28th, 2020|BUSINESS TAX, CONSTRUCTION, COVID-19, INDIVIDUAL TAX|

When Essential Business Is Risky Business: Workers’ Comp & OSHA Considerations in the Time of COVID-19

As COVID-19 continues to rearrange the structure of our workplaces and daily routines, the construction industry has been absorbing the shock of this global event in a unique fashion. At the time of this writing, the businesses for most construction contractors are considered “essential” under the various state law codes covering disaster responses. While the [...]

2020-04-27T14:46:08-05:00April 27th, 2020|CONSTRUCTION, COVID-19|

Federal Government Approves Additional Funding for PPP and EIDL Relief

On Thursday, April 23, 2020, the federal government passed the fourth round of coronavirus relief packages in the Paycheck Protection Program and Health Care Enhancement Act. This legislation allocates a combined $370 billion of additional funding for the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) programs to assist businesses affected by the [...]

2020-06-09T08:33:17-05:00April 24th, 2020|CONSTRUCTION, COVID-19|

EIDL Program To Get New Life

On April 24, 2020, the President signed a bill providing for expansion of the funding for various relief programs in the total amount of $484 billion. The legislation includes additional dollars for the heavily utilized Paycheck Protection Program, specific funding for hospitals and health care providers to cover coronavirus expenses and lost revenues, and adds [...]

2020-06-09T08:33:23-05:00April 23rd, 2020|CONSTRUCTION, COVID-19, SMALL BUSINESS, Uncategorized|

Maximizing PPP Forgiveness

UPDATE: As of April 24, 2020, the federal government approved replenishment funding for the PPP by way of the Paycheck Protection Program and Health Care Enhancement Act. Learn more. As applicants receive their Paycheck Protection Program (PPP) loan proceeds, their focus is quickly shifting to the maximization of the estimated PPP forgiveness. Unfortunately, specific guidance [...]

2020-06-09T08:52:11-05:00April 23rd, 2020|CONSTRUCTION, COVID-19, SMALL BUSINESS|

Will COVID-19 Cause a Lease Accounting Implementation Delay for Private Companies?

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 [...]

COVID-19: CARES Act Retirement Plan Relief Opportunities

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 [...]

Getting Ahead of a Possible Recession – A Case Study

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. [...]

2020-04-23T17:35:57-05:00April 17th, 2020|COVID-19, GOVERNMENTS|