COVID-19 Legislative Guidance

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|

CARES Act and Provider Relief Fund Single Audit

In less than four months, the United States government has distributed (or is in the process of distributing) hundreds of billions of dollars in funding to state and local governmental entities and healthcare providers of almost all types. This funding was authorized in various spending bills between March and May of 2020, with the most [...]

2020-10-01T13:36:50-05:00July 27th, 2020|COVID-19, DISASTER RECOVERY, GOVERNMENTS, HEALTHCARE|

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 [...]

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|

Important Tax Provisions in the Coronavirus Aid, Relief, and Economic Security Act – Passed U.S. Senate on March 25, 2020

Taxes on Individuals Recovery Rebates The CARES Act contains rebate amounts equal to $1,200 for individuals, or $2,400 for joint filers, with a $500 credit for each qualifying child. These rebates are advanced refund credits against 2020 taxes. The rebate amounts are phased out based on the 2018 adjusted gross income (unless a 2019 return [...]

2020-03-27T10:22:08-05:00March 27th, 2020|BUSINESS TAX, COVID-19, INDIVIDUAL TAX|

Coronavirus Aid, Relief, and Economic Security Act

Summary of the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act"): On March 25, 2020, the United States Senate passed the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). The Cares Act will move to the United States House of Representatives this week, and the president is expected to sign it after it’s [...]

2020-03-27T16:52:23-05:00March 26th, 2020|COVID-19|

Financial Reporting Implications of COVID-19

As organizations monitor the current and potential effects of COVID-19 on their activities, they should also consider the implications on their year-end financial reporting processes. Specifically, organizations should consider the following areas of concern in preparing financial statements. Risk Assessments: Organizations should evaluate the impact of changing circumstances on their assessments of risks inherent in [...]

Business Impact, Critical Considerations, and Decisive Actions Related to Coronavirus

In America, the business landscape and the lives of Americans are changing by the minute. These landscape changes have a significant impact on American businesses and require critical considerations and decisive actions from business leaders. The impact of the coronavirus outbreak was devastating to both Main Street and Wall Street. These impacts will likely continue [...]

2020-03-26T00:52:51-05:00March 25th, 2020|COVID-19, GOVERNANCE & RISK ASSESSMENTS|

Phase 3 – Senate Republican Proposal

As of March 20, 2020: Division A – Small Business Interruption Loans ($300 billion) Increase SBA loan eligibility for certain small businesses and organizations: Businesses and nonprofit organization with no more than 500 employees Maximum loan amount – the lesser of: Four times average monthly payments for payroll, mortgage, rent, and other debt, or $10 [...]

2020-03-25T12:37:10-05:00March 20th, 2020|COVID-19|