COVID-19 Legislative Guidance

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 [...]

2020-03-27T10:22:08-04:00March 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 [...]

2020-03-27T16:52:23-04:00March 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 [...]

2020-03-26T00:52:51-04:00March 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 [...]

2020-03-25T12:37:10-04:00March 20th, 2020|COVID-19|