cares act

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|

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|

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|

Relief Funds for State and Local Governments

For weeks, the nation has been trying to adapt to new changes caused by the COVID-19 virus. While organizations across the board have felt the impact of these changes, state and local governments have felt the hit equally as hard. Governments have been trying to maintain healthcare and other essential services by modifying working practices [...]

2020-05-29T18:27:03-05:00May 13th, 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|

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|

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 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|

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|

Healthcare Industry Update: COVID-19

In the span of less than 90 days, the United States government made unprecedented changes to existing regulations and authorized the injection of $175 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 service [...]

2020-10-01T13:37:23-05:00April 14th, 2020|COVID-19, HEALTHCARE|

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. Employers [...]

2020-04-10T08:17:14-05:00April 10th, 2020|BUSINESS TAX, COVID-19|

Summary of Housing Program Responses to COVID-19 and the CARES Act

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 [...]

2020-04-06T18:33:57-05:00April 6th, 2020|COVID-19, GOVERNMENTS|

CARES Act – Paycheck Protection Program and SBA Economic Injury Disaster Loan (EIDL) – Loan Forgiveness and Advances

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 your application, that the SBA [...]

2020-04-16T14:01:05-05:00March 30th, 2020|COVID-19, DISASTER RECOVERY, SMALL BUSINESS|

Economic Injury Disaster Loans

The Coronavirus Aid, Relief, and Economic Security (CARES) Act has expanded the Small Business Act’s (SBA) Emergency Economic Injury Disaster Loan (EIDL) grant program to allow small businesses, who are suffering economic harm due to COVID-19, access to loans and provided them with $10 billion in funding to support this program. EIDL loans are made [...]

2020-03-28T14:43:59-05:00March 28th, 2020|COVID-19, SMALL BUSINESS|

Main Street Lending: Introduction to the Paycheck Protection Program (PPP)

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. One of the most notable parts of the CARES Act is the opportunity for loan forgiveness through the Paycheck Protection Program (PPP). What is it? How [...]

CARES Act, Division A – Small Business Assistance – Keeping Workers Paid and Employed Act

Small business employers have been impacted especially hard by the unprecedented fallout of the COVID-19 pandemic as many businesses have been forced to temporarily close, change their service delivery methods, and incur additional expenses or reduced revenues. As these entities now grapple with the reality of dealing with these new economic conditions, congress provided relief [...]

2020-03-28T14:02:01-05:00March 26th, 2020|COVID-19, SMALL BUSINESS|