Few businesses have been left unscathed by the novel coronavirus (COVID-19) pandemic. Unfortunately, many have been mortally wounded. Some may be living on life support thanks to financial help from the government, but their long-term survival is in doubt. That may not be inevitable, however, particularly for businesses that are proactive. Business advisors are instructing companies… Continue reading
News & Updates
CARES Act Provides 4 Possible Reasons to File an Amended Return
The $2.2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act delivers good news to individuals and businesses, including valuable tax-relief measures. Some of that tax relief is retroactive. These provisions can affect 2018 and 2019 returns that have already been filed. One retroactive provision can, in some cases, go all the way back to 2013.… Continue reading
Should You File a Business Interruption Claim for COVID-19 Losses?
With much of the country currently on lockdown due to the novel coronavirus (COVID-19) crisis, many nonessential businesses have been shuttered. As a result, millions of small business owners find themselves on the brink of financial disaster. For those with business interruption insurance policies in place, now may seem like the ideal time to submit… Continue reading
New Law Retroactively Fixes QIP Drafting Mistake
At long last, Congress passed legislation to correct a drafting error related to real estate qualified improvement property (QIP). The correction is part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which was signed into law on March 27, 2020. The correction retroactively allows real property owners to depreciate QIP faster than before.… Continue reading
Stay Afloat with Tax-Favored Coronavirus-Related Distributions
The coronavirus (COVID-19) pandemic is causing economic hardship for many people and businesses in the United States. On March 27, the $2.2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law by President Trump. A key provision of the new law allows tax-favored treatment for people who take so-called coronavirus-related distributions… Continue reading
Coronavirus Relief Provisions Webinar
See below for a video of a webinar presented by Chris A. Gabrick, Principal, SSB. Topics addressed in the webinar include the following: Families First Coronavirus Response Act Paid sick leave and expanded family and medical leave Credits available Federal and state filing and payment extensions SBA Emergency Injury Disaster Assistance Loan Coronavirus Aid, Relief… Continue reading
COVID-19 Relief: Overview of the New CARES Act
The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27, 2020. In addition to giving people access to health care treatments, the new law will provide roughly $2 trillion in much-needed financial relief to individuals, businesses, not-for-profit organizations, and state and local governments during the coronavirus (COVID-19) pandemic. Here are… Continue reading
Families First Coronavirus Response Act
The U.S. Department of Labor is requiring employers to post a notice of the Families First Coronavirus Response Act (FFCRA) regarding paid sick leave and expanded family and medical leave. This must be posted in a conspicuous area on the employer’s premises effective April 1, 2020. If an employer has employees who are working remotely,… Continue reading
Coronavirus Relief Provisions
Please click the heading above to open the article and then follow this link for a slide show of the webinar: Coronavirus Relief Provisions
CARES Act
The House of Representatives approved the Senate bill known as the Coronavirus Aid, Relief, and Economic Security (CARES) Act (“Act”). The bill provides over $2 trillion in relief for individuals and businesses. The bill is headed to President Trump who indicated he would sign the legislation immediately. Major provisions of the CARES Act are as… Continue reading
