CARES Act changes how business losses are treated
In addition to the relief offered to individuals and business owners impacted by the COVID-19 outbreak, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) also contains modifications for how business losses are treated for tax purposes. What is an NOL? Generally, a net operating loss occurs when your deductions for the year are […]
IRS extends more tax deadlines
As you know, many tax filing and payment deadlines have been extended until July 15 as a result of the COVID-19 health crisis. At the time these extensions were announced at the end of March, they covered federal individual income tax filing and payment dates, as well as first quarter estimated payments that would have been due April 15. […]
Georgia employers not charged for partial UI benefits related to COVID-19 partial claims
The Georgia Department of Labor announced this week that employers who file partial claims of unemployment insurance on behalf of employees as a result of COVID-19 will not be charged for those partial UI benefits if certain conditions are met. The GaDOL updated its guidance to state that employers will not be charged for partial […]
Coronavirus relief efforts create rich environment for fraud
Between economic impact payments, small business loans through the Paycheck Protection Program, emergency sick and leave requirements, and other coronavirus-related relief efforts, we are in a target-rich environment for fraud. Everything is moving very quickly, and individuals and business owners desperately need financial relief being offered by the government, banks, and employers. Fraudsters will take […]
What businesses need to know about the new CARES Act
The third coronavirus relief package – the Coronavirus Aid, Relief and Economic Security Act (CARES Act) – has been passed by Congress and signed by President Trump. The CARES Act contains provisions designed to help both businesses and individuals. Click here to read about the provisions affecting individuals. Below is a look at those provisions […]
What individuals need to know about the new CARES Act
The third coronavirus relief package – the Coronavirus Aid, Relief and Economic Security Act (CARES Act) – has been passed by Congress and signed by President Trump. The CARES Act contains provisions designed to help both businesses and individuals. Click here to read about the provisions affecting businesses. Below is a look at those provisions […]
Tips for keeping cash flowing in restaurants
We are aware of the significant impact the COVID-19 pandemic is having on McDonald’s owner/operators and the restaurant industry in general. McDonald’s Corp. has provided some relief with rent deferrals and suspension of major remodeling projects. There are other ways, as well, that owner/operators can manage cash flow in your restaurants while traffic is diminished […]
States offer tax filing relief in wake of COVID-19 outbreak
As the impact of the coronavirus (COVID-19) continues to spread across the country, different states’ departments of revenue are offering various forms of tax relief, from extending tax filing deadlines to deferring sales tax. Legislative activity is moving quickly and changing daily. As of March 23, 2020, 39 states, along with various municipalities, have issued […]
Beware of scammers profiting from coronavirus
As individuals, businesses, local governments and other organizations commit to social distancing measures, there are those who will seek to profit from the coronavirus pandemic. Circumstances are changing daily and the flow of information is constant, which makes it critical that you remain vigilant against various scams surrounding the COVID-19 outbreak. Below are some examples […]
Families First Coronavirus Response Act provides paid sick and family leave, employer tax credits
President Trump signed today the Families First Coronavirus Response Act (H.R. 6201) to provide affected individuals with paid sick and family leave and create tax credits for affected employers, expand food and nutrition services, allow for emergency state unemployment insurance grants, and increase Medicaid funding to states, among other things. The leave provisions go into […]