New COVID-19 law makes favorable changes to “qualified improvement property”
The law providing relief due to the coronavirus (COVID-19) pandemic contains a beneficial change in the tax rules for many improvements to interior parts of nonresidential buildings. This is referred to as qualified improvement property (QIP). You may recall that under the Tax Cuts and Jobs Act (TCJA), any QIP placed in service after December […]
Relief from not making employment tax deposits due to COVID-19 tax credits
The IRS has issued guidance providing relief from failure to make employment tax deposits for employers that are entitled to the refundable tax credits provided under two laws passed in response to the coronavirus (COVID-19) pandemic. The two laws are the Families First Coronavirus Response Act, which was signed on March 18, 2020, and the […]
Just launched: The SBA’s Paycheck Protection Program
To stem the tide of joblessness caused by the coronavirus (COVID-19) outbreak, the Small Business Administration (SBA) has officially launched the Paycheck Protection Program (PPP). The program’s stated objective is “to provide a direct incentive for small businesses to keep their workers on the payroll.” What does the program offer? The PPP was authorized under […]
The new COVID-19 law provides businesses with more relief
On March 27, another coronavirus (COVID-19) related bill was signed into law, which provides extensive relief for businesses and employers. Here are some of the tax-related provisions in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Employee retention credit The new law provides a refundable payroll tax credit for 50% of wages paid […]
CARES Act – BUSINESS LOANS AVAILABLE – Covid-19
As you probably know, Congress passed, and President Trump signed into law on March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act” or “Act”). Despite just being passed, the CARES Act has been in the public eye for the past couple of weeks and has been referred to as “Phase III” […]
COVID-19 Business Resource Developments
Legal developments are extremely fluid as Congress, attorneys, and business clients all grapple with the various issues being presented. This article discusses updates on the Families First Coronavirus Response Act, unemployment compensation, and the Worker Adjustment and Retraining Notice Act (“WARN”) that potentially need to be considered by our clients. More Guidance for Employers about […]
SBA offering loans to small businesses hit hard by COVID-19
Every company has faced unprecedented challenges in adjusting to life following the widespread outbreak of the coronavirus (COVID-19). Small businesses face particular difficulties in that, by definition, their resources — human, capital and otherwise — are limited. If this describes your company, one place you can look to for some assistance is the Small Business […]
Coronavirus (COVID-19): Tax relief for small businesses
Businesses across the country are being affected by the coronavirus (COVID-19). Fortunately, Congress recently passed a law that provides at least some relief. In a separate development, the IRS has issued guidance allowing taxpayers to defer any amount of federal income tax payments due on April 15, 2020, until July 15, 2020, without penalties or […]
Financial Assistance Resources for Businesses Affected by COVID-19
Throughout the last few weeks, we have heard business owners express frustrations and concerns about access to coronavirus information and resources. To further assist our clients’ business and legal needs, we intend to provide periodic updates that should guide clients’ needs while attempting to navigate the current business and legal minefield that is growing more […]
Determine a reasonable salary for a corporate business owner
If you’re the owner of an incorporated business, you probably know that there’s a tax advantage to taking money out of a C corporation as compensation rather than as dividends. The reason is simple. A corporation can deduct the salaries and bonuses that it pays executives, but not its dividend payments. Therefore, if funds are […]
