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...
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...
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...
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...
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...
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...
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...
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...
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...
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...