Category Archive: COVID-19

Employees in a planning meeting

Employee Retention Credit – Available for 2020 and 2021

Have you looked into the Employee Retention Credit (“ERC”) for your business? This lucrative payroll credit is refundable and it can be surprisingly substantial. Just as a quick recap, the ERC is available for wages ...

Covid-19 Vaccine Parking

COVID-19 Vaccination Tax Credit for Small Businesses

The American Rescue Plan Act of 2021 (ARP) provides for refundable tax credits that are meant to reimburse employers for providing paid sick and family leave to their employees due to COVID-19, which includes leave ...

Apartment Building

When 15-Year Depreciation For QIP Might Be Better Than 100% Bonus Depreciation

Earlier this year, Congress finally passed legislation that corrects 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. The ...

Woman Talking on the Phone with Her Computer

The Ins And Outs Of The Easing Of Loss Limitation Rules

Abstract: To provide businesses and their owners with some relief from the financial effects of the COVID-19 crisis, the CARES Act eases the rules for claiming certain tax losses. This article provides an overview of ...

Boardroom Chairs

Questions for Audit Committees in Contemplating COVID-19 Impacts

As audit committees weigh the practical challenges of accounting, reporting and disclosing the impacts of COVID-19, the following series of questions are designed to assist audit committees in execution of their oversight roles and responsibilities ...

Discussing a Report

U.S. GAAP Accounting and Reporting Considerations for PPP Loans for Business Entities

The $349 billion Paycheck Protection Program (the “PPP”) is one of the largest provisions of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”, or the “Act”) enacted on March 27, 2020. The ...

Small Mechanic Business Owner

Relaxed Limit on Business Interest Deductions

Abstract: To provide tax relief to businesses suffering during the COVID-19 pandemic, the CARES Act temporarily relaxes the limitation on deductions for business interest expense. This article explains the rules that had gone into effect ...

Old Calculator

The Impact of COVID-19 on Accounting Operations

The COVID-19 outbreak will have a direct and lasting impact on organizations of all sizes. While the full effect of the pandemic is yet to be seen, companies of all sizes are contending with an ...

Sunrise of Crop Field

Agricultural Producers May Qualify for Assistance from Coronavirus Food Assistance Program

The Coronavirus Aid, Relief and Economic Security (“CARES”) Act, enacted March 27, 2020, includes the Coronavirus Food Assistance Program (“CFAP”), a $16 billion agricultural assistance program for agricultural producers. It is designed to help offset ...

COVID-19 Impacts on Going Concern Assessments

Introduction to COVID-19 Impacts COVID-19 is a new and evolving crisis, which has been labelled a pandemic by many countries and institutions, including the World Health Organization. The full impact of COVID-19 is yet to ...

Tax Implications and Incentives for Physician Practices During COVID-19

The rapidly-changing regulatory environment and what this means for physician practices   COVID-19 has changed the way physicians practice medicine. The CARES Act has put forth many provisions for healthcare practitioners to survive. The Trump ...

What the SBA PPP Means For Energy and Natural Resources

On March 27, President Trump signed the Coronavirus Aid, Relief and Economic Security Act (CARES Act), a $2 trillion stimulus package intended to help mitigate the economic impact felt by businesses and individuals from the ...