Beyond the Headlines

Join us on the regular as we go in-depth on business and accounting issues. We promise it will be more exciting than it sounds.

    Unemployment Insurance Benefits – Frequently Asked Quest...

    Published 04/23/2020

    What changes have been made to Unemployment Insurance (UI) under the CARES Act/Pandemic Unemployment Assistance (PUA)? Beginning the week of March 29, 2020, UI recipients will be eligible for an additional payment of $600 through July 31,...

    COVID–19 – Impairment Considerations (Goodwill, In...

    Published 04/15/2020

    The COVID-19 outbreak has presented many financial and reporting challenges for Companies as they deal with reduced operations or even a complete shut-down during this pandemic. One of these financial reporting challenges will be performing...

    How Strategic Financial Advisory Services Can Help Your Co...

    Published 04/13/2020

    The coronavirus pandemic has impacted businesses unlike anything we have experienced before, leaving businesses scrambling and fearing for the future of their business. This situation has changed the way we work and has changed  future...

    IRS Extends More Tax Deadlines

    Published 04/13/2020

    On April 9, 2020 the Internal Revenue Service (IRS) issued Notice 2020-23 (link below).  This notice extends additional key tax deadlines for individuals and businesses. Last month, the IRS announced that taxpayers generally have until July...

    BBA Partnerships Can Amend Returns for CARES Benefits

    Published 04/13/2020

    This week the Internal Revenue Service (IRS) issued Revenue Procedure 2020-23 (link below), which will enable all partnerships to file amended returns for tax years that begin in 2018 or 2019.  This will allow partners to immediately get...

    CARES Act Guidance to Taxpayers with Net Operating Losses

    Published 04/13/2020

    On April 9, 2020 the IRS issued guidance providing tax relief under the Coronavirus Aid, Relief, and Economic Security (CARES) Act for taxpayers with net operating losses. Revenue Procedure 2020-24 (link below) provides guidance to taxpayers...

    COVID Update on Layoffs, Furloughs, & Terminations

    Published 04/13/2020

    Employers are faced with making tough business decisions in order to maintain operations during the COVID-19 pandemic.  Layoffs, furloughs and terminations are being considered as options to cut back on costs by reducing payroll expenses....

    Guidance on Deferral of Payroll Tax Deposits

    Published 04/12/2020

    The Coronavirus, Aid, Relief and Economic Security Act (CARES Act) allows employers to defer the deposit and payment of the employer’s share of social security taxes and self-employed individuals to defer payment of certain...

    Federal Reserve Announces $600 billion Main Street Loan Pr...

    Published 04/10/2020

    May 1, 2020 Update: On April 30, the Federal Reserve Board of Governors (FRB) announced changes to the Main Street Lending Program, which was previously announced on April 9. In the announcement, the FRB expanded the scope of the program,...

    Coronavirus Tax Relief for Individual Taxpayers

    Published 04/10/2020

    Filing and Payment Deadlines Federal and state income tax filings and payments due April 15, 2020, have been automatically postponed to July 15, 2020. Note that the second quarter estimated tax payments for 2020 are still due JUNE 15, 2020....

    COVID-19 State Filing Relief Matrix

    Published 04/09/2020

    Updated 4/20/2020   In response to the coronavirus pandemic, the Treasury Department and the Internal Revenue Service announced new Federal income tax return filing and payment for relief. The following table provides a listing of...

    CARES Act – Income Tax Accounting Considerations

    Published 04/07/2020

    The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27, 2020, providing funding to fight the COVID-19 pandemic and stimulate the US economy. The funding assistance includes tax relief and government...

    How to Make Sense of the SBA Loan Opportunities

    Published 04/01/2020

    Currently, virtually every business is looking for ways to ease the financial burden the COVID-19 pandemic has caused to their business.  In answer to this overwhelming economic and financial crisis, Congress and the SBA have initiated two...

    CARES Act and its impact on Retirement Plans

    Published 03/31/2020

    The CARES Act, recently signed into law, includes several key provisions that impact retirement plan participants and plan sponsors. The following FAQs highlight some of the key relief measures. Defined Contribution Plans Does the CARES Act...

    SBA 7A “Paycheck Protection Loans” and Economic Injury...

    Published 03/27/2020

    April 24, 2020 Update: On April 24, 2020 the SBA clarified some issues that were outstanding form the original bill and subsequent guidance. Hedge Funds and Private Equity Firms The guidance clarified that Hedge funds and private equity...

    CARES Act Summary and Federal Tax Changes

    Published 03/27/2020

    Updates made to this article on April 6, 2020 are shown as highlighted text.   On March 27, 2020 President Trump signed into law the third coronavirus relief bill, the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act....

    Coronavirus Aid, Relief and Economic Security (CARES) Act ...

    Published 03/27/2020

    On March 27, 2020, the House of Representatives approved the third coronavirus relief bill, and is now headed to President Donald Trump for his signature. The CARES Act focuses on providing funds for distressed small businesses and laid-off...