Important Clarifications Regarding the Paycheck Protection Program
May 19, 2020 COVID-19
Important Clarifications Regarding the Paycheck Protection Program

By Nicholas Sanchez, J.D., LL.M. Taxation; and Kaveh Imandoust, J.D., CPA, MBT   As agencies continue to release guidance on the relief provisions contained in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), we are beginning to find answers to questions for which we previously could only speculate. In the last two weeks, […]

Recent efforts to corral COVID-19 fraudsters
May 18, 2020 COVID-19
Recent efforts to corral COVID-19 fraudsters

The novel coronavirus (COVID-19) pandemic has opened the floodgates to scam artists attempting to profit from sick, anxious and financially vulnerable Americans. On the frontlines fighting fraud are the Federal Trade Commission (FTC), U.S. Justice Department (DOJ) and other government agencies. Here are some of the fraud schemes they’re actively investigating —  and the perpetrators […]

Give employees a voice to report fraud
May 14, 2020 COVID-19
Give employees a voice to report fraud

Before the novel coronavirus (COVID-19) pandemic struck, employees who suspected occupational fraud in their organizations had multiple options for notifying their employers. For example, they could use interoffice mail to send information anonymously or meet with HR personnel in person. Reporting options for employees working from home are more limited — particularly if they wish […]

Subchapter V: A silver lining for small businesses mulling bankruptcy
May 12, 2020 COVID-19
Subchapter V: A silver lining for small businesses mulling bankruptcy

Many small businesses continue to struggle in the wake of the coronavirus (COVID-19) pandemic. Some have already closed their doors and are liquidating assets. Others, however, may have a relatively less onerous option: bankruptcy. Although bankruptcy obviously isn’t an optimal outcome for any small company, there may be a silver lining: A new bankruptcy law […]

Do you have tax questions related to COVID-19? Here are some answers.
May 8, 2020 COVID-19
Do you have tax questions related to COVID-19? Here are some answers.

The coronavirus (COVID-19) pandemic has affected many Americans’ finances. Here are some answers to questions you may have right now. My employer closed the office and I’m working from home. Can I deduct any of the related expenses? Unfortunately, no. If you’re an employee who telecommutes, there are strict rules that govern whether you can […]

FFCRA update: DOL clarifies issues related to paid leave
May 7, 2020 COVID-19
FFCRA update: DOL clarifies issues related to paid leave

The U.S. Department of Labor’s (DOL’s) Wage and Hour Division recently posted additional guidance regarding paid sick and emergency childcare leave under the Families First Coronavirus Response Act (FFCRA). Much of the guidance offers details and clarifications on the calculation of paid leave, including: How to calculate an employee’s regular rate of compensation, Whether the […]

Benchmarking: Why normalizing adjustments are essential
May 5, 2020 COVID-19
Benchmarking: Why normalizing adjustments are essential

Financial statements aren’t particularly meaningful without a relevant basis of comparison. There are two types of “benchmarks” that a company’s financials can be compared to — its own historical performance and the performance of other comparable businesses. Before you conduct a benchmarking study, however, it’s important to make normalizing adjustments to avoid any misleading comparisons. […]

The rules have changed regarding your IRAs, RMDs and estate plan
May 4, 2020 COVID-19
The rules have changed regarding your IRAs, RMDs and estate plan

Many people’s estates typically include IRAs. Be aware that two major laws, the Setting Every Community Up for Retirement Enhancement (SECURE) Act and the Coronavirus Aid, Relief, and Economic Security (CARES) Act, have had a direct effect on IRAs. In a nutshell, the CARES Act waives required minimum distribution (RMD) rules for IRAs (and certain […]

Temporary regulations address health plans and pandemic-related paid leave
May 4, 2020 COVID-19
Temporary regulations address health plans and pandemic-related paid leave

The U.S. Department of Labor issued temporary regulations implementing the emergency paid sick and family leave provided under the Families First Coronavirus Response Act (FFCRA) and the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Here are some highlights of the impact those regulations may have on group health plans. Maintenance of coverage Employers must […]

5 ways to protect remote workers – and your business – from cyber-attacks
April 30, 2020 COVID-19
5 ways to protect remote workers – and your business – from cyber-attacks

Many businesses were unprepared when the novel coronavirus (COVID-19) pandemic required them to close their physical offices and shift to remote operations. Your company, for example, may have had to scramble to set up a virtual private network (VPN) or move files to the cloud. And while adapting to working from home, employees may have […]

Adjusting your financial statements for COVID-19 tax relief measures
April 29, 2020 COVID-19
Adjusting your financial statements for COVID-19 tax relief measures

The CARES Act contains several tax-related provisions for businesses hit by the novel coronavirus (COVID-19) crisis. Those provisions will also have an impact on financial reporting. Companies that issue financial statements under U.S. Generally Accepted Accounting Principles (GAAP) are required to follow Accounting Standards Codification (ASC) Topic 740, Income Taxes. This complicated guidance requires companies to report […]

COVID 3.5 Relief Package
April 28, 2020 COVID-19
COVID 3.5 Relief Package

By Nicholas Sanchez, Partner, Tax Attorney   On Friday, April 24, 2020, President Trump signed the Paycheck Protection Program and Health Care Enhancement Act (H.R. 266, known as COVID 3.5), which provides additional funding for the Paycheck Protection Program (PPP), a relief program created under the CARES Act  previously enacted on March 27, 2020. There […]