Need another PPP loan for your small business? Here are the new rules
January 14, 2021 COVID-19
Need another PPP loan for your small business? Here are the new rules

Congress recently passed, and President Trump signed, a new law providing additional relief for businesses and individuals during the COVID-19 pandemic. One item of interest for small business owners in the Consolidated Appropriations Act (CAA) is the opportunity to take out a second loan under the Paycheck Protection Program (PPP). The basics The CAA permits […]

Preventing surprise billing under the new COVID-19 relief act
January 12, 2021 COVID-19
Preventing surprise billing under the new COVID-19 relief act

By now you’ve likely heard and read much about the Consolidated Appropriations Act (CAA). Among its primary purposes, of course, is to provide much-needed relief to individuals and businesses still struggling during the COVID-19 pandemic. A couple of the law’s most talked-about features are stimulus payments to individuals and expansion of the Paycheck Protection Program […]

The COVID-19 relief law: What’s in it for you?
January 12, 2021 COVID-19
The COVID-19 relief law: What’s in it for you?

The new COVID-19 relief law that was signed on December 27, 2020, contains a multitude of provisions that may affect you. Here are some of the highlights of the Consolidated Appropriations Act, which also contains two other laws: the COVID-related Tax Relief Act (COVIDTRA) and the Taxpayer Certainty and Disaster Tax Relief Act (TCDTR). Direct […]

The Coronavirus Response and Relief Supplemental Appropriations Act Heralds Many Tax Changes
December 28, 2020 COVID-19
The Coronavirus Response and Relief Supplemental Appropriations Act Heralds Many Tax Changes

By Nicholas Sanchez, J.D., LL.M. Taxation   Sunday night, December 27, 2020, President Trump signed the Consolidated Appropriations Act, 2021, H.R. 133, Division M of which includes the Coronavirus Response and Relief Supplemental Appropriations Act, 2021 (“CRRSAA” or “the Act”). The Act contains many tax provisions, one of the most anticipated being clarification on the […]

IRS releases final instructions for payroll tax form related to COVID-19 relief
December 8, 2020 COVID-19
IRS releases final instructions for payroll tax form related to COVID-19 relief

In response to the COVID-19 pandemic, the federal government enacted legislation that includes deferral of the employer’s portion of Social Security tax. The IRS then significantly revised Form 941-X, “Adjusted Employer’s Quarterly Federal Tax Return or Claim for Refund,” to allow for adjustments and corrections to COVID-19 tax relief on previously filed Forms 941. The IRS recently released the […]

Agencies issue final regs addressing a COVID-19 vaccine and more
November 19, 2020 COVID-19
Agencies issue final regs addressing a COVID-19 vaccine and more

The IRS, U.S. Department of Labor and Department of Health and Human Services recently issued interim final regulations addressing group health plan coverage of COVID-19 preventive services — including vaccinations — and testing. The regulations are effective immediately and will sunset at the end of the COVID-19 public health emergency. Qualifying preventive services The regulations […]

Can employers provide disaster relief for COVID-19?
October 16, 2020 COVID-19
Can employers provide disaster relief for COVID-19?

Many employees have suffered financial hardships because of the COVID-19 pandemic. In response, some employers may consider offering financial assistance as a fringe benefit. A common question that arises regarding such an idea is: Does the Internal Revenue Code allow disaster relief payments to be made on a tax-advantaged basis specifically in relation to COVID-19? […]

More time: FASB delays long-term insurance standard … again
October 9, 2020 COVID-19
More time: FASB delays long-term insurance standard … again

On September 30, the Financial Accounting Standards Board (FASB) finalized a rule to defer the effective date of the updated long-term insurance standard for a second time. The deferral will give insurers more time to properly implement the changes amid the COVID-19 pandemic. Need for change After 12 years of work, the FASB issued Accounting Standards Update […]

Extended benefit claims and appeals periods during COVID-19
October 6, 2020 COVID-19
Extended benefit claims and appeals periods during COVID-19

In response to the COVID-19 pandemic, federal agencies have extended certain claims and appeals periods for employee pension benefits plans subject to the Employee Retirement Income Security Act (ERISA). The relief also applies to qualifying group health plans, as well as eligible disability plans and other employee welfare benefit plans. The extension permits the “outbreak […]

DOL revises rules on paid sick and family leave related to COVID-19
September 29, 2020 COVID-19
DOL revises rules on paid sick and family leave related to COVID-19

In August, a federal trial court invalidated several provisions of the U.S. Department of Labor’s (DOL’s) temporary regulations that implemented the paid leave provisions of the Families First Coronavirus Response Act (FFCRA). By way of a response, the DOL’s Wage and Hour Division recently issued revised temporary regulations and updated its related FAQs. The revised […]

COVID-19 testing, diagnostics not minimum essential coverage
September 24, 2020 COVID-19
COVID-19 testing, diagnostics not minimum essential coverage

In Notice 2020-66, the IRS recently determined that Medicaid coverage limited to COVID-19 testing and diagnostic services isn’t minimum essential coverage under a government-sponsored program. Thus, an individual’s eligibility for this coverage for one or more months doesn’t prevent those months from qualifying as coverage months for purposes of determining eligibility for the premium tax credit […]

How to report COVID-19-related debt restructuring
September 22, 2020 COVID-19
How to report COVID-19-related debt restructuring

Today, many banks are working with struggling borrowers on loan modifications. Recent guidance from the Financial Accounting Standards Board (FASB) confirms that short-term modifications due to the COVID-19 pandemic won’t be subject to the complex accounting rules for troubled debt restructurings (TDRs). Here are the details. Accounting for TDRs Under Accounting Standards Codification (ASC) Topic 310-40, Receivables […]