There’s More to the CARES Act than the Paycheck Protection Program
April 27, 2020 COVID-19
There’s More to the CARES Act than the Paycheck Protection Program

by Michael Kaplan | On Friday, April 24, 2020, President Trump signed into law a $484 billion relief package that authorizes the Paycheck Protection Program (PPP) to spend an additional $310 billion; however, based on the number of applications that have already been submitted, experts suspect these new funds will run out just as quickly […]

Your legacy: Charitable giving is vital during the COVID-19 crisis
April 24, 2020 COVID-19
Your legacy: Charitable giving is vital during the COVID-19 crisis

The novel coronavirus (COVID-19) pandemic and the resulting economic fallout is dealing a crushing blow to charitable organizations. Indeed, during a time when food banks, disaster relief and other nonprofit services are needed most by the public, their funding is suffering due to cancelled fundraising events and other factors. If philanthropy is an important part […]

Answers to questions you may have about Economic Impact Payments
April 21, 2020 COVID-19
Answers to questions you may have about Economic Impact Payments

Millions of eligible Americans have already received their Economic Impact Payments (EIPs or stimulus) via direct deposit or paper checks, according to the IRS. Others are still waiting. The payments are part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Here are some answers to questions you may have about EIPs. Who’s eligible […]

What are the key distinctions between layoffs and furloughs?
April 21, 2020 COVID-19
What are the key distinctions between layoffs and furloughs?

As businesses across the country grapple with the economic fallout from the novel coronavirus (COVID-19) pandemic, many must decide whether to downsize their workforces to lower payroll costs and stabilize cash flow. If your company is contemplating such a move, you’ll likely want to consider the choice within the choice: that is, should you lay […]

Questions to ask when making COVID-19 risk disclosures
April 17, 2020 COVID-19
Questions to ask when making COVID-19 risk disclosures

Efforts to contain the spread of the novel coronavirus (COVID-19) have led to suspension of many economic activities, putting unprecedented strain on businesses. The Securities and Exchange Commission (SEC) recently issued guidance to help public companies provide investors and other stakeholders with useful, accurate financial statement disclosures in today’s uncertain marketplace. New disclosure guidance On […]

Fake COVID-19 treatments and other new fraud schemes
April 17, 2020 COVID-19
Fake COVID-19 treatments and other new fraud schemes

Like the coronavirus (COVID-19) pathogen itself, incidents of COVID-19 fraud are surging and financial losses are piling up. The Federal Trade Commission (FTC) reports that the number of 2020 COVID-19-related complaints doubled in just one recent week. As of March 31, losses attributed to the outbreak stood at $5.9 million. Here are some of the […]

Seniors face a double threat with COVID-19
April 14, 2020 COVID-19
Seniors face a double threat with COVID-19

The coronavirus (COVID-19) pandemic may pose a double whammy for seniors. The elderly are considered the most vulnerable population for medical complications associated with the virus. They’re also prime targets for COVID-19 scams. If you’re a senior — or have elderly relatives and friends — read and share the following information. Everyone a potential victim […]

IRS announces more relief and details
April 14, 2020 COVID-19
IRS announces more relief and details

In the midst of the coronavirus (COVID-19) pandemic, Americans are focusing on their health and financial well-being. To help with the impact facing many people, the government has provided a range of relief. Here are some new announcements made by the IRS. More deadlines extended As you probably know, the IRS postponed the due dates […]

Review your estate plan in the midst of a major life shock
April 10, 2020 COVID-19
Review your estate plan in the midst of a major life shock

Generally, it’s recommended that you review your estate plan at year’s end. It’s a good time to check whether any life events have taken place in the past 12 months or so that affect your plan. However, with a life shock as monumental as the coronavirus (COVID-19) pandemic, now is a good time to review […]

How the CARES Act affects employer-sponsored benefits
April 10, 2020 COVID-19
How the CARES Act affects employer-sponsored benefits

By now, most employers have presumably read up on the basic tax relief and financial assistance aspects of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. What you may not have heard much about is how the law affects employer-sponsored benefit plans. Here are some highlights of its impact: Coverage mandates. Under the Families First […]

CARES Act changes retirement plan and charitable contribution rules
April 9, 2020 COVID-19
CARES Act changes retirement plan and charitable contribution rules

As we all try to keep ourselves, our loved ones, and our communities safe from the COVID-19 pandemic, you may be wondering about some of the recent tax changes that are part of the CARES Act. This new law contains a variety of relief, notably the economic impact (or stimulus) payments that will be made […]

The gift tax filing and payment deadlines have been extended
April 8, 2020 COVID-19
The gift tax filing and payment deadlines have been extended

You may have heard that the federal income tax filing and payment deadline has been extended from April 15, 2020, to July 15, 2020, to provide relief for taxpayers adversely affected by the coronavirus (COVID-19) pandemic. What you may have missed is that the U.S. Treasury Department also extended the April 15, 2020, federal gift […]