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 […]

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

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 […]