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 […]
The coronavirus (COVID-19) pandemic has caused the value of some retirement accounts to decrease because of the stock market downturn, but if you have a traditional IRA, this downturn may provide a valuable opportunity. It may allow you to convert your traditional IRA to a Roth IRA at a lower tax cost. The key differences […]
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 […]
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 […]
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 […]
The Los Angeles Business Journal recognized Kami Cohen among the 2020 Top Minority CPAs.
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 […]
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 […]
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 […]
No one said estate planning is easy, and this is especially true if you have a “blended family.” The good news is that there are two trust types — a qualified terminable interest property (QTIP) trust and an irrevocable life insurance trust (ILIT) — that can provide for your children from a previous marriage while […]
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 […]
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 […]