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 […]
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 […]
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 […]
Two recent pieces of legislation aim to address the economic hardship that employers may be facing due to COVID-19. The Families First Coronavirus Relief Act (FFCRA), enacted on March 18, 2020, requires certain employers to pay sick or family leave wages to employees who are unable to work or telework due to certain circumstances related […]
On March 27, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law. How is this massive $2 trillion recovery package poised to help your not-for-profit organization? It depends on your group’s size, financial condition and other factors. But most nonprofits affected by the coronavirus (COVID-19) outbreak are eligible for some relief under […]
The CARES Act, signed by President Trump on March 27, provides a variety of tax and financial relief measures to help Americans during the coronavirus (COVID-19) pandemic. Below we explain some of the tax relief available for individuals in this new law. Individual cash payments Under the new law, an eligible individual will receive a […]
4/28/2020 Update: President Trump signed into law a new relief package, COVID 3.5, that includes an additional $320 billion in funding for the Paycheck Protection Program, $60 billion of which is reserved for community banks and small lenders. Learn more about COVID 3.5. The Treasury Department recently released the application form for small businesses […]
If you’ve invented something during your lifetime and had it patented, your estate includes intellectual property (IP). The same goes for any copyrighted works. These assets can hold substantial value, and, thus, must be addressed by your estate plan. However, bear in mind that these assets are generally treated differently than other types of property. […]
4/28/2020 Update: A new $484 billion relief package, COVID 3.5, includes an additional $75 billion for hospitals, $25 billion to support testing efforts, $60 billion for emergency disaster loans and grants, and $320 billion in funding for the Paycheck Protection Program (which was established in the CARES Act) – $60 billion of which is reserved […]
Whether your not-for-profit is newly deluged with demand for services or you’ve closed doors temporarily, it’s important to keep up with legislation responding to the coronavirus (COVID-19) crisis. On March 18, the Families First Coronavirus Response Act was signed into law to provide American workers affected by the pandemic with extended sick and family leave […]
Taxpayers now have more time to file their tax returns and pay any tax owed because of the coronavirus (COVID-19) pandemic. The Treasury Department and IRS announced that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020. Taxpayers can also defer making federal income tax payments, […]
Every company has faced unprecedented challenges in adjusting to life following the widespread outbreak of the coronavirus (COVID-19). Small businesses face particular difficulties in that, by definition, their resources — human, capital and otherwise — are limited. If this describes your company, one place you can look to for some assistance is the Small Business […]