Sweeney Conrad Principal, Bea Nahon, was recently honored by the Washington Society of CPAs with the 2020 CEO Award for Leadership and Dedication to the WSCPA and the accounting profession in Washington State. This prestigious award recognizes an individual (or organization) who has made a significant contribution to the success of the profession.
As post-COVID recovery efforts gain momentum, many businesses are taking a fresh look at some federal stimulus and tax relief programs they had not previously considered. One such program, the employee retention credit contained in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, could be especially useful in helping companies bring back furloughed or laid-off employees.
The IRS recently announced expanded required minimum distribution (RMD) relief under the CARES (Coronavirus Aid, Relief, and Economic Security) Act. Here is what has changed for investors:
President Trump is expected to sign the Paycheck Protection Program Flexibility Act which has been approved by congress. The Act will provide relief to business owners by allowing for more flexibility and extended deadlines for Paycheck Protection Program (PPP) loan money.
Today, May 13th, the Treasury released FAQ #46, which provides that any borrower where they, together with affiliates, received Paycheck Protection Program (PPP) loans of less than $2 million are deemed to have met the economic uncertainty test. This decision comes on the heels of extensive discussion regarding how businesses that received PPP loans could verify that, due to economic uncertainty, they needed the funds to support their ongoing operations.
On April 24, the President signed the Paycheck Protection Program and Health Care Enhancement Act, providing $310 billion in additional funding for the Paycheck Protection Program (PPP), $10 billion for the Economic Injury Disaster Loan program (EIDL), as well as funding for other critical healthcare needs.
The Paycheck Protection Program (PPP) was created as part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to provide cash to businesses impacted by the COVID-19 pandemic. These funds can be used to pay employees, along with other expenses such as health insurance premiums, rent or mortgage payments, and utilities. Loans under the PPP will be 100% guaranteed by U.S. Small Business Administration (SBA), and the full amount of the loans and any accrued interest may qualify for loan forgiveness.
The IRS recently announced special Federal income tax return filing and payment relief in response to the COVID-19 pandemic. According to the IRS, these are some of the most common questions taxpayers are asking in regards to these recent changes.*
Last week, President Trump signed the Families First Coronavirus Response Act, to provide relief for families amidst the global COVID-19 outbreak. The Act will be effective on April 2nd and as an employer, there are things you should consider for business planning and compliance in this evolving situation.