Not-for-profit organizations have not escaped the brutal toll that the coronavirus outbreak is having on employers and service providers. With an increased demand for social services, educational organizations providing online learning, a volatile stock market impacting endowments, potentially limited working capital reserves, employees facing child care and health issues, and uncertain economic times impacting potential donors, not-for-profit organizations join other ... Keep Reading »
IRS Provides Wide-Reaching Extensions for Tax Filings and Payments, as well as Other Time-Sensitive Actions, Including Section 1031 Identification and Replacement Deadlines
April 9, 2020: The Treasury Department and the Internal Revenue Service issued Notice 2020-23, which amplified Notice 2020-18 and Notice 2020-20 and modified Rev. Proc. 2014-42 with respect to calendar year 2020, and provided additional relief, postponing certain time-sensitive actions. Generally, Notice 2020-23 provides that any person who has a federal tax return or other form filing obligation specified in the Notice that is due to be performed (originally or pursuant ... Keep Reading »
COVID-19: CARES Act and FFCRA Tax Provisions
On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which provides relief to taxpayers affected by COVID-19. The CARES Act is the third round of federal government aid related to COVID-19. The following is a summary and analysis of the tax provisions of the CARES Act (and the Families First Coronavirus Response Act (FFCRA), effective as of April 1, 2020) to assist you in determining how they may affect or ... Keep Reading »
Coronavirus-Related Retirement Plan Distributions and Loans: Helping Retirement Plan Committees Decide
Retirement plan committees are being asked whether to add the coronavirus-related retirement plan distribution and loan provisions to their retirement plans. These committees are under more pressure than usual due to the economic downturn, so in addition to this brief article that should help with the immediate decision-making, it might be worth reviewing this article about a retirement plan committee that acted prudently during a different chaotic economic ... Keep Reading »
Planning to Claim the COVID-19-Related Tax Credits
This article intends to help your payroll or finance departments prepare to take advantage of the employment tax credits provided by the Families First Coronavirus Response Act (FFCRA), signed into law on March 18, 2020. What is the credit? Philosophically speaking, the credit offsets the costs of the emergency paid sick leave and paid FMLA created by the FFCRA. Why are we getting this? The credits should help employers recoup their costs for keeping affected ... Keep Reading »
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