COVID-19 Resources

IRS Coronavirus Tax Relief

US Treasury – The CARES Act

World Health Organization

U.S. Chamber of Commerce

U.S. Small Business Administration

The Numbers of COVID-19 (Hays Companies)


Webinars

QOZ Update – COVID Disaster Declarations Make QOZ Even More Taxpayer Friendly
By Brian Dethrow


Payroll Protection Program Update – Certifications and FAQ 13
By William LeVay

Paycheck Protection Program Forgiveness
By Brian Yacker, JD/CPA


Emergency Disaster Loans
By Brian Yacker, JD/CPA

Employee Retention Credit
By David De Jong, LL.M, CPA


Tax Provisions of the CARES Act and Other Federal Tax Relief
By David S. De Jong, LL.M, CPA

*On Thursday April 9, shortly after this webinar was recorded, IRS announced additional
relief including delays until July 15, 2020 in the case of filings and payments otherwise due from April 1 until July 14 including fiscal year filers, taxpayers on extensions, second quarter estimates, nonprofit filings and estate tax returns.  IRS announced a similar extension for tax elections, Tax Court petitions and other required actions.


Paycheck Protection Program Issues and Complications
By Daniel S. Rosefelt and William LeVay

CARES Act
Paycheck Protection Program Loans Frequently Asked Questions
Paycheck Protection Program Borrower Application Form
Families First Coronavirus Response Act Summary
PPP – IFRN Final


How I’m Changing my Practice, Client Meetings, Client Planning, and more, to Address the Coronavirus
By Martin M. Shenkman, CPA, MBA, PFS, AEP, JD and Jonathan G. Blattmachr, Esq.


Member Articles

The Main Street Lending Program: The Latest COVID-19 Relief Effort
By Daniel F. Rahill, CPA, JD, LL.M., CGMA

Responding to the COVID-19 outbreak, on April 9 the Federal Reserve Board announced details on several new lending facilities created by the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), including the Main Street Lending Program. 

While the Small Business Administration’s Paycheck Protection Program (“PPP”) and Economic Injury Disaster Loan Program were aimed at smaller businesses, the Main Street Lending Program was established to purchase up to $600 billion in loans from eligible lenders to support lending to small and medium-sized businesses.

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IRS Notice 2020-32: Should Taxpayers Deduct Expenses Resulting in Loan Forgiveness under the Paycheck Protection Program Despite the Contrary Guidance of the Internal Revenue Service?
By Brandon N. Mourges and Brian J. Crepeau

On April 30, 2020, the Internal Revenue Service (“the Service”) released Notice 2020-32 (“the Notice”) regarding the deductibility of certain expenses relating to the Paycheck Protection Program(“PPP”). In particular, the Notice provides the Service’s position on the deductibility, for federal income tax purposes, of certain otherwise deductible expenses incurred in a taxpayer’s trade or business when the taxpayer receives loan forgiveness pursuant to the Paycheck Protection Program. The Notice indicates that
no deduction is allowed if the expense results in forgiveness of a covered loan under the PPP and the income associated with the forgiveness is excluded from gross income pursuant to the CARES Act.

While taxpayers should carefully review this guidance, its application should be questioned in light of its (1) likely conflict with legislative intent and existing law, (2) little weight of authority, and (3) the inequitable results that this interpretation will inevitably produce. Businesses should consult with their advisors to understand potential planning opportunities and the risks associated with taking a position contrary to this Notice.

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The CARES Act: Part Three of the COVID-19 Relief Effort
By Daniel F. Rahill, CPA, JD, LL.M., CGMA

On March 27, President Trump signed the $2 trillion CARES (Coronavirus Aid, Relief, and Economic Security) Act (H.R. 748). This is the third in a series of monumental COVID-19 relief packages, and it provides for numerous tax, grant, and loan provisions designed to provide financial aid to individuals, businesses, nonprofits, and state and local governments in an effort to address the economic fallout from the pandemic and the steps taken to contain it.

This article provides a high-level overview of those provisions most relevant to businesses and individuals contained in the Act as well as the requirements that must be met to qualify. Expect that a taxpayer receiving loans, grants, or credits under these programs will be required to document their compliance with the specified requirements.

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Coronavirus Aid – Summary of How Stimulus Package affects Small Businesses
Fournier Legal Services

This is a brief, simplified overview, designed to give you peace of mind. The actual terms, conditions, and applicability to you will depend primarily on (a) your business’ payroll and cost details and (b) the bank with which you choose to do business.

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Families First Coronavirus Response Act What Small- and Mid-sized Companies Need to Know Now
By Daniel F. Rahill, CPA, JD, LL.M., CGMA

On March 18, 2020, President Trump signed the second bipartisan stimulus package, the Families First Coronavirus Response Act. The Act provides for free testing for the novel coronavirus (COVID-19), establishes emergency paid sick leave, and expands family and medical leave. The Act also provides for several payroll tax credits for employers to subsidize the impact on small- and medium-sized businesses that have fewer than 500 employees. Note that while larger employers do not benefit from this Act, a massive, $1.6 trillion economic stimulus package is currently being negotiated between GOP and Democratic leaders.

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Tax Provisions of the Coronavirus Aid, Relief and Economic Security (CARES) Act
By David S. De Jong, LL.M, CPA

Creates a credit against 2020 taxes in the form of rebate for U.S. residents with social security numbers and not a dependent of another based on 2019 adjusted gross income (or 2018 if 2019 is unfiled) of $1,200 ($2,400 if married) plus an additional $500 per qualifying child with the maximum rebate phased out by $5 for each $100 that income exceeds $75,000 for single individuals, $112,500 for heads of household and $150,000 for married couples; the credit amount is subsequently computed on the 2020 return and the rebate is subtracted but not below zero.

Allows a deduction of up to $300 for cash charitable donations in 2020 to nonitemizers and suspends the adjusted gross income cap on cash contributions for 2020.

Creates an exclusion after date of enactment through year-end on employer repayment of student loans up to $5,250 as part of the existing employee educational assistance program.

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