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Passed in March of 2020, the CARES Act provided relief for employers whose trade or business operations were fully or partially suspended due to impacts related to COVID-19 governmental orders
It will come as no surprise that 2020 has been named one of the most challenging years in modern history. COVID-19 swept the nation we knew, and will likely leave
On December 27, 2020, President Trump signed the most recent stimulus bill and government spending bill avoiding a government shutdown and loss of Covid-relief benefits. Last week, the Senate overwhelmingly
The Senate overwhelmingly approved the most recent stimulus bill late on December 22, 2020, just a few hours after the House voted to approve the package. The new bill is
The Small Business Administration (SBA) and Treasury added an additional FAQ (#53) to its PPP Loans Frequently Asked Questions (updated December 9, 2020) to address concerns related to potential new
The IRS recently published final regulations related to new requirements for exempt organizations to separately compute unrelated business taxable income (UBTI) for each separate business activity they conduct. Generally, nonprofit
A copy of the summary of the current bipartisan proposal for stimulus was obtained from a source through CNN. While the package still remains in flux, House Speaker Nancy Pelosi
The CARES Act, enacted in March 2020, included a provision to encourage support for charitable organizations struggling during the COVID-19 pandemic. This provision allows a $300 deduction of monetary donations
In a cooperative response to the request from the Small Business Administration (SBA) for comments on its recent release of Forms 3509 and 3510, Loan Necessity Questionnaires, (see related post)
On November 18, 2020, the Treasury Department and the Internal Revenue Service released additional guidance on the deductibility (or rather, the non-deductibility) of certain covered payroll and non-payroll expenses paid
The Coronavirus Aid, Relief and Economic Security Act (CARES Act) included a number of relief provisions intended to provide taxpayers a recess on due dates for certain items requiring cash
The Small Business Administration (SBA) recently issued a Notice providing additional details that may affect companies participating in the Paycheck Protection Program (PPP) offered in the Coronavirus Aid, Relief, and Economic
