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Cost-Savings Strategies Amid COVID-19 – Keep Benefit Plans Top of Mind
Posted by Chrissy Hammond on Wed, Apr 29, 2020 @ 08:00 AM

While some businesses, depending on location and industry, are turning their focus to reopening, it is still (and always will be) important to consider benefit plan cost-savings strategies. These can be particularly important now as COVID-19’s continue to evolve rapidly.

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Topics: ACA, COVID19, Coronavirus, CARES Act, Coronavirus Aid, Relief, and Economic Security Act

Key Questions and Answers about Income Tax Accounting Considerations for the CARES Act
Posted by Chrissy Hammond on Mon, Apr 27, 2020 @ 12:36 PM

On March 27, 2020 President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Some portions of the CARES Act will affect the accounting for income taxes, however some items will not. For example, if a company applies for a small business loan to be used to fund payroll for employees, this loan, and the subsequent forgiveness of the loan may be accounted for as a government grant and do not have an impact on the income tax accounting.

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Topics: income tax accounting, NOLs, COVID19, Coronavirus, CARES Act, Coronavirus Aid, Relief, and Economic Security Act, alternative minimum tax

4 COVID-19 Repercussions Experienced by Financial Professionals
Posted by Chrissy Hammond on Mon, Apr 27, 2020 @ 08:45 AM

One of the most challenging aspects to the COVID-19 pandemic involves the speed at which the virus spread. There was no time for long-term strategic planning, as travel restrictions and shelter in place orders rolled out and social distancing measures were implemented across the world to slow coronavirus transmission. This rapid pace created unparalleled uncertainty across all sectors, as organizations rushed to protect their workforce and navigate the new day-to-day operational considerations.

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Topics: COVID19, Coronavirus, CARES Act, Coronavirus Aid, Relief, and Economic Security Act

Reopening Your Business After the COVID-19 Shutdown
Posted by Chrissy Hammond on Thu, Apr 23, 2020 @ 06:26 PM

As COVID-19 continues to have an unprecedented effect on daily life, many business owners are looking forward to a return to normalcy. However, even when stay-at-home orders are lifted and nonessential businesses are allowed to resume operations, there’s a lot for organizations to consider before they reopen. Many of these considerations are workplace specific and could be more involved, depending on the industry you operate in.

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Topics: COVID19, Coronavirus, CARES Act, Coronavirus Aid, Relief, and Economic Security Act, OSHA, risk assessment

CARES Act Part Deux: New Funding and Additional Guidance
Posted by Chrissy Hammond on Tue, Apr 21, 2020 @ 05:07 PM

The CARES Act allocated $349 billion in funding for small business loans under the Small Business Administration’s 7(a) Paycheck Protection Program (PPP). As of Thursday April 16, this funding ran dry. It took less than two weeks from the April 3 rollout of the SBA loan program for this to occur, with total loans averaging $29 billion per day. Critical guidance that clarified the manner in which self-employed individuals request PPP loans emerged only three days prior to the funding depletion. Fortunately, Congress appears to be on the verge of replenishing funds available for PPP loans, so eligible business concerns should continue preparations to take advantage of this loan program.

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Topics: COVID19, Coronavirus, Families First Coronavirus Response Act, CARES Act, Coronavirus Aid, Relief, and Economic Security Act, Paycheck Protection Program, PPP

3 Reasons Why Now is the Time to Rethink Estate Planning
Posted by Elizabeth Lindsay-Ochoa on Tue, Apr 21, 2020 @ 03:24 PM

Even before the COVID-19 pandemic upended everyone’s plans for the year, 2020 looked like a good time to revisit estate plans. A federal election on the horizon brings the potential to change some of the estate tax reforms made by the law commonly known as the Tax Cuts and Job Acts (TCJA).

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Topics: estate planning, Elizabeth Lindsay-Ochoa, COVID19, Coronavirus, CARES Act, Coronavirus Aid, Relief, and Economic Security Act

Coronavirus & Contracts: Does COVID-19 Qualify as a Force Majeure Event?
Posted by Chrissy Hammond on Mon, Apr 20, 2020 @ 05:17 PM

The COVID-19 pandemic has caused organizations to experience disruptions to their normal course of business – mandatory remote work, business closures, travel restrictions and breakdowns in the supply chain. The issues caused by the pandemic have raised an important question for many businesses: Does COVID-19 qualify as a “force majeure” event for purposes of business contracts?

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Topics: COVID19, Coronavirus, Force Majeure

5 Pressing Tax and Benefits Considerations for Employers
Posted by Chrissy Hammond on Mon, Apr 20, 2020 @ 03:36 PM

The rapid pace at which the COVID-19 virus spread upended 2020 strategies and left organizations of all types and sizes reeling. Disruptions to supply chains and within a workforce left many with difficult decisions on how to minimize the financial damage of the pandemic. Federal leadership recognize that organizations top expense is on personnel. The coronavirus stimulus legislation contained provisions that encourage employers to maintain their headcount. The following are five tax and employee benefits provisions worthy of timely consideration.

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Topics: COVID19, Coronavirus, Families First Coronavirus Response Act, CARES Act, Coronavirus Aid, Relief, and Economic Security Act, Employee Retention Credits, Student Loan Assistance

COVID-19’s Impact on Directors & Officers Liability
Posted by Chrissy Hammond on Mon, Apr 20, 2020 @ 02:02 PM

COVID-19’s impact on the economy and business operations continues to deepen. Many companies may be asked additional questions by their insurance underwriters, and increased Directors & Officers (D&O) litigation relating to the outbreak is expected. Claims could be filed alleging that D&Os were negligent in their actions or inactions related to COVID-19. In fact, the first lawsuits were filed in March, both securities class action suits – one against a pharmaceutical company and one against a cruise line.

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Topics: D&O Insurance, Directors & Officers Insurance, COVID19, Coronavirus, CARES Act

Income Tax Accounting Repercussions for Public Companies
Posted by Brad Jolie and Kevin Eagan on Fri, Apr 17, 2020 @ 02:48 PM

The $2.2 trillion economic stimulus package, the Coronavirus Aid, Relief, and Economic Security (CARES) Act includes many tax and non-tax provisions to assist individuals, businesses, and the unemployed. Tax changes in the CARES Act and other tax law changes that have come about to offset the economic impact of the COVID-19 pandemic create many potential issues to consider with accounting, from going concern evaluations to financial statement disclosures. For public companies with quarterly financial filings to prepare, there will be a number of income tax accounting implications that will need to be addressed now.

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Topics: tax, public company, Taxes, Brad Jolie, COVID-19, CARES Act, Coronavirus Aid, Relief, and Economic Security Act, SEC, Kevin Eagan, Public Companies

CARES Act International Tax Impacts Involve Changes to NOLs and Business Interest
Posted by Chrissy Hammond on Fri, Apr 17, 2020 @ 01:48 PM

Multinational businesses face unique complexities as a result of certain features under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The CARES Act was signed into law March 27, and includes temporary federal income tax relief measures for businesses such as net operating loss (NOL) carryback deductions and enhanced deductions for business interest. These temporary measures could impact significantly the amount of Global Intangible Low Taxed Income (GILTI), Foreign Derived Intangible Income (FDII), and Base Erosion Anti-abuse (BEAT) Tax that an international business must recognize.

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Topics: NOLs, international tax, GILTI, COVID19, Coronavirus, Business interest, BEAT, FDII

Paycheck Protection Program and Economic Injury Disaster Loan Funding Depleted
Posted by Chrissy Hammond on Fri, Apr 17, 2020 @ 08:07 AM

The Small Business Administration (SBA) announced on April 15 that it is unable to accept new applications for the Paycheck Protection Program or the Economic Injury Disaster Loan Program because its appropriations have run out.

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Topics: COVID19, Coronavirus, CARES Act, Economic Injury Disaster Loan Funding, Paycheck Protection Program

Accounting for the Impact of COVID-19: How the Coronavirus Affects Going Concern Evaluations
Posted by Chrissy Hammond on Wed, Apr 15, 2020 @ 11:09 AM

The COVID-19 pandemic has resulted in one of the most rapid changes to the current economic environment the world has ever experienced. Restrictions on travel abroad as well as stay-at-home orders from a significant number of states and local jurisdictions within the United States have been implemented to reduce the spread of the virus. These restrictions are also affecting the business operations of entities throughout the country. The significant volatility in the stock market provides a frequent visual depiction of the rapidly changing future expectations for public companies as well as their privately owned peers.

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Topics: going concern, Financial Statement, COVID19, Coronavirus, financial statement preparation

COVID-19: Remote Workers Bring a New Set of Tax Challenges
Posted by Tarra Curran and Ann Brown on Tue, Apr 14, 2020 @ 05:23 PM

As more states are extending their COVID-19 shelter-at-home orders into the summer months, businesses may be operating remotely longer. The logistics of allowing employees to work from home can be difficult, given the increased demand on IT infrastructures alone, but complying with state and local tax laws will also be a challenge.

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Topics: state and local tax (SALT), new england state and local tax, Ann Brown, COVID19, Coronavirus, COVID-19, remote work

Impairment and the Impact of COVID-19: Is There a Triggering Event?
Posted by David Lewin on Tue, Apr 14, 2020 @ 05:02 PM

During the first quarter of 2020, the economic decline caused by the COVID-19 pandemic has raised many questions about the fair value of a variety of assets held in a broad range of industries and companies. This has been demonstrated by the significant declines in public share prices by many public companies as well as the declines noted in the broader stock market indices.

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Topics: goodwill impairment, impairment testing, public company, David Lewin, ASC Topic 606, Coronavirus, COVID-19

New Main Street Lending Program Boosts Business Owners
Posted by Chrissy Hammond on Tue, Apr 14, 2020 @ 10:58 AM

On Thursday, April 9, 2020, the Federal Reserve announced additional financing solutions up to $2.3 trillion in loans to support organizations, banks as well as state and local governments. One solution in particular, the Main Street Lending Program will ensure that financial credit continues to be a source for small and mid-sized organizations.

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Topics: COVID19, Coronavirus, CARES Act, Coronavirus Aid, Relief, and Economic Security Act, main street business lending program, MSNLF, Main Street Lending Program

IRS Suspends Processing for Paper Filed Returns, Postpones More Deadlines
Posted by Chrissy Hammond on Mon, Apr 13, 2020 @ 01:53 PM

The IRS announced on April 9 that it suspended processing all paper filed individual tax returns until further notice, and that its ability to process all other paper filed returns is “extremely limited.” This news comes shortly after reports surfaced that the IRS temporarily shuttered several offices at its national processing campus in Ogden, UT on April 8 as a result of a stay-at-home order resulting from the state’s response to the COVID-19 pandemic. The IRS also announced on April 9 that it postponed to July 15, 2020 the due date for the remainder of practically all other federal tax forms and “time sensitive actions” that it had not previously postponed. Delays in the processing of paper filed returns might also delay refunds related to recent tax changes enacted by the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

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Topics: IRS, IRS Updates, COVID19, Coronavirus, tax day

Documentation for a Possible COVID-19 Business Interruption Claim
Posted by Liz Cazeault on Mon, Apr 13, 2020 @ 10:36 AM

The new coronavirus (COVID-19) outbreak continues to be a top-of-mind concern for organizations and individuals across the globe. As COVID-19 becomes increasingly widespread, it’s not only raising fears about the well-being of the general public, but it’s also disrupting business operations and creating insurance exposures.

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Topics: COVID-19

Down Main Street: Overview of the New Main Street Lending Program
Posted by Chrissy Hammond on Thu, Apr 9, 2020 @ 02:03 PM

On Thursday, April 9, 2020 the United States Treasury pursuant to Section 13(3) of the Federal Reserve Act approved the establishment of a Main Street Business Lending Program and a Municipal Liquidity Facility to support the flow of credit to American workers, businesses, states, counties, and cities impacted by the coronavirus pandemic.

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Topics: COVID19, Coronavirus, CARES Act, Coronavirus Aid, Relief, and Economic Security Act, main street business lending program

4 Income Tax Changes in the CARES Act Worth a Second Look
Posted by Chrissy Hammond on Thu, Apr 9, 2020 @ 12:01 PM

Among its many other disaster relief and support measures, the Coronavirus Aid, Relief, and Economic Security (CARES) Act made several beneficial income tax changes. It addresses a long simmering problem from the 2017 tax reform law commonly known as the Tax Cuts and Jobs Act (TCJA), and also temporarily reverses course on some of the TCJA’s other tax changes. These tax law change creates opportunities for income tax refunds and/or reduced income tax liabilities. Below are four of the most significant provisions your organization should evaluate in short order.

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Topics: NOLs, COVID19, Coronavirus, Net Operating Loss Carrybacks, Retail Glitch Fix

FASB Votes to Delay Leasing Standard Amid Coronavirus Concerns
Posted by Chrissy Hammond on Wed, Apr 8, 2020 @ 03:15 PM

Private companies and not-for-profit organizations are expected to have an additional year to adopt the changes to lease accounting in ASC Topic 842, Leases. The Financial Accounting Standards Board (FASB) voted April 8 on a proposal to further push out the effective date of the accounting changes to give non-public business entities and not-for-profit entities, including those that are conduit debt obligors, more time to work through the fallout from the COVID-19 pandemic and its related impacts.

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Topics: asc topic 842, Leases, COVID19, Coronavirus

How to Prepare for COVID-19 Construction Delays
Posted by Mark McCarthy on Tue, Apr 7, 2020 @ 02:15 PM

Without question, construction projects will be delayed as cities and states across the U.S. implement restrictions to prevent the spread of the COVID-19 virus. The construction sector generally gets a greenlight to operate as usual because it is broadly considered to be an essential service, but output may be affected as contractors do what they can to minimize the COVID-19 virus risk among their workforce. Cities like Boston have also specifically asked that construction projects stop to contain the potential spread of the COVID-19 virus.

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Topics: Mark McCarthy, Construction Cost Review, COVID19, Coronavirus

Improving Cyber Safety in Remote Work Scenarios
Posted by Ray Gandy on Mon, Apr 6, 2020 @ 03:27 PM

For any company, shifting employees to a fully or partially remote working environment is a challenge.  Amidst all the turmoil, ensuring the safety and security of employees, business operations, and data is a top priority. Here are some suggestions on how to keep information and employees safe and secure while working remotely.

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Topics: cybersecurity, cyber attacks, Ray Gandy, cyber security, COVID19, Coronavirus, cybercriminals

10 Considerations for Your Response to COVID-19
Posted by Chrissy Hammond on Mon, Apr 6, 2020 @ 10:19 AM

Turbulence in financial markets has further compounded as business operations encounter interruptions from the COVID-19 virus. While monitoring for the long-term financial ramifications from the pandemic, leaders also face challenges with day-to-day functions like managing employee headcount and ensuring their remote workforce can securely access company systems. The following considerations may help ensure your organization is responsive to the uncertainty caused by the COVID-19 pandemic.

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Topics: COVID19, Coronavirus, cash flow, supply chain

Payment Relief for Personal Income and Corporate Excise Taxpayers Impacted by Coronavirus in Massachusetts
Posted by Tarra Curran and Ann Brown on Fri, Apr 3, 2020 @ 04:01 PM

On April 3, the Massachusetts Department of Revenue (“DOR”) released a Technical Information Release (“TIR”) that announced tax filing and payment relief for personal income tax and payment relief for corporate excise tax, in response to the COVID-19 pandemic.

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Topics: state and local tax (SALT), new england state and local tax, SALT cap tax, Ann Brown, COVID19, Coronavirus, COVID-19

12 Credits, Deductions, Loans & Deferrals to Help Your Business Get Through This Crisis
Posted by Chrissy Hammond on Fri, Apr 3, 2020 @ 12:34 PM

It’s not new news that businesses are struggling to survive COVID-19, while also trying to help their employees stay afloat. It may seem that so much is out of your control. Yet, while that may be true, there are things you can control. Two of those, which you should attend to now, are maximizing your business’ liquidity and taking advantage of the new Federal and other relief options.

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Topics: Net Operating Loss, NOLs, liquidity, COVID19, Coronavirus, EFML, paid medical leave, EPSL

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