April 2, 2020
Nonprofit FAQ: Disaster Relief Payment under Code Section 139
On March 13, 2020, the COVID-19 pandemic was designated as a national emergency under the Robert T. Stafford Disaster Relief and Emergency Assistance Act. This designation provides the opportunity for employees to exclude certain “qualified disaster relief payments” from their gross income under Section 139 of the federal tax code. Such qualified payments are deductible …
Gift Tax Extension
July 15, 2020 is now the deadline to file Gift Tax and Generation Skipping Transfer Tax Returns for 2019. Background Today, Treasury issued Notice 2020-20 which provides and automatic extension of time until July 15, 2020, to file 2019 Gift Tax and Generation Skipping Transfer (GST) Tax Returns (Form 709) and an extension of time …
Converting Traditional IRA to ROTH with Charitable Contributions
With traditional IRAs at depressed values, consider converting the IRA to a ROTH IRA in combination with an increase in your charitable contributions. The result could be zero tax on the conversion. Summary A Roth IRA is an IRA that, except as explained below, is subject to the rules that apply to a traditional IRA. …
CARES Act Summary for Nonprofits
President Trump recently signed a $2 trillion legislative package to combat the coronavirus pandemic, bringing much needed economic relief to employers and employees impacted by the COVID-19 virus. The House of Representatives overwhelmingly approved the legislation, which was passed by a unanimous vote by the Senate. This third coronavirus relief package, the Coronavirus Aid, Relief, …
March 31, 2020
CARES Act Summary
On March 27, the president signed into law the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The $2 trillion legislative package to combat the coronavirus pandemic brings much needed economic relief to employers and employees impacted by the COVID-19 virus. Here are the highlights… Business Changes Employee retention credit for employers: The CARES Act …
March 29, 2020
The CARES Act and SBA Economic Disaster Loans
The primary purpose of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, as it relates to government financial assistance programs, is the introduction of the Paycheck Protection Program and a continuation of the SBA’s Economic Injury Disaster Loan (EIDL) program. In addition, Title IV brings government-provided relief funds (loans and grants). These separate assistance …
March 27, 2020
COVID-19 and the Impacts to ASC 740 Income Tax Accounting
Companies affected by the COVID-19 pandemic need to consider the income tax accounting implications resulting from the current economic environment and the anticipated bill likely becoming law before March 31st. For companies with the March quarter ends, they will need to act fast in order to incorporate impacts into their tax provisions. The consideration to …
March 26, 2020
IRC Section 165(i) Opportunity
The COVID-19 crisis has resulted in, and continues to result in, a myriad of available benefits via the Internal Revenue Code (IRC). One specific code section, IRC Section 165(i), is usually only available for taxpayers in specific geographical areas as a result of a natural disaster such as a hurricane or fire. However, it is …
March 25, 2020
SEC Extends Filing Relief & Issues Disclosure Guidance
On March 25, the SEC issued an order extending the time period covered by its COVID-19-related filing relief. The March 25 order supersedes the SEC’s order from March 4. Under the March 25 order, public companies that are unable to meet filing deadlines due to COVID-19-related circumstances will have an additional 45 days to submit …
Latest Developments In Senate Proposed SBA Stimulus Plan
On Wednesday March 25, 2020, the US Senate and the Administration came to agreement on H.R 748. The final vote to pass the bill still needs to take place, then it needs to be approved by the president and signed into law. Shortly after that, it will be sent to the various agencies for them …