Tax Blog

Our tax blog is dedicated to CFOs, Tax Directors and Business Owners looking to improve profitability, grow their business or implement a succession plan. At Armanino, we see the tax function as a key strategic tool—as nothing less than a vital means of moving you and your company forward. While we excel in making sure our clients meet regulatory requirements—both domestic and global—that just scratches the surface of what we do.

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 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 …

“CARES Act” Economic Stimulus Package Moves Forward

In the early morning hours on Wednesday, White House and Senate leaders agreed on a $2 trillion coronavirus relief package.  View the bill at this link. It provides a $367 billion program for small businesses to maintain their payroll for employees forced to stay at home. Another notable spending measure is $500 billion guaranteed and subsidized …

IRS Issues FAQs on Postponed Tax Return Filing and Payment Deadlines

On March 24, the IRS posted a list of 24 “frequently asked questions” (FAQs) concerning the postponed deadlines for filing federal income tax returns and paying federal taxes in response to the coronavirus (COVID-19) pandemic. These FAQs are in response to outstanding questions related to the relief provided in Notice. 2020-18. The IRS plans to …

March 24, 2020

Falling Valuations Can Trigger “Change in Ownership” Problems

In the current environment, the combination of a decline in company values along with the need to raise money can create Section 382 “change in ownership” problems.  Further compounding the issue are current low interest rates (Sec. 382 applicable federal rate) that post-ownership change annual limits are based on, and newly enacted proposed regulations (January …

COVID-19: Estate and Wealth Transfer Planning Steps to Consider

During this time of uncertainty, we hope you and your loved ones are staying safe health-wise. In the current environment, there are also some financial planning steps you may want to consider. Estate Planning Documents For anyone who does not currently have any estate planning documents, we highly recommend that you contact an estate planning …

COVID-19 and Its Impact on Valuations

With the Coronavirus-induced downturn in the stock markets, the valuation of many private and public companies has fallen substantially.  And while public companies may still rely on their traded prices to determine the value of a share of stock, private companies must rely on their 409A valuations to grant equity awards, or they must determine …

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