Author Archives: Cordasco
Economic Injury Disaster Loan Program
The CARES Act made several changes to the Economic Injury Disaster Loan (EIDL) Program under Section 7(b) of the Small Business Act EIDL Loans are available to small businesses in a declared disaster area (all 50 states, Puerto Rico, Guam … Continue reading
General Business Tax Provisions of CARES Act
The following are the relevant general business tax provisions under the Coronavirus Aid, Relief and Economic Security Act. Please see a detailed overview of these provisions. TCJA revisions Several provisions from the TCJA are altered, including: Net operating losses: Net operating … Continue reading
Individual Tax Provisions of CARES Act
The following is a summary of the relevant individual tax provisions of the Coronavirus Aid, Relief and Economic Security Act. Please see the detailed overview of these individual tax provisions. Individual tax rebates Rebate checks of $1,200 per taxpayer plus … Continue reading
Families First Coronavirus Response Act
The Families First Coronavirus Response Act provided a variety of provisions to help keep people healthy during this crisis. In addition, the bill provides assistance for individuals and their families while trying to not overburden employers. The following is a … Continue reading
April 15th Due Date Changed to July 15th
We hope you are well and safe! As the events of the COVID-19 pandemic evolve, we are continuing to adapt to the changing tax landscape and world events. Our focus is on what is most important, our families, our staff and you, our clients. During … Continue reading
Georgia & South Carolina Extend Tax Filing Due Date
Georgia & South Carolina, among many other states, have adopted legislation to conform to the new federal income tax filing and payment date of July 15, 2020. We expect all states to conform to the new filing dates. If you … Continue reading
Going Remote! What we learned!
As the world grapples with the unprecedented challenges brought about by COVD-19, the need for social distancing has forced most companies to have many of their employees work remotely from home. We feel fortunate in that we have been developing … Continue reading
Getting help with a business interruption insurance claim
To guard against natural disasters and other calamities, many companies buy business interruption insurance. These policies provide cash flow to cover revenues lost and expenses incurred while normal operations are limited or suspended. But buying coverage is one thing — … Continue reading
Oh crap! Recession? What we learned from 2008.
Unlike 2008 which had early warning signs which allowed us to prepare, the current meltdown is out of nowhere and not based initially on economic indicators. The world has been rapidly through into chaos and we are moving if not … Continue reading
New Refundable Payroll Tax Credits for Small Employers
The IRS has provided two new refundable payroll tax credits for small and midsize employers, designed to immediately and fully reimburse them, for the cost of providing Coronavirus-related leave to their employees. See IR 2020-57. This relief has been provided … Continue reading