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Home > Archives for COVID-19

One major red flag to watch out for if you take cash out of your IRA under the CARES Act

June 29, 2020

Taxes

Heads up — while you are now allowed to take up to $100,000 out of your IRA and pay it back within three years with no tax hit, doing so may have some hidden consequences that you likely have overlooked initially. The Internal Revenue Code calls these tax-favored withdrawals “coronavirus-related… [Read more]

Filed Under: Blog, COVID-19, News Tagged With: Accounting, CARES, COVID-19, Economy, Tax Preparation

How people are spending their stimulus checks

June 27, 2020

Man holding Cash

By now, many people have received the $1,200 check allocated to tax-paying individuals as a part of the coronavirus relief package that was passed by Congress in March. Despite the initial excitement expressed by many Americans, the shifting economy and its impact on our financial situations mean this money will… [Read more]

Filed Under: Blog, COVID-19, News Tagged With: Accounting, COVID-19, Economy, Tax Preparation

Are you Prepared for Tax Increases?

June 25, 2020

piggy bank with coins

How will the government bounce back from the COVID-19 debt? Taxes!  Wondering how the country will bounce back from the debt incurred during COVID-19? Reducing this debt will likely come with challenges, which includes a greater burden on taxpayers. As the economy begins to return to normal, federal and state… [Read more]

Filed Under: Blog, COVID-19, News Tagged With: Accounting, COVID-19, Economy, Tax Preparation

Tax Residency Relief Comes to Those in Need

June 24, 2020

Close up lawyer businessman working or reading lawbook in office workplace for consultant lawyer concept.

Tax relief is on the way for people and businesses whose tax residence was affected by border closures, canceled flights, shelter-in-place orders, and other travel disruptions caused by COVID-19. This relief will affect those who are not citizens of the U.S living in the U.S due to closures, U.S citizens… [Read more]

Filed Under: Blog, COVID-19, News Tagged With: Accounting, CARES, COVID-19, Economy, Tax Preparation

IRS Actively Seeking SBA PPP Criminal Fraud

June 23, 2020

SBA PPP Audit Criteria

The IRS has formed a Fraud Enforcement Department specifically to root out fraud and criminal activity around the SBA PPP loan funds. The IRS Fraud Enforcement Department will be targeting companies who received the PPP funds but may have since filed taxes reporting different numbers than were listed on their… [Read more]

Filed Under: Blog, COVID-19, News, PPP Loans Tagged With: Accounting, CARES, COVID-19, Economy, Tax Preparation

3 Reporting Issues To Watch Out For During COVID-19

June 23, 2020

Going over plans

It is nearly impossible to see a future without the residual effect of the COVID-19 outbreak, as the economy continues to respond to rapid changes in consumer behavior and supply chain operations. Travel bans have been imposed on millions of people and many countries have placed quarantine measures on their… [Read more]

Filed Under: Blog, COVID-19, News Tagged With: Accounting, COVID-19, Economy, Tax Preparation

More Time Granted to Reinvest and Receive a Tax-break

June 22, 2020

Time For Your Year End Review

  Investors Receive an Extension and a Tax Break Due to COVID-19 The IRS has recently announced its plan to give investors more time and a tax break due to the effects of Coronavirus. The original deadline to reinvest into a qualified opportunity fund, April 1, 2020, was moved to… [Read more]

Filed Under: Blog, COVID-19, News Tagged With: Accounting, CARES, COVID-19, Economy, Tax Preparation

Unemployment Rates Fall as Economy Pushes to Reopen

June 20, 2020

open sign

Economy is Headed in the Right Direction After the May job reports were released, the numbers showed the Coronavirus pandemic certainly hurt the economy, but not as heavily as predictions forecasted. Though unemployment has risen significantly since the outbreak, May unemployment has dropped to 13.3%. This is an improvement from… [Read more]

Filed Under: Blog, COVID-19, News Tagged With: Accounting, CARES, COVID-19, Economy, Tax Preparation

What You Need to Know About Stimulus Check Scams

June 18, 2020

New York City and Cash

Before you get too excited about another wave of stimulus checks Billions of dollars in payments have been sent out in the form of stimulus checks. Over the last few weeks, there has been speculation that there may be another wave of stimulus checks going out. Whether there is another… [Read more]

Filed Under: Blog, COVID-19, News Tagged With: Accounting, CARES, COVID-19, Economy, Tax Preparation

How to Measure Value for Long-Term Growth

June 15, 2020

Business meeting

In order to put an organization in the best possible situation, leaders should anchor their approach to long-term value.  Changing market conditions caused by shifting consumer demands and developing regulations have had an impact on nearly every company in every industry worldwide. This uncertainty has driven many leaders to reevaluate… [Read more]

Filed Under: Blog, COVID-19, News Tagged With: Accounting, Coronavirus, COVID-19, Economy

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