Being elected as a board member for a resort association board comes with a lot of responsibility, occasional complications and conflict, and is, in general, viewed as a thankless job. It is also an excellent way to serve the member-owners of a resort and to actively participate in the decision making and strategic planning. The…
A close working relationship between the forensic accountant and counsel is critical to the success of any investigation whether defense or prosecution and requires planning and participation from both sides. In fact, it is important that accountants and lawyers think of themselves as a team throughout each phase of the investigation. With complex white-collar cases,…
Share During these uncertain times, taxpayers may be asking themselves how COVID-19 related economic assistance under the CARES Act may affect their ability to claim the R&D payroll tax credit. Rest assured, R&D payroll tax credit rules have not changed under the CARES Act and payroll tax offsets are still available so long as taxpayers…
A long time ago, in a galaxy far, far away, business entities formed as partnerships or limited liability companies (“LLCs”) never had to worry about paying taxes at the entity level. A corporation, of course, was always subject to taxation. A C corporation is subject to income tax on its taxable income. An S corporation…
Share The IRS issued Notice 2020-32 on April 30, 2020 to address an important question regarding the Paycheck Protection Program (PPP). Recall the PPP was enacted as part of the CARES Act on March 27, 2020 to provide relief to small- and medium-sized businesses in the form of low-interest loans that are forgivable to the…
Share Reopening your business may feel like the light at the end of the shutdown tunnel. It is the first step toward opening the economy and restoring normalcy to everyday lives. However, until there is a vaccine, it is crucial to remain vigilant by taking preventative measures to protect the health and wellness of your…
Share On April 24, 2020, the President signed the Paycheck Protection Program and Health Care Enhancement Act (H.R. 266). This Act provides an additional $310 billion in funding for the PPP, $60 billion of which is earmarked for community banks and small lenders. It also provides $75 billion for hospitals and $25 billion for COVID-19…
Share On March 27, 2020, President Trump signed into law the CARES Act to support businesses impacted by COVID-19. As part of the CARES Act, eligible small business concerns, including section 501(c)(3) not-for-profits (“NFPs”), can apply for enhanced Economic Injury Disaster Loans (“EIDLs”) and for forgivable loans under the Payroll Protection Program (“PPP”). However, NFPs…
Share The IRS posted on its website additional FAQs regarding the refundable tax credits for qualified paid sick leave and qualified paid family leave that are available to small and midsize businesses. These credits were enacted as part of the Families First Coronavirus Response Act (FFCRA) that was enacted on March 18, 2020. These rules…
Share Although the CARES Act (the Act) contains many favorable tax-relief provisions, corporations are keenly interested in the net operating loss (NOL) provisions because of the potential for large and immediate income tax refunds. For the highlights of this article, check out our podcast: In general, the Act allows for a five-year carryback of NOLs…