On March 27, 2020, the United States Congress passed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). While the CARES Act reflects unprecedented broad support to all sectors of the economy, it includes business tax provisions that provide significant benefits to the real estate industry. 100% bonus depreciation for “qualified improvement property” by…
As the hospitality industry is facing periods of change and adjustment in the face of COVID-19, staying informed on the latest developments is of great importance. Many resources and communications on COVID-19 are hitting inboxes each day as developments change at a rapid pace. With that in mind, our Hospitality Services team has summarized a…
Share The CARES Act has been passed and contains several provisions that may provide relief to broker-dealers seeking assistance during these trying times. Firms should also consider how assistance should be reported to FINRA on the FOCUS filing. Summary Below is a summary of some of the key lending programs of interest to small and…
Share Optimizing a business’ payment processes is one of the most common challenges for organizations of all sizes. Often the cause of major headaches, it’s a problem every business strives to solve as it’s typically exacerbated by one thing, growth. Demand increases, and with it, the number of vendors a business has to interact with…
The new FFCRA requires covered employers (most employers with less than 500 employees) to notify their employees of their rights under these expanded laws.
Share In Anticipation of Refundable Tax Credits On March 31, 2020, the IRS released Notice 2020-22 to provide penalty relief with regard to an employer’s deposits of federal employment taxes and income taxes (collectively Employment Taxes) that are expected to be reduced by the amount of refundable tax credits granted in recently-enacted legislation, namely the…
Share On March 30, 2020, the IRS released draft versions of Form 7200, Advance Payment of Employer Credits Due to COVID-19, and instructions to the form. The form is to be used by employers to request an advance of the refundable tax credit for qualified sick and family leave wages and the refundable employee retention…
Share In response to President Trump’s declaration of national emergency in response to the rapid spread of COVID-19, the Department of The Treasury (DOT) and IRS issued Notice 2020-18 (The Notice) on March 18 for delayed tax filings. The DOT and IRS subsequently released a follow-up list of questions and answers on March 24 to…
The continual impact and spread of COVID-19 has brought much uncertainty and concern to the forefront of common interest realty association’s (CIRA) minds, including how to continue operating efficiently in the midst of an emergency while keeping the safety and welfare of owners, staff and guests top of mind. In an effort to provide relief…
Share The effects of the COVID-19 pandemic will be severe. Unemployment rates are rising as businesses make workforce reductions or even close their doors. All of this can lead to a rise in employee lawsuits. Therefore, it is critical for companies to understand now how their existing insurance policies may, or may not, cover them…