What qualifies as “coronavirus-related distributions” from a retirement plan?

June 24, 2020

As you may have heard, the Coronavirus Aid, Relief and Economic Security (CARES) Act allows “qualified” people to take certain “coronavirus-related distributions” from their retirement plans without paying tax. So how do you qualify? In other words, what are coronavirus-related distributions? Early distribution basics In general, if you withdraw money from an IRA or eligible…

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Navigating Loan Modifications in Response to COVID-19

May 28, 2020

By Kelly Shafer, Member During this unprecedented time, financial institutions may be faced with a growing number of borrowers requiring modifications to their loan terms. With many customers feeling the economic impacts of COVID-19 and struggling to make payments institutions will inevitably experience an increase in the number of troubled debt restructurings (TDRs). The good…

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New COVID-19 law makes favorable changes to “Qualified Improvement Property”

May 20, 2020

The law providing relief due to the coronavirus (COVID-19) pandemic contains a beneficial change in the tax rules for many improvements to interior parts of nonresidential buildings. This is referred to as qualified improvement property (QIP). You may recall that under the Tax Cuts and Jobs Act (TCJA), any QIP placed in service after December…

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Heathcare Plans

FSA and Section 125 Changes

May 18, 2020

On May 12, 2020, the IRS released Notice 2020-29 and Notice 2020-33.  Notice 2020-29 provides temporary flexibility for mid-year election changes under a Section 125 cafeteria plan during the 2020 calendar year, allowing employers to respond to changes in employees’ needs as a result of the COVID-19 pandemic.  The major changes allowed are: Make a…

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Hiring independent contractors? Make sure they’re properly classified

May 11, 2020

As a result of the coronavirus (COVID-19) crisis, your business may be using independent contractors to keep costs low. But you should be careful that these workers are properly classified for federal tax purposes. If the IRS reclassifies them as employees, it can be an expensive mistake. The question of whether a worker is an…

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FAQ: CARES Act Employee Retention Tax Credit

May 7, 2020

The recently enacted Coronavirus Aid, Relief, and Economic Security (CARES) Act provides a refundable payroll tax credit for 50% of wages paid by eligible employers to certain employees during the COVID-19 pandemic. The employee retention credit is available to employers, including nonprofit organizations, with operations that have been fully or partially suspended as a result…

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Financial decisions during an economic crisis

April 28, 2020

The economic repercussions of the coronavirus (COVID-19) pandemic has forced business owners to reevaluate their operations and make difficult decisions. One place to look for the information you need to make rational, reasonable moves is your financial statements. Under U.S. Generally Accepted Accounting Principles, these typically comprise a statement of cash flows, a balance sheet…

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Save Small Business Fund – U.S. Chamber of Commerce

April 18, 2020

The Save Small Business Fund is a grant initiative administered by the U.S. Chamber of Commerce Foundation offering short-term relief for small employers in the United States and its territories. Eligible small businesses can apply to receive a $5,000 grant to be applied to business expenses. The grants will be awarded on a weekly basis…

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COVID-19: WV City Tax Update

April 17, 2020

Charleston, WV City Service “User” Fee: At this time, Charleston has not waived or suspended City Service Fee payments. Charleston City Service Fees should continue to be withheld for: Employees remaining on the employer’s payroll Employees that have not been permanently assigned to an office or place of business outside the city. Employees who are…

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Due Date Extension Alert

April 14, 2020

As you may be aware, the IRS extended the federal income tax filing due date from April 15, 2020 to July 15, 2020. This relief was recently expanded to include all taxpayers that had an annual return due between April 15th and July 15th, providing additional time for some fiscal-year filers, trusts, estates, and non-profit…

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