The IRS and the U.S. Department of Treasury have announced new relief for federal taxpayers affected by the coronavirus (COVID-19) pandemic. The IRS had already extended certain deadlines to file and pay federal income taxes and estimated tax payments due April 15, 2020, without incurring late filing penalties, late payment penalties or interest. The additional relief, outlined in Notice 2020-23, applies to a wider variety of tax filers. The IRS also has announced new tools for taxpayers expecting Economic Impact Payments (also known as “recovery rebates”).Read More
On April 9, 2020, the IRS issued Notice 2020-23 (the “Notice”), that clarifies and expands the relief that had previously been provided in Notices 2020-18 and 2020-20. This blog summarizes and explains these extensions. Please refer to my earlier blog dated April 1, 2020, for a discussion of Notice 2020-18 and 2020-20. Many of the issues I discussed in that earlier blog have now been clarified by the Notice.Read More
On April 9, 2020, the IRS issued two key pieces of guidance pertaining to the net operating loss (NOL) provisions of the CARES Act.
Revenue Procedure 2020-24
This revenue procedure provides procedures to follow regarding net operating losses that are carried back under the CARES Act, specifically procedures for:Read More
To help taxpayers, the Department of Treasury and the Internal Revenue Service announced today that Notice 2020-23 extends additional key tax deadlines for individuals and businesses. Last month, the IRS announced that taxpayers generally have until July 15, 2020, to file and pay federal income taxes originally due on April 15. No late-filing penalty, late-payment penalty or interest will be due.Read More
The FASB met April 8, 2020, to discuss accounting issues surrounding COVID 19. A summary of the issues they discussed include the following:
Tentatively deferring for one year the effective dates of the new lease standard (ASC 842) for private companies to January 1, 2022 for calendar year-end companies (this is in light of the fact that the FASB recognizes that private companies may have to redirect their resources to other more pressing matters). The FASB will be issuing a proposed ASU addressing this shortly, with a 15-day comment period.
As we continue to navigate through this uncertainty, we wanted to highlight a few items from the recent legislation as they relate to retirement plans, and how we intend to work on your retirement plan remotely while we are away from our offices.Read More
If you are reading this blog, I hope that you and your family and your business are all doing well. In these times of great uncertainty, that most all of us have never experienced, it is very challenging to stay positive and focused on what you can control.
A recent message from a colleague, Lloyd Bell, suggested for us to remind our clients of the short action list regarding these unprecedented times.
And #1 on the list: hoard cash. Which makes me think of all the stores that are just now starting to fill up with the toilet paper from what was the gold rush of March 2020. Let’s just agree, that hoarding cash – makes more sense to help fund the growth that is bound to occur when the conditions improve.Read More
Cloud-based ERP systems are simply a suite of ERP applications delivered to users over the Internet, usually accessed via a standard web browser. While these systems share most of same features as “on-premise” ERP systems (ERP software that runs on in-house servers), there are several critical areas we discuss with our clients when considering the advantages and disadvantages of purchasing a cloud-based ERP vs. on-premise systems. The best choice will depend on the organization’s structure and business strategy.Read More
Twenty-six years ago, I was working for a large, multi-national chemical company and was put on a team to select a new enterprise-wide system to replace our separate Accounting and MRP software packages. This new (in 1994) software was called ERP (Enterprise Resource Planning).Read More
To help mitigate the financial and health crises related to the coronavirus (COVID-19), on Friday, March 27, 2020, President Trump signed into law the largest economic relief package in modern U.S. history. The $2 trillion Coronavirus Aid, Relief, and Economic Security Act (CARES Act) is intended to shore up the country on multiple fronts and includes several components aimed at individuals.Read More