Professional Accounting Blog

    Accounting For Your Prosperity

    CARES Act provides COVID-19 pandemic relief to businesses

    Posted by Jonathan Ciccotelli on Mar 31, 2020 4:40:44 PM

    Topics: Tax Planning & Strategies, Small Business, Accounting & Auditing, Accounting and Tax Resource, COVID-19

    The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) represents the third phase of Congress’s legislative efforts to address the financial and health care crisis resulting from the coronavirus (COVID-19) pandemic. In addition to providing relief to individuals and mustering forces to shore up the medical response, the CARES Act includes numerous provisions intended to help affected businesses, including eligible self-employed individuals, weather the crisis.

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    SBA Loan Provisions of the CARES Act

    Posted by Dan Prendergast on Mar 30, 2020 5:28:26 PM

    Topics: Tax Planning & Strategies, Small Business, Accounting & Auditing, Accounting and Tax Resource, COVID-19

    On March 27, 2020 President Trump signed the Coronavirus Aid, Relief and Economic Security (CARES) Act, an unprecedented $2 trillion economic stimulus bill.  The “Paycheck Protection Program” section of the act contains several provisions designed to provide economic relief to the small business community through the Small Business Administration (SBA) direct remittance of loan payments on existing SBA loans as well as the creation of a new loan program that includes a loan forgiveness element.

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    International Considerations of the Automatic Filing and Payment Extensions Under Notice 2020-18 and the IRS Website Q&A

    Posted by Allen Littman on Mar 30, 2020 3:41:52 PM

    Topics: Tax Planning & Strategies, Accounting & Auditing, Accounting and Tax Resource, COVID-19

    Events have been moving very fast in all areas of this coronavirus crisis, and the tax area is no exception.  On March 17, Treasury Secretary Mnuchin announced at a press conference the automatic extension of certain tax payments due on April 15 until July 15.  On March 18, the IRS issued Notice 2020-17, announcing certain details of that relief.  On March 20, the Secretary further announced via tweet the automatic extension of tax return filings due on April 15 until July 15.  On the same day, the IRS released Notice 2020-18 (the “Notice”), formally extending the filing date as announced, and superseding Notice 2020-17.  Then, on March 24, the IRS launched a webpage providing details of the extensions, which was updated on March 25.  The new webpage clarified a number of aspects of the extension.

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    Senate Passes $2.2 Trillion Bill to Support Economy During Virus Pandemic

    Posted by Jonathan Ciccotelli on Mar 26, 2020 1:41:35 PM

    Topics: Tax Planning & Strategies, Accounting & Auditing, Accounting and Tax Resource, COVID-19

    As COVID-19 continues to upend nearly every aspect of life in the United States, Congress has been working to relieve suffering Americans. Having passed the Families First Coronavirus Response Act on March 18 in an effort to limit the spread of the pandemic and support relief efforts, Congress turned to stabilizing the economy.

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    4 Steps to Take RIGHT NOW to Help Your Business Survive the Pandemic

    Posted by Carlin Culbertson on Mar 23, 2020 11:17:43 AM

    Topics: Tax Planning & Strategies, Accounting & Auditing, Accounting and Tax Resource, COVID-19

    I hope this finds you as well as possible in our current situation.  I wrote this prior to the “stay at home” order that was issued, but now this takes on even more urgency because of all the unknowns that currently exist.   This is a rapidly changing situation with announcements made almost daily with little advance notice.  If you haven’t already, I’d suggest signing up for our alerts to keep up to date. 


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    Ohio Department of Health Issues Stay at Home Order for All of Ohio

    Posted by Meaden & Moore on Mar 22, 2020 4:38:58 PM

    Topics: Tax Planning & Strategies, Accounting & Auditing, Accounting and Tax Resource, COVID-19

    Ohio Governor, Mike DeWine announced today that the Ohio Department of Health has issued a Stay at Home order for all of Ohio. The order goes into effect at 11:59 PM, Monday, March 23 and will go until at least April 6. Then it will be reevaluated, according to DeWine.

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    Ohio Bureau of Workers Compensation Deferral

    Posted by Jonathan Ciccotelli on Mar 22, 2020 11:21:03 AM

    Topics: Tax Planning & Strategies, Accounting & Auditing, Accounting and Tax Resource, COVID-19

    Ohio’s Bureau of Workers' Compensation (BWC) system is the exclusive provider of workers’ compensation insurance in Ohio and serves 249,000 public and private employers.

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    Internal Revenue Service postpones certain returns and payments due April 15, 2020

    Posted by Jonathan Ciccotelli on Mar 21, 2020 2:22:50 PM

    Topics: Tax Planning & Strategies, Accounting & Auditing, Accounting and Tax Resource, COVID-19

    On Friday March 20, 2020 the Internal Revenue service published Notice 2020-18 which supersedes previously issued guidance under Notice 2020-17.  The Secretary of the Treasury has determined that any person with a Federal income tax payment or a Federal income tax return due April 15, 2020, is affected by the COVID-19 emergency for purposes of the relief. 

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    Families First Coronavirus Response Act

    Posted by Jonathan Ciccotelli on Mar 20, 2020 2:58:12 PM

    Topics: Tax Planning & Strategies, Accounting & Auditing, Accounting and Tax Resource, COVID-19

    The first two phases of The Families First Coronavirus Response Act (the “Act”) was signed into law by President Trump on March 18, 2020. The Act has a substantial impact to employers across the country by extending employee sick leave benefits through two components – the Emergency Family and Medical Leave Expansion Act (“E-FMLA”) and the Emergency Paid Sick Leave Act (“E-PSL”). Preliminary legislative text of the Senate’s "much bolder," phase three measure, is expected to be unveiled any day. 

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    IRS Extends Tax Filing Deadline to July 15 as Coronavirus Spreads

    Posted by Jonathan Ciccotelli on Mar 20, 2020 11:32:11 AM

    Topics: Tax Planning & Strategies, Accounting & Auditing, Accounting and Tax Resource, COVID-19

    The IRS is moving its national income tax filing day ahead to July 15 as part of a growing effort to stem the financial pain from the coronavirus pandemic, Treasury Secretary Steven Mnuchin announced today.

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