Insights
Don’t Let Procrastination Get in the Way of Your Last Will & Testament ‒ Now Is the Time to Act
The COVID-19 health crisis has caught everyone off-guard. Along with the challenges it has presented, there are also opportunities for positive changes.
PPP Loan Forgiveness: What Everyone Needs to Know
Based on the questions we’ve been getting regarding PPP loan forgiveness, it is clear that many people do not understand the purpose of the CARES Act Payroll Protection Program.
Good News: IRS Grants Residency and Other Relief for Those Affected by Travel Disruptions
The Treasury Department and the Internal Revenue Service (IRS) issued guidance on April 21 in the form of Revenue Procedures (Rev. Proc.) 2020-20, 2020-27 and Frequently Asked Questions (FAQs) which provide relief to individuals and businesses affected by travel disruptions arising from the COVID-19 emergency.
Rethinking Your School’s Financial Aid Budget
The social and economic effects of the pandemic will be long-lasting and will play a part in the education decisions made by families now and into the future.
Form 5500 and Other Time-Sensitive Actions Involving Employee Benefit Plans
In IRS Notice 2020-23 issued earlier this month, the Internal Revenue Service announced that the federal income tax filing and payment due date is automatically postponed to July 15, 2020 if it was due on or after April 1, 2020, and before July 15, 2020.
NYS 2020-2021 Budget Bill Signed Into Law: Decouples from Certain CARES Act Tax Provisions
Recently, Governor Cuomo signed into law the New York State (NYS) Fiscal Year 2020-2021 Budget Bill (Bill) which did not increase taxes but, importantly, decoupled from many of the favorable federal Coronavirus Aid, Relief, and Economic Security (CARES) Act provisions. Discussed below are the Bill’s major highlights.
New Grant Program for Small Businesses Opens Today
The U.S. Chamber of Commerce Foundation just announced a new grant program (called the “Save Small Business Fund”) opening today at 3:00 […]
Webcast Recap: International Tax Implications of the CARES Act and Other Recent Tax Developments
The PKF O’Connor Davies International Tax team, represented by Leo Parmegiani and Chris Migliaccio, conducted a live webcast on Monday, […]
Webinar Replay: Support for Small Business on the Era of COVID-19: Evaluating Your Options
Following is a webinar recording of “Support for Small Business on the Era of COVID-19: Evaluating Your Options,” hosted by […]
PPP Loan Forgiveness – Still Many Unanswered Questions
Our clients and others all want to understand how to determine the amount of loan forgiveness they will qualify for under the CARES Act (the Act) Paycheck Protection Program (PPP) so they can make decisions about staffing, pay rates and the timing of payments.
Paycheck Protection Program Is Out of Money. Now What?
On April 16, 2020, the Small Business Association announced that the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) programs were out of funds.
IRS Provides Business Interest Expense Election Guidance
The Coronavirus Aid, Relief, and Economic Security (CARES) Act introduced several changes to the limitations on business interest expense deductions under Internal Revenue Code (IRC) §163(j).