In an effort to provide the most accurate information, please check back regularly as we will only post information below that has been passed into law. We will produce these resources as soon as possible.
The effects of the coronavirus are evolving rapidly and are unique for each entity’s circumstances. In addition to addressing the serious operational impacts of the coronavirus, it is important that all entities consider how the coronavirus affects their financial reporting. Read More »
Earlier today, the Treasury Department and Small Business Administration (SBA) released additional information around the CARES Act and specifically the Payroll Protection Program. The CARES coronavirus relief package created a nearly $350 billion program under which businesses with 500 or fewer employees can receive loans to maintain employment and pay payroll and other costs. The loans are designed to have a portion forgiven (without paying tax on the forgiven portion) if the funds are used to cover payroll costs and some other specific operating expenses in the eight weeks following loan origination. Read More »
USDA Office of Rural Development (RD) has issued a number of immediate actions to help rural residents, businesses and communities impacted by COVID-19. Extensions are currently available for as follows: 60-day audit extension is provided for electric and telecommunication borrowers and grantees and Section 515 annual financial statements due to RD on March 31, 2020 will be extended 30 days. This announcement also includes other waivers and extensions in various areas including tenant certifications, late fees on mortgages, and more. Read More »
The U.S. Department of Housing and Urban Development (HUD) has issued audit submission deadline extensions and other waivers for audits of certain for-profit entities under the HUD Consolidated Audit Guide. Read More »
On March 22, 2020 Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus, was released. The statement was released in an effort to understand the process, effects, and reporting of loan modifications impacted by COVID-19. While likely there will be additional guidance and clarification (as the regulatory world seems to have daily updates!), listed below is a summary and our initials thoughts of the guidance released. Read More »
The Coronavirus Aid, Relief and Economic Security Act (CARES) is now in place and provides some major relief for employers. Below is a summary of portions of the act that specifically benefit employers through loan programs and tax credits, and more specific information on the provisions which impact employers the most are outlined in the video presentation available on this page. Read More »
There is quite a Pangea of tax items contained in the CARES Bill recently signed into law by President Trump. There are basically four common motivations behind these items: incentivizing employers to retain and continue to pay employees, providing stimulus for the economy by reducing current tax burden, giving individuals, employers, and businesses access to cash in the form of refunds and rebates, and most entertainingly curing Congress’s various drafting mistakes from the Tax Cuts and Jobs Act that have been plaguing the tax system dating back to the 2018 filing season. Of course, the final item depends on a person’s standards for entertainment. Read More »
Please visit this page for a brief summary of the tax implications related to the CARES act. Read More »
Clarification for Effective Date April 1, 2020 – Families First Coronavirus Response Act
IRS Notice 2020-21 provides that the tax credits for qualified sick leave wages and qualified family leave wages required to be paid by the Families First Coronavirus Response Act will apply to wages paid for the period beginning on April 1, 2020, and ending on December 31, 2020. This notice also provides that days occurring during the period beginning on April 1, 2020, and ending on December 31, 2020, will be taken into account for credits for qualified sick leave equivalent amounts and qualified family leave equivalent amounts for certain self-employed individuals.
The Coronavirus Aid, Relief and Economic Security Act (CARES) is an extensive stimulus package. This article will focus on the Paycheck Protection Program (PPP)(CARES Section 1102), the loan forgiveness on PPP loans (CARES Section 1106), expanded eligibility for Economic Injury Disaster Loans (EIDL) loans and the EIDL grant program (CARES Section 1110), and the subsidy for existing U.S. Small Business Administration (SBA) loans (CARES Section 1112). Read More »
As of March 25, 2020, North Dakota, Minnesota and Montana have provided relief to file returns and make payments by July 15, 2020 for 2019 returns originally due April 15, 2020, without assessing penalties and interest. Read More »
Here is updated questions and answers related to the Families First Coronavirus Response Act. As provided under the legislation, the U.S. Department of Labor will be issuing implementing regulations. Additionally, as warranted, the Department will continue to provide compliance assistance to employers and employees on their responsibilities and rights under the FFCRA. Read More »
One potential resource for your business during this time of disruption is business interruption insurance. Also known as business income coverage, business interruption insurance is a standard endorsement that is often added to a business owner’s insurance policy. It is designed to protect businesses from lost revenue due to a covered event. Most commonly, this coverage is tied to losses of business income due to physical property damage, but each individual policy will list the specific types of events that are covered, as well as those that are excluded. Read More »
Due to the unprecedented challenges and uncertainty caused by the coronavirus (COVID-19), we are aware business owners and organizational leaders are facing hard decisions and extraordinary stress. These challenges and uncertainties will have significant impact on your business’ cash flow and operations. Read More »
On March 20, 2020, the IRS released Notice 2020-18. This notice officially provides relief to taxpayers during the COVID-19 pandemic by extending the original April 15, 2020, income tax payment deadline to July 15, 2020.
The COVID-19 pandemic has affected everyone in our economy, but we know small businesses have been particularly hard hit. Online applications for these loans are open to Minnesota and North Dakota businesses. Read More »
Per executive order signed March 20, 2020, employer’s will not be assessed for COVID-19 related claims and business owners that pay into the unemployment system may qualify for unemployment without regard to income reduction requirements. Read More »
Here is a quick rundown regarding the tax implications of the Coronavirus bill. This Bill addresses the Phase I and Phase II provisions – it is anticipated that Phase III will address the stimulus payments being mentioned in the media. Read More »
We would like to share an update on how Brady Martz is responding to the rapidly changing environment caused by coronavirus (COVID-19). At Brady Martz, we feel well prepared to maintain our services, but we acknowledge there will be adjustments needed along the way. Read More »
On March 18, 2020, the IRS released Notice 2020-17. This notice officially provides relief to taxpayers during the COVID-19 pandemic by extending the original April 15, 2020 income tax payment deadline to July 15, 2020. Read More »
There has been much speculation surrounding the impact of the Coronavirus (COVID-19) pandemic on the U.S. tax filing deadline. At a Tuesday White House briefing, Treasury Secretary Steven Mnuchin announced new relief measures that are effective immediately. Read More »
At Brady Martz, the health and safety of our employees, their families, and our clients is of paramount importance. For this reason, we are taking specific precautions to protect our staff and visitors during the current outbreak of Coronavirus. Read More »