COVID-19 Updates

Official Firm Updates Related to COVID-19 Pandemic

Topel Forman Updates

COVID-19 Update #10: Additional Highlights from the Consolidated Appropriations Act (January 26, 2021)

Our recent series of Tax Alerts have focused on specific areas of the Consolidated Appropriations Act (“CAA”) including the expansion and extension on the Payroll Protection Program (“PPP”) and the Employee Retention Credit (“ERC”). However, there are additional updates from the CAA worth highlighting. The updates below are a general overview and may be beneficial to you and your business. read more >

COVID-19 Update #9: Payroll Protection Program 2: A Second Bite at The Apple (January 14, 2021)

The recently passed Consolidated Appropriations Act allows qualifying businesses to take a second round of Payroll Protection Program (“PPP”) loans. This second round of funding is available even if a business takes the employee retention credit (see previous Tax Alert). Businesses who previously received a PPP loan are eligible again if they meet the following criteria… read more >

COVID-19 Update #8: Employee Retention Credit May Provide Benefits to Your Business (January 7, 2021)

The recently approved Consolidated Appropriations Act (“CAA”) updated several tax provisions in the CARES Act to provide additional benefits to many businesses. One expanded and extended tax benefit change is to the Employee Retention Credit (“ERC”). read more >

COVID-19 Update #7: New Law Clarifies Tax Treatment of PPP Loan Forgiveness (December 30, 2020)

On Dec. 27, 2020, President Trump signed into law the Consolidated Appropriations Act, which was passed with overwhelming majorities in both Houses of Congress on December 21. The new law has many tax or tax-related provisions that will impact businesses and individuals. read more >

COVID-19 Update #6: 2020 Wealth Transfer Planning Opportunities (September 2, 2020)

With the presidential and congressional elections nearing and interest rates at historic lows, it’s a critical time to discuss your wealth transfer goals. These conversations are important to start now so there is adequate time to develop your plan with your advisers. read more >

COVID-19 Update #5: IRS Releases Additional Guidance on Extensions and Tax Payments (April 10, 2020)

Yesterday, the Internal Revenue Service issued Notice 2020-23, providing additional guidance on tax relief measures for the 2019 and 2020 tax filing and payment deadlines. read more >

COVID-19 Update #4: CARES Act – Paycheck Protection Program (April 2, 2020)

On Friday, March 27th, Congress approved, and President Trump signed the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). The CARES Act is the largest economic and relief package in the Nation’s history. It is a comprehensive package that includes cash flow and tax relief for individuals and small businesses. One of the areas of the CARES Act that is the most interesting to small businesses is the Paycheck Protection Program (“PPP”). read more >

COVID-19 Update #3: IRS Provides Guidance on Filing Extensions (March 23, 2020)

On Friday, March 20th, the IRS issued Notice 2020-18 that expanded on the tax relief measures announced earlier last week in Notice 2020-17. Notice 2020-18 provides the following updated guidance: read more >

COVID-19 Update #2: IRS Provides Guidance on Deferring April 15 Tax Payments (March 19, 2020)

Yesterday, the Internal Revenue Service released guidance on the tax relief measures announced earlier this week by Treasury Secretary Mnuchin. We are providing you with the following summary of the guidance provided in Notice 2020-17: read more >

COVID-19 Update #1 (March 16, 2020)

We want to let you know that we are closely monitoring the ongoing coronavirus pandemic and its potential impact on our ability to provide world-class client service to you during this time. We at Topel Forman must take every precaution possible to protect the health and safety of our team, their families, and our communities. read more >

COVID-19 Blog Posts by Topic

Businesses

Employers can help battle COVID-19 by allowing employees to give up paid time off and then donating cash to a qualified charity. The IRS is now offering tax relief for such programs. read more >

PPP borrowers get concessions, additional guidance on forgiveness (June 8, 2020)

The Paycheck Protection Program Flexibility Act eases PPP loan forgiveness restrictions. Here are the details of the law, along with some recent guidance for borrowers. read more >

Business charitable contribution rules have changed under the CARES Act (May 14, 2020)

Food and financial insecurity have increased during the coronavirus (COVID-19) pandemic. If your business is donating to charity to help ease the pain, you may be eligible for enhanced charitable donation deductions. read more >

SBA extends the PPP repayment deadline for self-certification (May 7, 2020)

May 14, 2020, is the revised deadline to repay Paycheck Protection Program loans for borrowers who have chosen the Small Business Administration’s “good faith” self-certification of eligibility option. read more >

The CARES Act liberalizes net operating losses (May 6, 2020)

The CARES Act includes favorable changes to the rules for deducting net operating losses (NOLs). Here’s how. read more >

Adjust your expectations of business interruption coverage (April 29, 2020)

Business interruption insurance may seem like an ideal risk management measure to deploy during the COVID-19 crisis. But many business owners are likely facing an uphill battle when seeking payouts. read more >

IRS extends some (but not all) employee benefit plan deadlines (April 22, 2020)

You’ve probably heard that the IRS has extended many tax filing and payment deadlines. But, as a business owner, do you know how these extensions affect your employee benefit plans? read more >

New COVID-19 law makes favorable changes to “qualified improvement property” (April 21, 2020)

A drafting error by Congress meant that some improvements to interior parts of nonresidential buildings had to be deducted over 39 years. But a new law that provides COVID-19 relief fixes the error and may result in revenue for eligible businesses. read more >

What are the key distinctions between layoffs and furloughs? (April 15, 2020)

COVID-19 has forced many business owners to re-evaluate the size of their workforces. The choice between layoffs and furloughs brings up a variety of compliance issues. read more >

Relief from not making employment tax deposits due to COVID-19 tax credits (April 14, 2020)

The coronavirus (COVID-19) crisis has resulted in unprecedented challenges for employers. Here are the details of some relief from the federal government. read more >

Answers to questions about the CARES Act employee retention tax credit (April 8, 2020)

As a business with employees, you may have questions about the new employee retention tax credit. Here are some answers. read more >

Using your financial statements during an economic crisis (April 2, 2020)

Are you searching for answers on how to guide your business through this difficult time of coronavirus (COVID-19) challenges? Your financial statements can help. read more >

CARES Act provides COVID-19 pandemic relief to businesses (March 31, 2020)

The CARES Act includes several tax-related provisions to help businesses survive the coronavirus (COVID-19) pandemic. read more >

SBA offering loans to small businesses hit hard by COVID-19 (March 26, 2020)

The coronavirus (COVID-19) has pushed many small businesses to the brink. If you’re struggling, consider a new SBA loan launched specifically because of the outbreak. read more >

Individual Tax

Unusual year steers year-end tax strategies (October 21, 2020)

Interested in reducing your 2020 tax liability? There’s still time to take these 2020 year-end tax planning steps. read more >

More parents may owe “nanny tax” this year, due to COVID-19 (August 11, 2020)

Do you have a nanny, housekeeper, or other household workers? If you pay him or her cash wages of $2,200 in 2020, you must withhold and pay Social Security and Medicare taxes. Learn about this and other tax obligations for household workers. read more >

What qualifies as a “coronavirus-related distribution” from a retirement plan? (June 24, 2020)

If you need money due to COVID-19, you may be able to take a tax-free “coronavirus-related distribution” from a retirement plan. The IRS has released guidance explaining who qualifies for one of these distributions. read more >

There’s still time to make a deductible IRA contribution for 2019 (May 7, 2020)

Do you want to save for retirement on a tax-advantaged basis? It’s not too late to make 2019 IRA contributions (if you’re eligible) just because it’s 2020. And this year, the IRS extended the deadline three months due to COVID-19. Here are the rules and who can make contributions. read more >

Do you have tax questions related to COVID-19? Here are some answers (May 5, 2020)

If you’re like most Americans, the coronavirus (COVID-19) pandemic has led to many questions. Health issues are of utmost concern but you may also have many financial questions. Here are some answers. read more >

IRA account value down? It might be a good time for a Roth conversion (April 30, 2020)

Consider turning a stock market downturn into a tax-saving opportunity by converting a traditional IRA into a Roth IRA. read more >

CARES ACT changes retirement plan and charitable contribution rules (April 7, 2020)

During the COVID-19 crisis, many people and charitable organizations need cash. The new CARES Act may provide some solutions. read more >

COVID-19 stimulus package offers relief to affected individual taxpayers (April 1, 2020)

During these uncertain times, it pays to know what relief is available under the CARES Act for you and your family. read more >

Estate Planning

The rules have changed regarding your IRAs, RMDs and estate plan (April 23, 2020)

Do you understand how the CARES Act and the SECURE Act affect your estate planning strategies regarding your IRAs or other defined benefit plans? read more >

Review your estate plan in the midst of a major life shock (April 10, 2020)

When was the last time you reviewed your estate plan? In light of the coronavirus (COVID-19) outbreak, it’s a good time to review and update your plan to provide yourself some peace of mind. read more >

The gift tax filing and payment deadlines have been extended to July 15 (April 3, 2020)

To ease the burdens of the coronavirus (COVID-19) pandemic, the U.S. Dept. of Treasury has extended the federal gift tax filing and payment deadline to July 15, 2020. read more >

Audit & Accounting

Is it time to outsource finance and accounting? (June 15, 2020)

Outsourcing has been a hot topic for businesses during the COVID-19 crisis. Here’s what you should know before applying this cost-cutting strategy to your finance and accounting department. read more >

Independent assurance inspires confidence in sustainability reports (May 20, 2020)

What is a “sustainability” report? What reporting standards apply? And why does your report need an external audit? Find the answers here. read more >

Going, going, gone: Going concern assessments in the midst of COVID-19 (April 28, 2020)

Is your company struggling during the novel coronavirus (COVID-19) pandemic? You’re not alone. Here’s how to evaluate your company’s long-term viability and, if substantial doubts exist, how it will impact financial reporting. read more >

Adjusting your financial statements for COVID-19 tax relief measures (April 20, 2020)

In the midst of the COVID-19 crisis, many companies are focused on paying bills and avoiding bankruptcy. But you also must stay atop a barrage of tax law changes that may affect quarterly and year-end reporting. read more >

Fraud Prevention

Fake COVID-19 treatments and other new fraud schemes (April 7, 2020)