Time to team up: Nonprofit partnerships
May 11, 2020 Knowledge Center
Time to team up: Nonprofit partnerships

Limited staff and financial resources during the novel coronavirus (COVID-19) pandemic may have your not-for-profit looking for new ways to achieve your mission. Partnering with a like-minded organization potentially enables you to pool funds, staff and supporters — temporarily or permanently. 2 primary arrangements There are many types of partnership arrangements between nonprofit organizations. But […]

Do you have tax questions related to COVID-19? Here are some answers.
May 8, 2020 COVID-19
Do you have tax questions related to COVID-19? Here are some answers.

The coronavirus (COVID-19) pandemic has affected many Americans’ finances. Here are some answers to questions you may have right now. My employer closed the office and I’m working from home. Can I deduct any of the related expenses? Unfortunately, no. If you’re an employee who telecommutes, there are strict rules that govern whether you can […]

FFCRA update: DOL clarifies issues related to paid leave
May 7, 2020 COVID-19
FFCRA update: DOL clarifies issues related to paid leave

The U.S. Department of Labor’s (DOL’s) Wage and Hour Division recently posted additional guidance regarding paid sick and emergency childcare leave under the Families First Coronavirus Response Act (FFCRA). Much of the guidance offers details and clarifications on the calculation of paid leave, including: How to calculate an employee’s regular rate of compensation, Whether the […]

Benchmarking: Why normalizing adjustments are essential
May 5, 2020 COVID-19
Benchmarking: Why normalizing adjustments are essential

Financial statements aren’t particularly meaningful without a relevant basis of comparison. There are two types of “benchmarks” that a company’s financials can be compared to — its own historical performance and the performance of other comparable businesses. Before you conduct a benchmarking study, however, it’s important to make normalizing adjustments to avoid any misleading comparisons. […]

Now may be the time to forgive intrafamily loans
May 5, 2020 Knowledge Center
Now may be the time to forgive intrafamily loans

If you have outstanding loans to your children, grandchildren, or other family members, consider forgiving those loans to take advantage of the current, record-high $11.58 million gift and estate tax exemption. Bear in mind that in 2026, the exemption amount will revert to $5 million ($10 million for married couples), indexed for inflation. Under the […]

The rules have changed regarding your IRAs, RMDs and estate plan
May 4, 2020 COVID-19
The rules have changed regarding your IRAs, RMDs and estate plan

Many people’s estates typically include IRAs. Be aware that two major laws, the Setting Every Community Up for Retirement Enhancement (SECURE) Act and the Coronavirus Aid, Relief, and Economic Security (CARES) Act, have had a direct effect on IRAs. In a nutshell, the CARES Act waives required minimum distribution (RMD) rules for IRAs (and certain […]

Temporary regulations address health plans and pandemic-related paid leave
May 4, 2020 COVID-19
Temporary regulations address health plans and pandemic-related paid leave

The U.S. Department of Labor issued temporary regulations implementing the emergency paid sick and family leave provided under the Families First Coronavirus Response Act (FFCRA) and the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Here are some highlights of the impact those regulations may have on group health plans. Maintenance of coverage Employers must […]

5 ways to protect remote workers – and your business – from cyber-attacks
April 30, 2020 COVID-19
5 ways to protect remote workers – and your business – from cyber-attacks

Many businesses were unprepared when the novel coronavirus (COVID-19) pandemic required them to close their physical offices and shift to remote operations. Your company, for example, may have had to scramble to set up a virtual private network (VPN) or move files to the cloud. And while adapting to working from home, employees may have […]

IRA account value down? It might be a good time for a Roth conversion
April 29, 2020 Knowledge Center
IRA account value down? It might be a good time for a Roth conversion

The coronavirus (COVID-19) pandemic has caused the value of some retirement accounts to decrease because of the stock market downturn, but if you have a traditional IRA, this downturn may provide a valuable opportunity. It may allow you to convert your traditional IRA to a Roth IRA at a lower tax cost. The key differences […]

Adjusting your financial statements for COVID-19 tax relief measures
April 29, 2020 COVID-19
Adjusting your financial statements for COVID-19 tax relief measures

The CARES Act contains several tax-related provisions for businesses hit by the novel coronavirus (COVID-19) crisis. Those provisions will also have an impact on financial reporting. Companies that issue financial statements under U.S. Generally Accepted Accounting Principles (GAAP) are required to follow Accounting Standards Codification (ASC) Topic 740, Income Taxes. This complicated guidance requires companies to report […]

COVID 3.5 Relief Package
April 28, 2020 COVID-19
COVID 3.5 Relief Package

By Nicholas Sanchez, Partner, Tax Attorney   On Friday, April 24, 2020, President Trump signed the Paycheck Protection Program and Health Care Enhancement Act (H.R. 266, known as COVID 3.5), which provides additional funding for the Paycheck Protection Program (PPP), a relief program created under the CARES Act  previously enacted on March 27, 2020. There […]

Your legacy: Charitable giving is vital during the COVID-19 crisis
April 24, 2020 COVID-19
Your legacy: Charitable giving is vital during the COVID-19 crisis

The novel coronavirus (COVID-19) pandemic and the resulting economic fallout is dealing a crushing blow to charitable organizations. Indeed, during a time when food banks, disaster relief and other nonprofit services are needed most by the public, their funding is suffering due to cancelled fundraising events and other factors. If philanthropy is an important part […]