Scams Regarding Economic Impact Payments
As taxpayers begin to receive Economic Impact Payments, scammers are on the prowl. Be on the lookout for IRS impersonation calls, texts and email phishing attempts about the coronavirus or…
FASB Votes to Extend Effective Dates of Revenue/Lease Standards
The FASB recently voted in favor to defer the effective date for leases (ASC 842) and revenue from contacts with customers (ASC 606) for one year for certain entities. …
Modifications for Net Operating Losses
The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides tax relief to individuals and businesses to support the economy. Included in the numerous provisions is a modification to the…
Remote Work – Be There Without Being There
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Special Rules for Use of Retirement Funds
The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides relief designed to increase liquidity in the economy including modifications to the rules on the use and distribution of retirement…
Helping Your Company Work Remotely
Loans Available for Businesses
Crosslin has received numerous follow-up questions regarding loans available for businesses. The Paycheck Protection Program (“PPP”) authorizes up to $349 billion in forgivable loans to small businesses to pay their…
CARES ACT SUMMARY
On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief and Economic Security (CARES) Act, which provides relief to taxpayers affected by the novel coronavirus (COVID-19). The…
SBA DISASTER ASSISTANCE IN RESPONSE TO THE CORONAVIRUS – LOW-INTEREST LOANS
In response to the novel coronavirus (COVID-19) pandemic affecting the small business community across the country, the U.S. Small Business Administration (SBA) is offering low-interest federal disaster loans for working…
IRS OUTLINES PROCEDURES FOR PAYROLL TAX CREDITS AND RAPID REFUNDS FOR EMPLOYERS MAKING FEDERALLY-MANDATED COVID-19 LEAVE PAYMENTS
The federal government is trying to get much-needed cash into the hands of employers and employees affected by COVID-19 as quickly as possible. To do so, it is utilizing employers’ existing…