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Stay up-to-date with all the latest news and updates about the coronavirus (COVID-19) as it relates to you, your business, your employees, tax laws, and more.

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Should My Distressed Company Consider A Debt Restructuring?
Many businesses have experienced severe cash flow problems during the COVID-19 pandemic. As a result, some may have delayed or missed loan payments. Instead of filing for bankruptcy in court, delinquent debtors may reach out to lenders about restructuring their loans.
What Are The Tax Implications Of Buying Or Selling A Business?
Merger and acquisition activity in many industries slowed during 2020 due to COVID-19. But analysts expect it to improve in 2021 as the country comes out of the pandemic. If you are considering buying or selling another business, it’s important to understand the tax implications.
Department of Justice and IRS Warn of Covid-19-Related Scams
The U.S. Department of Justice (DOJ) and the IRS’s Criminal Investigation division are warning taxpayers about a new wave of COVID-19-related scams.
Employee Retention Tax Credit
COVID-19 has shut down many businesses, causing widespread furloughs and layoffs. Employers that keep workers on their payrolls might be eligible for a refundable Employee Retention Tax Credit (ERTC), which was extended and enhanced in the latest law.
Economic Impact Payments
The Internal Revenue Service urges people to visit IRS.gov for the most current information on the second round of Economic Impact Payments rather than calling the agency or their financial institutions or tax software providers.  The IRS and the Treasury Department began issuing a second round of Economic Impact Payments, often referred to as stimulus payments, last week. The direct deposit payments may take several days to post to individual accounts.
Consolidated Appropriations Act 2021
At the end of 2020, Congress passed and President Trump signed the Consolidated Appropriations Act, 2021 (“CAA”). Attached are letters covering specific tax provisions included in the CAA that may be of interest to you.
Charitable Contributions Under the CARES Act
When the Tax Cuts and Jobs Act doubled the standard deduction available to taxpayers, it also made it harder for people to deduct their charitable contributions. The Coronavirus Aid, Relief and Economic Security (CARES) Act added a new deduction for charitable contributions, which is available to any individual who does not itemize.
How COVID-19 Could Impact Year-End Inventory Counts
Many businesses are closed or are limiting third-party access as COVID-19 surges across the United States. These restrictions could still be in place at year end — a time when external auditors traditionally observe physical inventory counts for calendar-year entities. Here’s how you can identify and overcome the challenges associated with inventory counts during the pandemic.
IRS Releases Final Instructions For Payroll Tax Form Related To COVID-19 Relief
In response to the COVID-19 pandemic, the federal government enacted legislation that includes deferral of the employer’s portion of Social Security tax. The IRS then significantly revised Form 941-X, “Adjusted Employer’s Quarterly Federal Tax Return or Claim for Refund,” to allow for adjustments and corrections to COVID-19 tax relief on previously filed Forms 941.
Be Alert for Unemployment Insurance Fraud
Due to the pandemic and current economic climate, unemployment insurance fraud is a growing area of concern. Many states have adopted an online unemployment filing process, which makes it easier for individuals to file legitimate claims but also opens the door for fraudulent claims. A recent data breach with the Illinois Department of Employment Security (IDES) may have exacerbated the problem for Illinois taxpayers; however, this type of fraud is not limited to individuals in the state of Illinois.
Unusual Year Steers Year-End Tax Strategies
Like so many things this year, the recommended practices for your annual end-of-the-year tax planning reflect the COVID-19 pandemic and its far-flung effects. The economic impact, as well as federal relief packages like the CARES Act, may render some tried-and-true strategies for reducing your income tax liability less advisable for 2020.
Extended Benefit Claims And Appeals Periods During COVID-19
In response to the COVID-19 pandemic, federal agencies have extended certain claims and appeals periods for employee pension benefits plans subject to the Employee Retirement Income Security Act (ERISA). The relief also applies to qualifying group health plans, as well as eligible disability plans and other employee welfare benefit plans.

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