 |
 |
 |
Tax Implications and Financial Business Guidance
Regarding the Coronavirus
The Coronavirus, or COVID-19, has altered our world; how we do business and how we live our daily lives. Cherry Bekaert has been and remains committed to our people, our clients, our communities and our professions. As such, we are closely monitoring the current situation to provide up-to-date guidance in this unparalleled time.
On this page you will find guidance on the latest regulatory updates and thought leadership to help you manage financial and operational risks while minimizing potential business disruptions. Please reach out to your trusted Cherry Bekaert professional for more information. We are always here to help guide you forward, even in the midst of uncertainty.
What Opportunities Might be Available to Your Business? Employee Retention Credit Expanded and Extended as part of the Consolidated Appropriations Act, 2021.
The Employee Retention Credit (“ERC”) was introduced as part of the Coronavirus Aid, Relief and Economic Security Act to incentivize employers to retain employees during COVID-19 by offering a refundable tax credit against employment taxes. Recently, the Employee Retention Credit was expanded and extended as part of the Consolidated Appropriations Act, 2021. For more information on eligibility requirements, rules, and provisions for the Employee Retention Credit, please reach out to your local Cherry Bekaert professional and see our latest article on the 2021 Employee Retention Credit Expansion as well as our brochure on New Opportunities for Employers to Claim the Employee Retention Credit.
State Taxes and a Remote Workforce
Watch now to learn more about potential state & local tax exposures that companies may...
Not-for-Profit: Financial Reporting & Accounting Impact of COVID-19
In this session, we will discuss various financial reporting and accounting impacts that COVID-19 may...
PPP Flexibility Act: What You Need to Know
Watch Now: Join us for a panel format update on the new PPP Flexibility Act...
COVID-19: Diversification and International Investment in Uncertain Times: A Primer
Join Cherry Bekaert's Joe Haehner as he discusses ideas and developments around international investments in...
COVID-19 Define the Next New Normal
Join us for this webinar where our professionals will provide a brief update on COVID-19...
Local Government Impacts from COVID-19
Watch Now: From accounting guidance to the effects of the CARES Act, this webinar is...
Teleworkers – Have you Considered the State Tax Impacts?
Watch Now: Join this webinar where presenters will discuss the state tax impacts on teleworkers...
COVID-19: Managing People in Crisis Townhall – Difficult Choices & Conversations
Cherry Bekaert's Joe Haehner will discuss how to prepare and guard your company culture in...
SBA PPP Loan Application Requirements & Forgiveness Guidance
Watch our webinar covering the PPP application requirements and forgiveness guidance for borrowers, including possible...
Opportunities to Transfer Wealth in a Down Market
Watch Now: Strategies to transfer wealth, while still retaining income streams and some measures of...
Government Contracting Virtual Roundtable: A Forum for Government Contractors on COVID-19
To help government contractors during this unprecedented time, Cherry Bekaert invites you to attend a...
COVID-19: Crisis Management – Support Package 2.0 – Additional Funds Approved: What You Need to Know!
Part of the Industrial Webinar Series Join Cherry Bekaert for a live webinar next Wednesday,...
Implications of the PPP Loan Forgiveness Process
Join Cherry Bekaert for a webinar discussing implications of the Paycheck Protection Program ("PPP") loan...
COVID-19: Overview of International Support Programs – Quo Vadis?
Learn more as our professionals provide an overview of the current country-specific support programs related...
CARES Act Employee Retention Tax Credit Helps Businesses Keep Payroll
Watch now to learn about the multiple forms of relief the Employee Retention Tax Credit...
COVID-19 Federal Stimulus and Not-For-Profit Organizations
This Cherry Bekaert webinar highlights provisions in pieces of legislation that affect nonprofits to determine...
Federal Taxes and the CARES Act – Rebates, Refunds and Deductions
We will discuss planning considerations that may impact 2019 tax returns because of the new...
COVID-19 Financial Statement and Accounting Implications
This webinar discussed COVID-19’s impact on financial reporting requirements, certain regulatory changes, and answer frequently...
Final SBA Paycheck Protection Program Regulations
This Cherry Bekaert webinar provides an overview of the Small Business Administration's Paycheck Protection Program,...
Employers and the Families First Coronavirus Response Act
Watch now to learn how the Families First Act impacts employers, and review the latest...
Not All 2020 Retirement Plan Distributions are Taxable Due to COVID-19
Not all 2020 retirement plan distributions are taxable due to COVID-19. Find out who qualifies...
PPP Forgiveness Loan Application Assistance for Financial Services
We provide PPP loan application assistance for financial institutions, including origination calculations, forgiveness planning, support...
2021 Employee Retention Credit Expansion
Find out how certain employers are now eligible for a recently expanded Employee Retention Credit,...
R&D Tax Credits for COVID-19 Activities
Let us help you review your research and development initiatives to determine if your company...
Warning of New COVID-19 related Text Scam
Be aware of a new COVID-19 related text scam created by thieves to trick people...
Hotel R&D Tax Credits for COVID-19 Procedures
Learn how to qualify for R&D Tax Credits for hotels by implementing COVID-19 Safety Procedures...
Strong Bankruptcy Planning & Organization May Help Healthcare & Life Sciences Companies Weather the Storm
Learn how healthcare & life science companies can navigate bankruptcy misconceptions during COVID-19, such as...
SBA Begins the PPP Loan Audit Process
Learn more about SBA Paycheck Protection Program (PPP) Loan Audit Process and PPP Loan Necessity...
For Manufacturers, There’s No Time to Waste on Cybersecurity
Learn how your manufacturing company can navigate the evolving complexities of cybersecurity and data security...
U.S. Mergers and Acquisitions Markets Return to Pre-COVID-19 Levels but CARES Act Hangover Contributes to Regulatory Uncertainty
Discover M&A transaction risks and uncertainties, and how to best tackle CARES Act related incentives...
Plain Sailing: Manufacturers Seeking to Mitigate Supply Chain Risk
Learn more about how we can help your industrial manufacturing & distribution company with supply...
Top Accounting Impacts on Professional Services Firms in the Wake of COVID-19
New accounting considerations, including impairment of long-lived assets and goodwill, revenue recognition, leases, valuation of...
IRS Temporarily Allows Electronic Signatures
The IRS recently announced that it will be temporarily allowing the use of digital signatures...
More Changes on Paycheck Protection Program Loan Forgiveness
Added changes released on payroll costs for owner-employees, related party payments for rent and mortgage...
IRS Notices Requesting Income Tax Payment for Returns Filed in 2020
Find out more on what to do if you have recently received IRS notices stating...
Georgia State Tax Credit Legislative Changes
Georgia Governor signs House Bill 846 providing modifications to Georgia tax credit programs due to...
NC General Assembly Approved Grants for North Carolina Businesses
How to apply for the Job Retention Grant (JRG). North Carolina businesses with at least...
PPP Loans May Extend to Certain 501(c)(6) Organizations
Get details on the proposed amendments to the CARES Act, including PPP Loans expanding to...
More Changes to PPP Forgiveness Rules
Guidance on the latests Loan Forgiveness FAQs that affect the Covered Period or Alternative Covered...
Real Estate Investments – Impairment and Tax Planning In a COVID-19 World
Read more about the real estate industry's impact because of the COVID-19 pandemic, including impairments...
Georgia State Tax Credit Legislative Changes
Georgia's House Bill 846 modifies existing Georgia tax credit programs that affect business income and...
Revised Form 941: Employee Retention Credit
Are you claiming all available employee retention credits and credits for mandated paid sick and...
Accounting Considerations for Healthcare & Life Sciences Companies Stemming from COVID-19
Learn about the impact COVID-19 has had on accounting for healthcare & life sciences companies,...
Proposed Regulations on 21 Percent Tax on Excess Compensation Released
The IRS released proposed regulations on the section 4960 excise tax, addressing important exceptions for...
IRS Proposes Two Methods to Report Partner Tax Basis Capital
Learn more about how the IRS released proposed requirement for two alternative methods to report...
California Bill Affects Use Of Net Operating Losses
California taxpayers with net business or modified adjusted gross income of $1 million or more...
New Interim PPP Final Regulations
The SBA and Treasury issue new interim final regulations on provisions for the PPP Flexibility...
Financial Reporting in Uncertain Times for Local Governments
In today’s ever-changing environment, local governments may encounter a significant impact on governmental financial statements...
Compliance Consideration Under Coronavirus Relief Funding
Learn more about compliance considerations under the Coronavirus Relief Funding, including available federal funding and...
July 15 Postponed Deadline for Most Tax Returns, Payments and Items
IRS postponement to July 15, 2020, for federal income tax returns, payments, and other time-sensitive...
Maximum Employee Retention Credits
Non-government employers should claim the maximum employee retention credits available right now, potentially a tax...
IRS Takes Steps to Reopen Facilities
With the postponed July 15 tax-filing deadline looming, the IRS is continuing to bring back...
IRS Provides Extended Balance Due Dates
Due to the pandemic, the IRS is providing taxpayers who receive balance due notices with...
GASB Proposed Bulletin on CARES Act Reporting
GASBs recent bulletin will provide real life guidance and examples of how to account and...
Deadlines Postponed for Qualified Opportunity Funds and Their Investors
Learn more about the various deadlines postponed for Qualified Opportunity Funds (“QOFs”) and their investors...
New FAQs on Carryback of Net Operating Losses Under the CARES Act
The IRS released FAQs regarding the carryback of net operating losses to taxable years in...
CARES Act Retirement Plan Considerations for Individuals
The CARES Act contains relief provisions that may generate additional cash flow and tax savings...
PPP Forgiveness Period Extended to 24 Weeks
The President significantly liberalized the PPP loan forgiveness rules, extending the payroll tax deferral to...
Court Cases Define Ownership of Tax Refunds
Learn more on how two taxpayers recently learned that they were not entitled to the...
The CARES Act: Changes to the Limitation on Deductibility of Business Interest Expense
The CARES Act included a temporary increase of the limitation of the deductibility of business...
Mandated Paid Leave Wages Tax Credit
The IRS issued additional guidance on the deductibility of mandated paid leave for which an...
IRS Increases Flexibility of Cafeteria Plans and High Deductible Health Plans
The IRS increases flexibility of rules regarding elections to participate in cafeteria plans and enrollments...
Maryland Enacts Optional Entity-Level Tax for Passthroughs
Recent Maryland legislation provides for an optional entity-level tax for pass-through entities....
Highlights of PPP Loan Forgiveness Application Clarifications
Learn more on the highlights of SBA PPP Loan Forgiveness Application, along with considerable guidance...
Is a COVID-19 Tax Loss a Qualified Disaster Loss?
Listen as our professionals discuss the potential opportunity and uncertainty of business tax losses realized...
Determining Eligibility for the Employee Retention Credit
Learn more about the Employee Retention Credit, a provision in the CARES Act providing eligible...
New Proposed Regulations for Estates and Trusts
New IRS proposed regulations issued this week provide clarification on estate and non-grantor trust deductions...
SBA Provides New Safe Harbor Guidance For PPP Loan Forgiveness
The SBA provided a safe harbor reducing the documentation requirements for those with PPP loans...
North Carolina Waives Interest on Income Tax and Extends Other Actions
North Carolina waives interest on income tax payments made by the extended due date of...
North Carolina Offers Business Tax Credit for Unemployment Insurance Payments
On Monday, North Carolina enacted new legislation providing a tax credit for Unemployment Insurance Fund...
What to Do if You Are a Victim of Tax Filing Identity Theft
Taxpayers everywhere have been reporting a surge in identity-theft related issues, including the filing of...
Certain Disaster Relief Payments to Employees May Be Excluded from Taxable Income
Certain payments made to employees due to the COVID-19 outbreak may be excluded from taxable...
Extension of Time to Repay PPP Loans
The deadline for repaying Paycheck Protection Program ("PPP") loans has been extended to May 14,...
Your Paycheck Protection Program Loan Has Been Funded – Now What?
Learn more on next steps for your business once you have received your PPP funding...
IRS Denies Deduction for Certain Expenses Paid by PPP Loans
If you have received or may receive a PPP loan, you should consider how the...
Virginia Waives Interest for Certain Income and Sales Tax if Paid by June 1
Take advantage of the interest waiver for certain Virginia income and sales tax payments. Make...
Cash Flow Planning with Qualified Improvement Property and Depreciation
Qualified improvement property (“QIP”) placed into service in 2018 and 2019 is now eligible to...
Filing Deadlines for Florida Corporate Tax Returns and Payments Extended
Details on the Florida Department of Revenue extended filing deadlines for certain Florida corporate income...
Additional Funding for PPP Loans: What You Need to Know
Read more on the new approved bill for the Paycheck Protection Program, which includes additional...
Making the most of Employer Payroll Relief provisions
Cherry Bekaert has gathered a team of professionals and developed tools to assist businesses and...
Cost Impact of COVID-19 on Employer-Sponsored Medical Plans
Learn more on the impact COVID-19 has had on employer-sponsered medical plans, and what may...
Federal Reserve Launches Main Street Lending Program as Additional Stimulus Funding for Small and Mid-sized Businesses
Guidance on taking advantage of the new MSLP, the additional stimulus lending program available to...
New Changes to NOLs Carryback Claims and AMT Credit Refunds Under the CARES Act Could Generate Immediate Refunds
Learn more on the CARES Act NOL carryback changes providing immediate refunds for corporate taxpayers...
Partnership Can Now File Amended Returns for Business Interest Deductions and Qualified Improvement Property
Partnerships can file amended returns and issue amended Schedules K-1 for their partners to take...
IRS’ People First Initiative Provides Relief to Taxpayers
Learn how the IRS is assisting taxpayers by providing relief on a variety of issues...
Georgia Expands Income Tax Relief to Corporate and Other Fiscal-year Filers
Georgia expands tax deadline relief to include any income tax return and payment due after...
Oregon’s New Corporate Activity Tax Payment Due April 30
The first payment of Oregon’s new Corporate Activity Tax (“CAT”) is due April 30, 2020...
IRS Allows Filing by Fax for Quick Refunds that Report a Net Operating Loss
The IRS recently announced temporary procedures that allow taxpayers to fax applications to claim quick...
Cash Flow Benefits for Employers Affected by COVID-19
Learn more on three recently enacted payroll provisions that give employers federal tax credits and...
How to Ask for Forgiveness on a Paycheck Protection Program (“PPP”) Loan
Learn more on potential PPP loan forgiveness, the expected timeline, qualifying expenses and organizing necessary...
IRS Issues New Postponement to July 15 on Most Tax Returns, Payments, and Other Items
The IRS amplifies relief providing an almost comprehensive postponement to July 15, 2020, for federal...
With the IRS Postponements and Extensions, Here’s What Needs to Be Done Now
Learn more on what is due on April 15, as many states have postponed filing...
New Alternate Size Standard Announcement for the Paycheck Protection Program – Time to Reconsider
Learn more on the expanded guidance on the Paycheck Protection Program (PPP) that may allow...
New Expanded SBA Eligibility for PPP Loans
Find out more on the expanded PPP eligibility released by the SBA, clarifying a number...
Impairment Considerations Arising from COVID-19
Find out if your company needs a goodwill impairment test in the wave of COVID-19,...
New PPP Application Forms Issued by U.S. Treasury
Learn more on The U.S. Department of Treasury's final borrow application form & what data...
IRS Extends Gift Tax Returns and Payments to July 15
Learn more regarding IRS Notice 2020-20, which postpones the due date for filing federal gift...
State COVID-19 Relief Programs
Review Cherry Bekaert's guide on the state and local tax programs that are providing economic...
States Provide Guidance on Extensions Available for Taxpayers
Learn how Cherry Bekaert can help you navigate the extensions available for taxpayers on state...
CARES Act: Highlights of the Tax Provisions
Learn more about the Coronavirus Aid, Relief, and Economic Security ("CARES") Act provisions that will...
Federal Taxes and the CARES Act – Rebates, Refunds and Deductions
This webinar is also available at an alternative date and time: April 03, 2020 at...
Small Business Administration Economic Injury Disaster Loan Program
Read more about the Small Business Administration (SBA) Economic Injury Disaster Loan (EIDL) program put...
Coronavirus: Steps to Take Now to Ensure Business Continuity
Find out relevant business guidance and links to resources that will keep you up-to-date and...
Insurance Recovery Services
The Impact of the COVID-19 Infection on the Economy...
Questions and Answers on Filing and Payment Due Dates
As new COVID-19 guidance raises multiple questions, discover which the IRS answered with these filing...
IRS Postpones Tax Filing Deadline and Increases Payment Relief
The IRS has postponed the federal tax filing deadline to July 15 for income tax...
Families First Coronavirus Response Act
Discover action items employers should take in response to the Families First Coronavirus ("COVID-19") Response...
Additional Guidance on April 15 Extended Payments
Read more about the IRS release of Notice 2020-17, which provides additional guidance on the...
IRS Releases Guidance on COVID-19
Cherry Bekaert Benefits Consulting (“CBBC”) is closely monitoring the impact COVID-19 has on employers' benefit...
April 15 Tax Payment Deadline Extended
Learn more about the July 15 tax deadline extension announced by the Trump administration, a...
Carryback of Net Operating Loss by Certain Exempt Organizations
New guidance provides that CARES Act NOLs can be carried back and deducted against aggregate...
How Professional Services Firms Can Manage Uncertainty
Learn more on steps you can take to reduce uncertainty for A&E firms, legal firms,...
Federal Work Study Students Excluded from 500 Employee Headcount for PPP Loan Eligibility
The SBA releases additional regulations for the Paycheck Protection Program, excluding students from the employee...
DoD Moves Forward with Cybersecurity Maturity Model Certification (“CMMC”) Program
COVID-19 has had little impact on the Cybersecurity Maturity Model Certification program as an upcoming...
Section 3610 of the CARES Act & Credits and Impact on Government Contractors
Learn more on how government contractors should track allocable proceeds used in their contracts to...
OMB Issues Guidance on the Implementation of Section 3610 of the CARES Act
Government contractor guidance on the OMB memorandum discussing the relationship between Section 3610 and the...
DCAA Issues Guidance on Conducting Audits of Contractors During Lockdown
Find out more about the DCAA guidance issued for conducting audits for government contractors during...
FASB Amends Annual Reporting Period Dates of ASC 842, Leases
The FASB Board has amended reporting peroid dates of ASC 842, Leases, for private companies...
Life Sciences and COVID-19 – Your Future Under a Microscope
Discover the effects on the life sciences industry amid the COVID-19 pandemic, including pressure to...
DoD Issues Class Deviation Providing Guidance on Section 3610 of the CARES Act
By: Eric Poppe & John Ford In a response to the CARES Act that was...
What the CARES Act Means to Local and State Government
Dive deeper into the CARES Act, including provisions and funding specific to local and state...
CARES Act for the Healthcare Industry – Some Relief is On the Way
Discover how our professionals can help you seek guidance for relief under the CARES Act...
Implications of the CARES Act for Professional Services Firms
Discover implications of the CARES Act for professional services firms, including federal funding it provides...
Updates to the U.S. Small Business Administration Affiliation Rules
Learn more about updates to the U.S. Small Business Administration's ("SBA") affiliation rules, including the...
Federal Coronavirus Relief Bills for NFPs
Discover more on legislation related to coronavirus that specifically affect nonprofits to determine what may...
Relying on Consultants During the Coronavirus Pandemic
Discover what consultants are doing to meet clients' needs & concerns while navigating their own...
Help for Hospitality Industry Under the CARES Act
Discover how the CARES Act & Paycheck Protection Program will help eligible hospitality businesses pay...
COVID-19 NOT Impacting CMMC Timeline
The “DoD” has officiallyentered into an agreement with the nonprofitaccreditation body for its Cybersecurity MaturityModel...
I’m Mr. Brightside: Looking for Opportunities in the Wake of COVID-19
This has been a truly bizarre week to say the least. Although there is still...
Guidance for NFPs on April 15 Extended Payments
Read about the IRS release of Notice 2020-17 for nonprofits, providing more guidance on the...
Coronavirus Impacts Working with the Federal Government: Contractor Considerations
Learn what steps government contractors can take to help smooth the transition to potential new...
IRS Announces Relief for Nonresident Aliens and U.S. Citizens and Residents Working Overseas
The IRS released revenue procedures providing relief for nonresidents that remain in the U.S. due...
Making the Most of U.S. Tax Incentives for Foreign Sales through IC-DISC and FDII
Learn more on two tax incentives: the IC-DISC and FDII, offered to encourage companies to...
Adjusting Transfer Pricing Budgets and Forecasts for the Remainder of 2020
Learn more on how a multinational enterprise will need to adjust transfer prices and how...
International Tax Information Due Soon for US-Based Companies with Foreign Investments
In 2020, and every five years, US-based companies need to report on their foreign affiliate...
COVID-19 Crisis: Crisis Management – What’s Next?
Cherry Bekaert's Jochen Haehner provided an update on the final regulations related to COVID-19 and...
COVID-19 Crisis: Leading International Teams in Crisis – Mitigation & Preparation
Cherry Bekaert's Jochen Haehner provided an update on the current development in the United States...
COVID-19 Crisis: What DACH Region Managers Should Know Now
Cherry Bekaert's Jochen Haehner provided an update on the current development of support programs in...
Response to COVID-19 and Our Steadfast Commitment to Our Clients
As COVID-19 (“Coronavirus”) continues to cause concern around the globe, I want to share what Cherry Bekaert is doing regarding this public health emergency.
Our top priority is the safety and well-being of our people and their families, clients and the communities in which we live and work. Please be assured that while we remain focused on the health and safety of our professionals and those around us, we also are focused on continued service to our clients.
Due to this rapidly evolving situation, we have taken steps to ensure we can continue to deliver the level of excellence and timeliness to which you are accustomed:
- We have a cross-disciplinary response team in place to continuously monitor COVID-19.
- We are following all recommendations from the World Health Organization (“WHO”), U.S. Centers for Disease Control and Prevention (“CDC”) and local authorities.
- We have put measures in effect that help ensure both safety for our people and business continuity for our clients.
- We are continuing to develop and share information and guidance with our employees so they are fully informed on how to protect themselves, their families and their clients against the spread of the illness.
- Cherry Bekaert has long been committed to a flexible work environment, and we have the technological, cultural and operational infrastructure for our professionals to work remotely and continue to serve our clients from anywhere.
As we continue to navigate this period of uncertainty, I hope that you and your loved ones stay healthy. We are committed to making a difference for you and are grateful for your confidence in Cherry Bekaert as we guide you forward.
As always, please let us know if you have any questions.
Stay safe and healthy,
Michelle Thompson
CEO & Firm Managing Partner
Additional COVID-19 Resources
A Message to Our Clients
In these very challenging times, we want to extend our heartfelt support to anyone impacted...
COVID-19 Update for Our Clients
In addition to delivering quality and timely service to our clients, the health and safety...
Response to COVID-19 and Our Steadfast Commitment to Our Clients
As COVID-19 (“Coronavirus”) continues to cause concern around the globe, I want to share what...
Event Postponement for all Firm-sponsored seminars and events scheduled before May 16, 2020.
In regards to the growing spread of Coronavirus (“COVID-19”) in our footprint, our Firm leadership...