COVID-19

Despite the harm COVID-19 unleashed on the economy, trillion-dollar relief efforts like the Paycheck Protection Program, direct stimulus payments and more have largely kept bankruptcies at bay. According to data provider Epiq AACER, overall U.S. bankruptcy filings hit their lowest point since 1986, with the biggest dip seen in individual filings...

The confluence of 2017’s Tax Cut and Jobs Act (TCJA), 2020’s Coronavirus Aid, Relief, and Economic Security Act (CARES Act), and the new Consolidated Appropriations Act (CAA), has taxpayers (and tax professionals) on their toes, to say the least. Along with a new guard in Washington D.C., these sweeping changes created a dynamic situation for multitenant landlords and lessors of other real estate...

On March 11, 2021, President Biden signed into law the American Rescue Plan Act of 2021 (ARPA). The $1.9 trillion Act provides pandemic-related relief for businesses and individuals through a variety of provisions, including another round of stimulus payments, funding for state and local governments, and tax relief.Below is a summary of the key provisions included in the American Rescue Plan...

When COVID-19 reached the United States in March 2020, the federal government began working quickly to roll out its first stimulus relief package—the CARES Act. From a business perspective, the most impactful element of the legislation was the enactment of the Paycheck Protection Program (PPP), which allowed businesses to apply for loans to cover the losses incurred by the pandemic. A second Paycheck Protection Program, known as PPP2, was included in the Coronavirus Response and Relief Supplemental Appropriations Act of 2021. As a result, support is still available for businesses, and by working closely with your financial advisors, you can learn more about the ways government aid programs can positively impact operations...

In the wake of the pandemic, the Coronavirus Aid, Relief, and Economic Security (CARES) Act and the Coronavirus Response and Relief Supplemental Appropriations Act of 2021 have provided immediate assistance to the American workforce. While these bills have delivered direct economic assistance to small businesses nationwide, some business owners have been left perplexed regarding the tax deductibility of their Paycheck Protection Program (PPP) or PPP2 loans. What We Know It cannot and should not be assumed that states will adhere to the federal tax treatment of forgiven PPP loans and the deductibility of expenses related to those loans. Existing state laws dictate—whether by formal legislation or informal guidance—when specific CARES Act and coronavirus-related Tax Relief Act guidance do not exist...

On Jan. 15, 2021, The U.S. Department of Health and Human Services (HHS) announced an amendment to the reporting timeline and process for the Provider Relief Fund Program and opened registration for their Provider Relief Fund Reporting Portal...

The Employee Retention Credit (ERC) was established under the CARES ACT in March of 2020 to assist employers in retaining and compensating employees during the Covid-19 pandemic. The credit was expanded under the Consolidated Appropriations Act, 2021 (CAA) making more employers eligible for the credit and allowing for a larger benefit. The credit was extended and expanded again under the American Rescue Plan Act of 2021 (ARPA). Key Areas Last Updated on March 12, 2021 PPP Loan recipients now eligible for the credit for both 2020 and 2021 For employers that originally did not qualify for the credit in 2020 because of a PPP loan – now is the time to revisit the credit...

During this Rehmann webinar, landlords and their lenders will understand the tremendous financial disadvantage the Consolidated Appropriations Act (CAA) has created for them as they negotiate with tenants and navigate non-paying tenants...

The CAA is expansive and at nearly 5,600 pages, many are left with more questions than answers. Join us for a complimentary webinar and Q&A session where we'll begin to address the most broadly applicable elements of the CAA, including the greatest tax impacts and relief aid provisions affecting both businesses and individuals...

Updated 12/31/20 With a second round of Paycheck Protection Program loans officially on its way – this renewed PPP2 program is part of a $900 billion pandemic relief provision signed into law by President Trump on Dec. 27 – businesses and organizations are eager to know if, when, and how this assistance could help their operations. While further guidance and clarification is expected in the coming days – the U.S...