CARES Act
Retirement Plan Provisions of the CARES Act
AAFCPAs would like to make clients aware of retirement plans provisions included in the Coronavirus Aid, Relief and Economic Stimulus (CARES) Act legislation. These provisions include expanded and penalty-free withdrawal rights, expanded loan rights, extended rights to repay loans and withdrawals, and a deferral of mandatory distributions. Coronavirus-Related Hardship Distributions The 10% early distribution penalty […]
Will Paycheck Protection Program Loans Be Subject to Uniform Guidance for Nonprofit Organizations?
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) includes many provisions that are applicable to nonprofit organizations. One of the provisions is the Paycheck Protection Program (PPP) Loans which provides 100% Federally guaranteed loans to covered entities who meet certain criteria. A consideration for nonprofit organizations is whether the loans will be subject […]
Payroll Tax Credits and Other COVID-19 Payroll-Related Benefits
AAFCPAs would like to make clients aware of sections of the laws enacted over the past several weeks by the Federal government to ease the economic impact on employees and employers as they relate to payroll-related benefits. Employers are presented with two types of new tax credits, and a tax deferral option available as part […]
Individual Tax Provisions of the Federal CARES Act
AAFCPAs would like to make our clients aware of the impact to individual taxpayers through the Coronavirus Aid, Relief and Economic Stimulus (CARES) Act legislation. The CARES Act was signed into law by the President on Friday March 27, 2020. There has been significant discussion on the impact of the COVID-19 pandemic on the economy […]
Business Tax Provisions of Federal Legislation
The CARES Act makes significant changes to the calculation of taxes for both C corporations and flow through entities. AAFCPAs has provided a summary of these provisions below. Where appropriate, information from the Families First Coronavirus Response Act (FFCRA) and other IRS announcements has been included. Net Operating Losses (NOLs) Under existing law, in effect […]
Understanding Unemployment and the CARES Act
Employers who are faced with workplace shutdowns due to the impact of COVID-19 will need to assess the best approach for their business situations: a temporary layoff or a formal end of employment. Prior to layoff, employers must ensure that messaging to employees and wage payments reflect the difference. The definition and terminology vary from […]
What Businesses Need to Know about Families First Coronavirus Response Act and Unemployment under CARES
AAFCPAs has received many e-mails and phone calls in response to the CARES Act, and other legislative developments related to the coronavirus crisis. This pandemic is impacting our lives and businesses in a way that none of us have experienced before. Business leaders are forced to make difficult decisions related to employees. AAFCPAs has provided […]
AAFCPAs’ CARES Act Task Force
AAFCPAs has formed a Task Force dedicated to studying and advising clients on the business implications of the Coronavirus Aid, Relief and Economic Stimulus (CARES) Act legislation, signed by President Trump on Friday, March 27th, 2020. Our CARES Task Force includes senior leadership and advisors from diverse segments of our organization, bringing the necessary talent […]
Guidance on SBA Disaster Loans, AAFCPAs’ CARES Act Task Force Mobilized to Assist
UPDATE 4/16/20: Initial Round of SBA Disaster Loan Funds Exhausted; Now what? AAFCPAs would like to make clients aware that the Coronavirus Aid, Relief and Economic Stimulus (CARES) Act legislation, signed by President Trump on Friday, March 27th, 2020, creates two Small Business Administration (SBA) loan programs available to businesses to prevent devastation caused by […]