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Applying an Old Statute During the COVID-19 Pandemic

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Previous alerts and communications from Bennett Thrasher have been focused on the legislative measures currently being taken by the government to respond to the COVID-19 pandemic, but businesses may possibly turn to a preexisting tax provision to help support their employees facing health and financial challenges during this emergency. In general, an employer cannot make a “gift” to an employee because any payment made is treated as taxable compensation.

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Employee Retention Credits Under the CARES Act

By Insights

As a part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) enacted on March 27th, Congress created a new employee retention credit (ERC) for businesses adversely impacted by the ongoing COVID-19 pandemic. This provision was one of several measures included in the Act which are designed to help employers retain employees during the health crisis.

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Time to Consider Goodwill Impairment?

By Insights

Even in normal economic times, it is crucial for financial managers of businesses that have goodwill and other intangible assets on their books to understand the requirements of ASC 350 Intangibles- Goodwill and Other. The standard includes guidance on the subsequent measurement of intangible assets and goodwill. The current coronavirus (COVID-19) pandemic could affect the subsequent measurement of goodwill and the fair value of an entity.

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Planning for What’s Next

By Insights

Here we are, a month after the world was upended due to the coronavirus. In the first few days, leaders had to respond to the urgency of the situation. For some, the workforce began to work remotely. Others adapted and some have temporarily closed their doors. We don’t know how long the current pandemic will last or how long it will take the economy to recover, but we do know that now is not the time to lose sight of your long-term plans.

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IRS Clarifies How Payroll Tax Deferral Works

By Insights

One of the tax provisions in the CARES Act designed to give businesses immediate help with their cash flow allows them to defer payment of the employer’s Social Security tax of 6.2% (OASDI) of employee wages (up to an annual limit) incurred from March 27, 2020 through December 31, 2020. One half of the deferred amount will be due on December 31, 2021, and the other half will be due on December 31, 2022.

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IRS Provides Comprehensive Relief to Taxpayers

By Insights

On April 9, 2020 the IRS issued Notice 2020-23 which significantly broadens its relief to taxpayers in response to the ongoing coronavirus pandemic. All taxpayers with a federal filing or payment deadline (original or pursuant to a valid extension) on or after April 1, 2020, and before July 15, 2020, have until July 15, 2020 to file the returns and make payments without penalties or interest.

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