Latest News

Pioneers in Energy Innovation

On this episode of Supply Chain Now, Scott is joined by Jason Moss and Laura Madajewski for the newest episode of the Today in Manufacturing Series. They are happy to welcome Joshua Lebarre with Sonnen into the studio. Read More

CARES Act: Business Provisions

CARES Act - Business Provisions Summary The Coronavirus Aid Relief and Economic Security Act (CARES Act) was unanimously passed on March 27th to provide taxpayers relief resulting from the COVID-19 outbreak. This $2.2 trillion dollar bill contains numerous tax provisions benefiting both individuals and businesses. The following is a summary of the business tax changes implemented by the CARES Act.... Read More

CARES Act: Qualified Improvement Property

The Coronavirus, Aid, Relief and Economic Security Act (the CARES Act), is designed to provide financial relief and assistance to business and individuals. The CARES Act was signed into law on Friday, March 27th and is one of the largest economic stimulus packages in history with anticipated $2 trillion dollars of financial assistance. One of the key business provisions included a retroactive amendment... Read More

The CARES Act: Code Section 163(j)

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act) was signed into law as the third COVID-19-related stimulus package. The newest package consists of approximately $2.2 trillion of financial relief to assist with supporting businesses and individuals that have been negatively impacted by the economic decline. This article discusses the modification to the... Read More

Federal and State Tax Filing Guidance for Coronavirus Pandemic

As of March 21, 2020, the Treasury Department and Internal Revenue Service announced that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020. As a result of the postponement of the due date for filing federal income tax returns, taxpayers can now defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed. This relief applies to all taxpayers, including individuals, corporations, trusts and estates and other non-corporate tax filers as well as who pay self-employment tax. Read More

Payroll Deferral and Employee Retention Credit

The Coronavirus Aid, Relief and Economic Security (CARES) Act comes with a $2.2 trillion price tag but will hopefully help stabilize the economy as the United States (and the world) continues to combat COVID-19. In this article, we will be discussing two key factors for businesses - payroll deferral and the employee retention credit.Payroll DeferralThe payroll deferral measure aims to free up cash flow and... Read More

CARES Act: Individual Provisions

In addition to the recovery rebates for eligible individuals (up to $1,200 single filers; $2,400 joint filers plus $500 for each qualifying child), there are many other provisions affecting individual taxpayers. Below is an explanation of some of the key provisions. 2020 Estimated Tax Payments Federal estimated tax payments due April 15, 2020 are deferred until July 15, 2020. Currently federal second... Read More

CARES Act: The Paycheck Protection Program

This article was updated 4/1/20 to clarify that payments to independent contractors are not included in calculation of payroll costs per guidance from the Senate Committee on Small Business & Entrepreneurship. On Friday March 27, the President signed into law the largest economic stimulus package in history. The Coronavirus, Aid, Relief, and Economic Security Act, also known as... Read More

Breaking Down the CARES Act

As indicated in our previous publication, Coronavirus Aid, Relief and Economic Securities (CARES) Act, the $2.2 trillion bill is complex legislation affecting nearly all taxpayers and many businesses. Expanding on our prior communications, below is a breakdown of some of the key aspects of the legislation. New law: Credit allowed for 2020. Under the CARES Act, an eligible individual is allowed an income... Read More