There’s no question the global pandemic of 2020 quickened trends of the future that were hitting the wall of the present: Employers resistant to allowing employees to work remotely suddenly had no choice as localities enacted mandatory stay-at-home measures....
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How to Plan for Succession: Preserving, Protecting, and Passing On Wealth
Transitioning Ownership The decisions made regarding ownership of the family office or closely held business may not necessarily be the same decisions that are required for leadership and management. It’s critical to understand and acknowledge the different elements...
Addressing Missed 401(k) Plan Deadlines During COVID-19
The COVID-19 pandemic has put many extra burdens on 401(k) plan sponsors. In addition to navigating all of the uncertainty related to the economy and workplace safety, plan sponsors have had to keep an eye on regular retirement plan procedures and deadlines. Often,...
The Path to Retail Recovery
COVID-19 has shaken nearly every aspect of the retail industry. Retailers have been grappling with never-before-seen store closures, supply chain disruptions and personnel changes. Even as the country slowly opens back up for business, we know retailers will continue...
IRS Addresses the President’s Executive Order On Employee Payroll Tax Deferral in Notice 2020-65
On August 28, 2020, the IRS issued Notice 2020-65 that provides some needed guidance for employers wondering whether and how to comply with the employee payroll tax deferral described in the August 8, 2020 Presidential memorandum (often referred to as an “executive...
IRS Adds New FAQs On CARES Act Payroll Tax Deferrals
The IRS recently added numerous frequently asked questions (FAQs) on the payroll tax deferrals under the Coronavirus Aid, Relief, and Economic Security (CARES) Act (P.L. 116-136). Although the FAQs cannot be relied upon as legal authority, they are an indication of...
The 2020 Tax Planning Paradox – Accelerate Income to Lower Your Total Tax Liability
As 2020 winds down, it’s time to consider year-end planning. It’s an unusual year, with taxpayers experiencing losses due to the economic downturn and the possibility of higher income tax rates next year. Consequently, we need to rethink the traditional year-end...
Paycheck Protection Program Frequently Asked Questions (FAQS) on PPP Loan Forgiveness
Courtesy of the U.S. Small Business Administration The Small Business Administration (SBA), in consultation with the Department of the Treasury, is providing this guidance to address borrower and lender questions concerning forgiveness of Paycheck Protection Program...
North Carolina Enacts Legislation That Updates IRS Conformity Date and Decouples From Some Provisions of the CARES Act
Summary On June 30, 2020, Governor Cooper signed House Bill 1080 (HB 1080) into law. The omnibus tax bill contains many updates to the various taxes imposed by North Carolina. However, this alert primarily focuses on changes to North Carolina’s corporate and personal...
Summer 2020 Non-Profit Newsletter
In This Issue: Nonprofit Organizations - Staying Functional and Safe in the Age of Coronavirus Reforecasting Your Budget Strengthening Internal Control in the COVID-19 Environment Looking Ahead - An Assessment of the Future of Higher Eduction Amidst the Impacts of...