business interruption coverage

Business interruption coverage

A natural place to turn when disaster strikes is insurance. The very reason you pay premiums and deal with the paperwork is to have these risk management policies in place when necessary. But, when it comes to business interruption coverage,…
Main Street Lending Program

Updates on the Main Street Lending Program

The Federal Reserve on April 30th released additional guidance and Main Street Lending Program updates. The program has changed since the last blog posted on April 21st. Here are the new details: “To implement the Program, the Federal…
economic impact payment

Answers to Economic Impact Payment Questions

Millions of eligible Americans have already received their Economic Impact Payment (EIP) via direct deposit or paper checks, according to the IRS. Others are still waiting. The payments are part of the Coronavirus Aid, Relief, and Economic Security…
retirement plan & charitable contributions

Adjusted Retirement Plan & Charitable Contributions

As we all try to keep ourselves, our loved ones, and our communities safe from the coronavirus (COVID-19) pandemic, you may be wondering about some of the recent tax changes that were part of a tax law passed on March 27, including adjusted…
Main Street Lending Program

Details of Main Street Lending Program

On April 9th, the Federal Reserve took additional actions to provide up to $2.3 trillion in loans to support the economy through the Main Street Lending Program (“MSLP”). The actions the Federal Reserve are taking to support employers of…
unemployment assistance

Unemployment Assistance for Eligible Workers

Unemployment Assistance is available to Self-Employed, Other Newly Eligible Workers on Monday, $600 Federal Payments Also Begin Michigan’s self-employed workers, gig workers, 1099-independent contractors and low-wage workers affected by COVID-19…
qualified improvement property

Qualified Improvement Property Correction

Before the TCJA, capitalized expenditures for qualified improvement property—i.e., certain improvements to the interior of a non-residential building that occurred after the building was placed in service—generally had a 39-year recovery…
AMT Credits recovery

Recovering AMT Credits Under the CARES Act

The corporate alternative minimum tax (AMT) was repealed as part of the Tax Cuts and Jobs Act (TCJA), but corporate AMT credits are allowed as refundable credits until 2021. The CARES Act accelerates the ability for companies to recover those…
avoiding dividend treatment

Can Net Operating Losses (NOLs) Help Your Cash Flow?

Under the CARES Act, firms may take net operating losses (NOLs) earned in 2018, 2019, or 2020 and carry back those losses five years. The NOL limit of 80 percent of taxable income is also suspended, so firms may use NOLs they have to fully offset…