Category Archives: COVID-19

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Uncertainty, COVID-19, and Estate Planning: A Unique Opportunity to Plan

The Coronavirus Disease 2019 (COVID-19) pandemic has created personal uncertainty for many due to living in quarantine and apart from extended family members, and financial stress due to market volatility and the unclear future for some businesses. Yet, it may be a sensible time to engage in estate planning, not only because the pandemic has … Continue Reading

Now That I Have My Paycheck Protection Program Money, What Can I Do with It?

Q. Assuming I properly received PPP funds, what can I spend it on?  A. The allowable uses of PPP loan funds are as follows: 75% of the PPP loan funds must be used for payroll costs for U.S. resident employees (salaries are capped at $100,000 per employee), The remaining 25% may be spent on: Costs … Continue Reading

U.S. Federal Tax Changes in Response to Coronavirus Disease 2019

As part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) that was passed on March 27, 2020, important tax-related provisions were enacted into law relating to individuals, corporations, businesses, retirement plans, and nonprofits. In addition, the Internal Revenue Service (IRS) has issued relief measures regarding filing tax returns, payment of federal taxes, … Continue Reading

Employee Retention Tax Credit for Employers under the CARES Act

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), which was signed into law on March 27, 2020, contains a tax credit to encourage companies to continue paying employees if the business has been closed, or there has been a significant decline in sales due to Coronavirus Disease 2019 (COVID-19). This tax credit is … Continue Reading

Tax Credit for Emergency Sick Leave and Family Leave Paid by Employers Under the Families First Coronavirus Response Act

The Families First Coronavirus Response Act (FFCRA), which has been signed into law, requires companies that employ less than 500 employees to pay 80 hours of sick leave and up to 12 weeks of family leave for employees who are required to stay home because of six specific Coronavirus Disease 2019 (COVID-19)-related reasons. This March … Continue Reading

GT ALERT – States Revise 2019 Tax Filing Deadlines

The Internal Revenue Service (IRS) has extended the filing date for 2019 tax returns from April 15 to July 15.  Several states also have extended filing deadlines and payment due dates for 2019 tax returns because of the Coronavirus Disease 2019 (COVID-19) pandemic. To read the full alert, click here.… Continue Reading

GT ALERT – COVID-19’s Impact on California Property Tax Deadlines and Planning Considerations

The Coronavirus Disease 2019 (COVID-19) crisis has raised questions and concerns about upcoming property tax payment and reporting deadlines in California and whether taxpayers may be entitled to any relief due to a decline in property values. The discussion below addresses these issues. April 10 Property Tax Payment Deadline California state legislators, the state controller, … Continue Reading
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