The COVID-19 pandemic has turned business operations upside down and forced us to rethink almost all our assumptions about how businesses should be run. Business leaders have felt these changes acutely, but so have employees.
In response to the COVID-19 pandemic, the federal government enacted legislation to help businesses pay their employees during the economic downturn. The Paycheck Protection Program (PPP) was established under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The popularity of the initial program led to the second round of loan funding.
* Update – August 25, 2020: The IRS has temporarily suspended the mailing of three notices to taxpayers who have a balance due on their taxes. Learn more here. * The effects of the COVID-19 pandemic on individuals and businesses have been difficult to overlook. It started with the implementation of forced business closures and […]
Due to the COVID-19 pandemic, some recent changes have been made to the procedures that nonprofit organizations follow to register with their state. Below is an overview of the changes that affect Pennsylvania and New Jersey charities.
By Klatzkin Tax Team
There has been a lot of activity in Congress lately as both the House and Senate search for an amenable agreement on providing additional relief as the COVID-19 pandemic continues. The catalyst was the expiration of extended federal unemployment benefits initiated by the CARES Act. At the same time, Congress also wanted to tackle funding for states, additional school funding, changes to the Paycheck Protection Program, economic stimulus payments, and new business tax incentives
With the spread of the COVID-19 pandemic throughout the United States and around the world, 2020 has been an unprecedented year, leaving many of us wondering about finances and potential tax ramifications.
The business challenges presented by the COVID-19 pandemic caught many of us off guard. The abrupt changes resulting from stay at home orders and forced business closures left many with few options to sustain their business. Many were left with little choice but to sharply cut expenses and start employee layoffs or terminations to manage.
Service is at the center of any nonprofit organization, and to successfully serve their communities, nonprofits must have (1) staff members who have a deep passion for the mission, and (2) a steady stream of support.
The tax landscape has been in a constant state of flux since the onset of the COVID-19 Pandemic. The combination of restrictive stay at home orders and forced business closures have created immense financial stress on individuals and families.
