The 2020 presidential election is mere weeks away, and the country is still grappling with the fallout from COVID-19. While the U.S. continues to find its way out of the pandemic through extended unemployment payments, low-interest loan programs, and new incentives for businesses, the upcoming election has taken on new importance.

The number of returns examined in the last ten years has declined due to budget and workforce cuts at the Internal Revenue Service (IRS). For the fiscal year 2019, an individual tax return had a 1 in 220 chance of being selected for audit. Ten years ago, it was a 1 in 90 event. The likelihood of being chosen drops to 1 in 466 if individual returns do not include a business or the earned income tax credit.

In a surprising turn of events this spring, the Financial Accounting Standards Board (FASB) pushed back the implementation deadline for nonpublic entities recognizing revenue under Accounting Standard Codification (ASC) 606. Nonpublic entities – both for-profit and not-for-profit – were initially expected to comply with the new revenue recognition standard on reports for fiscal years beginning after December 15, 2018.

In early August, the news reported attempts between Congress and the White House to deal with additional Coronavirus relief legislation. After several meetings between the two sides, it was clear no agreement would be reached, leaving many without critical unemployment and other financial benefits.

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.

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.