Can Your Business Survive and Even Thrive in These Trying Times
The novel coronavirus (COVID-19) pandemic has caused difficulties for millions of businesses — from family-owned restaurants and niche manufacturers to multinational airlines and oil companies. As the economy slowly reopens across the country, old ways of doing things clearly won’t work for most business operations. But there’s a potential upside: Major economic disruptions may provide…
Prepare for a Post-COVID-19 Business Sea Change
Few businesses have been left unscathed by the novel coronavirus (COVID-19) pandemic. Unfortunately, many have been mortally wounded. Some may be living on life support thanks to financial help from the government, but their long-term survival is in doubt. That may not be inevitable, however, particularly for businesses that are proactive. Business advisors are instructing…
Consider a Virtual CISO to Meet Your Current Cybersecurity Challenges
By: Melissa Musser, CPA, CITP, CISA, Risk & Advisory Services Principal, and Darren Hulem, IT and Risk Analyst The COVID-19 crisis, with a new reliance on working from home and an overburdened healthcare system, has opened a new door for cybercriminals. New tactics include malicious emails claiming the recipient was exposed COVID-19, to attacks on…
SBA Provides Clarification on PPP Loan Subjection to Single Audit Requirements
By Tricia Katebini, CPA, MBA, Senior Manager, Audit On May 5, 2020 the Government Audit Quality Center (GAQC), issued an industry alert to professionals that serve organizations subject to Government Auditing Standards. Summarized below are two key items that impact the nonprofit community. PPP loans are not subject to single audits As many are well…
CARES Act Provides 4 Possible Reasons to File an Amended Return
The $2.2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act delivers good news to individuals and businesses, including valuable tax-relief measures. Some of that tax relief is retroactive. These provisions can affect 2018 and 2019 returns that have already been filed. One retroactive provision can, in some cases, go all the way back to…
Businesses: Think about Tomorrow When Hunkering Down Today
Until recently, the number one concern for many employers was finding and retaining top talent. Today, to fight the novel coronavirus (COVID-19), many of those same companies are being forced to shed workers en masse. If you haven’t yet pared down your workforce or need to do some more trimming, what are your options? How…
President Trump Signs Bill with an Additional $320B for the PPP
Join GRF for a webinar led by our tax and accounting experts who will walk participants through the PPP loan requirements for forgiveness.
IRS Issues Proposed Regulations under IRC 512(a)(6) applicable to Tax-Exempt Organizations
IRS released proposed regulations providing guidance on unrelated business income tax for tax-exempt organizations. REG-106864-18 explains how an exempt organization subject to the unrelated business income tax described in section 511 of the Internal Revenue Code (Code) determines if it has more than one unrelated trade or business, and, if so, how the exempt organization…
COVID-19 Tax Relief: TCJA Loss Limitation Rules Are Eased
The Coronavirus Aid, Relief, and Economic Security (CARES) Act unwinds some of the tax-revenue-generating provisions included in a previous tax law. Here’s a look at how the rules for claiming certain tax losses have been modified to provide businesses and individuals with relief from the financial effects of the novel coronavirus (COVID-19) crisis. Liberalized Rules…
Should You File a Business Interruption Claim for COVID-19 Losses?
With much of the country currently on lockdown due to the novel coronavirus (COVID-19) crisis, many nonessential businesses have been shuttered. As a result, millions of small business owners find themselves on the brink of financial disaster. For those with business interruption insurance policies in place, now may seem like the ideal time to submit…