Federal Tax Relief to Alleviate COVID-19 Hardships
The coronavirus (COVID-19) pandemic has already had widespread effects on the U.S. economy. Demand for many goods and services has stalled. Unemployment claims have skyrocketed. And many schools and businesses are operating online — if at all. Life has changed dramatically across the country. The federal government has been working on various relief measures to…
COVID-19 Response for Individuals, Small Businesses and Nonprofits
Individuals, small businesses and nonprofits are all feeling the impact of the COVID-19 crisis. With news and information coming from many different directions, it is difficult to understand how to respond when it comes to taxes, cash flow, workforce planning, IT security and general crisis management ― all while working remotely. GRF CPAs & Advisors…
COVID-19 Pandemic Poses Complex HR Policy Questions
Questions from employers and employees about coronavirus (COVID-19) pandemic are multiplying almost as fast as the virus itself. Employers need to rely on a combination of authoritative legal and medical advice, and their own common sense, to keep employees safe. Guidance issued almost daily from the Centers for Disease Control (CDC), the U.S. Department of…
Has the TCJA Lowered Your Taxes?
We now have two years of the Tax Cuts and Jobs Act (TCJA) changes under our belts: 2018 and 2019. Are your taxes lower than before the law went into effect? Not surprisingly, the answer depends on your specific situation. Perception vs. Reality After most people filed their 2018 tax returns, only 40% believed that…
Should You Extend Your 2019 Tax Return?
Roughly 15 million individual taxpayers filed for an automatic six-month extension for the 2018 tax year, according to the IRS, compared with about 10 million people in previous years. Why did the number of extensions surge last year? Most changes under the Tax Cuts and Jobs Act went into effect in 2018. So, many people…
Is Your Family Medical Leave Policy Up-to-Date?
The Administrator of the Department of Labor’s Wage and Hour Division (WHD) periodically responds to new Family Medical leave Act (FMLA) compliance questions from employers and employees. Notable ones are posted for the benefit of people facing similar situations. Here’s a sampling. A recent case deals with whether an employee’s time away from work to…
Follow the Rules for Nonprofit Participation in the Election
As another year of presidential election campaigns heats up, nonprofit organizations may be tempted to join the fray. Although it’s been said that politics and tax exemptions for nonprofits don’t mix, that’s an oversimplification of the restraints imposed on Section 501(c)(3) organizations. Granted, Section 501 nonprofits can’t engage in political campaigning. Because of the consequences,…
Congress Approves New Disaster-Area Tax Relief
A flurry of tax legislation passed at the end of 2019 as part of an omnibus spending package. You might have already heard about changes to the retirement plan rules and tax extenders that were part of this package. However, there are some lesser-known changes that you might not know about. Specifically, the disaster-related provisions…