How to report COVID-19-related debt restructuring
Today, many banks are working with struggling borrowers on loan modifications. Recent guidance from the Financial Accounting Standards Board (FASB) confirms that short-term modifications due to the COVID-19 pandemic won’t be subject to the complex accounting rules for troubled debt... Read More →
Tax implications of working from home and collecting unemployment
COVID-19 has changed our lives in many ways, and some of the changes have tax implications. Here is basic information about two common situations. Working from home. Many employees have been told not to come into their workplaces due to... Read More →
What qualifies as a “coronavirus-related distribution” from a retirement plan?
As you may have heard, the Coronavirus Aid, Relief and Economic Security (CARES) Act allows “qualified” people to take certain “coronavirus-related distributions” from their retirement plans without paying tax. So how do you qualify? In other words, what’s a coronavirus-related... Read More →
People First Initiative Info
The IRS has unveiled the People First Initiative to assist taxpayers with challenges stemming from COVID-19. Key provisions include: Existing installment agreements due between April 1 and July 15, 2020 are suspended temporarily. In order to request the temporary... Read More →