Many of you are aware of and watching the status of the next Coronavirus aid package that will provide $2 Trillion of aid. Both chambers of Congress have now approved the legislation. The bill now moves to President Trump where it is expected to be signed into law. As this develops, we will keep you…
In just a short amount of time, COVID-19 has had an immense impact on the global economy, as well as business operations around the world. How companies stay resilient and can adapt in the face of COVID-19’s impact, will be a topic of discussion for many business leaders as new information continues to surface. Along…
To our valued clients, While we provide an essential service under the Governor’s order and will continue to provide assistance to you, we feel it is appropriate to reduce our office team to a minimally essential, on-site team. For this reason, our office will be closed to visitors to support social distancing. While our physical office…
Treasury Secretary Steven Mnuchin announced in a tweet “We are moving Tax Day from April 15 to July 15. All taxpayers and businesses will have additional time to file and make payments without interest or penalties.” In guidance issued earlier in the week, only payments (including the 1st quarter estimate payment) were included in the…
While the Coronavirus Aid Bill signed on Wednesday addresses and funds many items, including Healthcare, Nutrition, and Testing, the focus on this summary is the tax related matters that may impact you and your employees. If you are experiencing any of the items below we will assist you with claiming the payroll tax credits and…
On March 11, the World Health Organization (WHO) declared the coronavirus outbreak a pandemic, with numerous countries—including China, the Czech Republic, Hong Kong, Italy, Slovakia and the U.S.—announcing travel restrictions and public distancing measures. For healthcare providers in the United States—already facing financial distress—the anticipated domestic escalation of the coronavirus outbreak could have direct and…
You have likely heard about, and may be following, the economic stimulus bill that the U.S. House of Representatives passed last week and that was endorsed by President Trump. At this time, the bill has not moved through the Senate and to the President’s desk. Given this, the information below is likely to change. Since…
At a Tuesday White House briefing, Treasury Secretary Steven Mnuchin announced new relief measures that are effective immediately. Today we have received written guidance from the Treasury Department outlining the items below. The Internal Revenue Services (IRS) has extended the tax payment deadline for 2019 income taxes and 2020 estimated taxes for individuals who owe…
To our valued clients, At BGBC, the health and safety of our employees and our clients is of paramount importance. For this reason, we are taking specific precautions to protect our staff and visitors during the current outbreak of Coronavirus. With confirmed cases reported in the geographic areas surrounding our client and employee locations, we…
By Ellyn Bess, Kim Flett, and Beth Garner When employees hear that their company offers a Health Savings Account (HSA), many fail to make the connection to how these tax-advantaged accounts for qualified medical expenses can help them prepare for a successful retirement. But with healthcare being one of the biggest expenses people face in retirement, HSAs can…