The Taxpayer Certainty and Disaster Tax Relief Act of 2019 extended the Work Opportunity Tax Credit (WOTC) allowing employers who are willing to help disadvantaged individuals to benefit from a substantial federal tax credit. The WOTC is typically worth up to $2,400 for each eligible employee, but it can be worth up to $9,600 for…
Many businesses that received aid through the Paycheck Protection Program and are now worried about meeting the loan forgiveness requirements. While business owners may be anxious to apply for forgiveness, there are several important factors affecting the forgiveness application process. In this article by the American Institute of Certified Public Accountants, they explain why borrowers…
Despite the influence of COVID-19, Q1 middle market deal flow kept pace with 2019. This is largely because most of the deals that closed in the quarter were already negotiated before the full impact of the pandemic had been felt. Although the lower middle market deal sizes declined, PEs used add-ons in a greater capacity.…
Charitable contributions are generally allowed as part of an individual’s itemized deductions on his or her income tax return, while a business expense deduction generally isn’t allowable for a contribution made to a charitable organization. However, the IRS recently issued proposed regulations saying that if a taxpayer’s trade or business makes a contribution to a…
At A Glance Providers continue to focus most on the critical patient implications of COVID-19, but they must also consider questions about the broader implications for their business. In the face of further uncertainty ahead, healthcare leaders can take steps now to mitigate the impacts of the pandemic on their business so that they can…
All too often companies move to digitally transform data without a strategic or proactive approach to cybersecurity and data privacy. As a result of the COVID-19 pandemic, there has been a dramatic, sudden, and unexpected increase in people working, learning, teaching, and consulting from home. This largely unplanned transition from office-based and school-based network access…
As bad as it has been financially for many individuals, 2020 does provide some unique tax opportunities for those who have traditional IRA accounts. These range from converting traditional IRAs to Roth IRAs, retirees making larger-than-normal IRA withdrawals and the decision whether to take advantage of the required minimum distribution suspension for 2020. Let’s look…
While it’s absolutely true that the ongoing COVID-19 pandemic has created significant challenges for small and large businesses alike, there are also some changes happening that can be viewed as less negative. Behaviors have changed during the Coronavirus outbreak, and some of these could end up being positive for small businesses in particular moving forward.…