Ideas & Insight

The corporate alternative minimum tax (AMT) was repealed as part of the Tax Cuts and Jobs Act (TCJA), but corporate AMT credits are allowed as refundable credits until 2021. The CARES Act accelerates the ability for companies to recover those AMT credits. Contact us for additional information or to discuss your specific situation.

Under the CARES Act, firms may take net operating losses (NOLs) earned in 2018, 2019, or 2020 and carry back those losses five years. The NOL limit of 80 percent of taxable income is also suspended, so firms may use NOLs they have to fully offset their taxable income for 2019, 2019 and 2020. The […]

You may be able to delay payroll taxes by 2 years. Under the CARES Act, employer-side Social Security payroll tax payments may be delayed until January 1, 2021, with 50 percent owed on December 31, 2021 and the other half owed on December 31, 2022. The Social Security Trust Fund will be back-filled by general […]

Employers are eligible for business tax provisions like the payroll tax credit under the CARES Act. This includes a 50 percent refundable payroll tax credit on qualified wages [up to $10,000] with respect to each employee during the crisis. The credit is available to employers whose businesses were disrupted due to virus-related shutdowns and Employers […]

Many people are familiar with tax credits for individual taxpayers, such as the credits for higher education expenses or the child tax credit. But businesses and business owners also may be eligible for some valuable credits that can lower their tax bills. Here are seven credits for small business owners to consider this tax year and beyond. 1. Research Credit […]

The coronavirus (COVID-19) outbreak has had a crippling effect on the global economy. This is clearly uncharted territory. As millions around the globe do their best to minimize their exposure to the virus, business owners and managers face an uncertain and stressful future including COVID-19-related business risks. Faced with faltering demand, anxious employees, health safety […]

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 and determine HR policy. Guidance issued almost daily from the Centers for Disease Control (CDC), […]

The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27, 2020. In addition to giving people access to health care treatments, the new law will provide roughly $2 trillion in much-needed financial relief to individuals, businesses, not-for-profit organizations, and state and local governments during the coronavirus (COVID-19) pandemic. Here […]

Here’s what to know before scaling back or eliminating employees’ 401(k) contributions: The coronavirus (COVID-19) pandemic has had adverse effects on many industries. Both employers and employees are seeking ways to respond to financial stress resulting from the economic slowdown and financial market volatility. If your company’s revenue has plummeted, you might be considering eliminating […]