At Dermody, Burke & Brown, CPAs our top priorities are the health and safety of our employees, our clients and our communities. We can assure you that our firm is here to help you and your business navigate and forge ahead during these times. As things continue to unfold and evolve we will keep you updated every step of the way.
Our trusted professionals have carefully crafted content relative to recent guidance to help position you and your business for a stronger tomorrow.
PPP Extension Act of 2021 Signed Into Law: PPP Extended for Applicants to May 31, 2021
March 31, 2021 - The Paycheck Protection Program (PPP) application deadline has been formally extended from March 31, 2021 to May 31, 2021. President Joe Biden signed the PPP Extension Act of...
IRS and NY State Extend Individual Filing Date to May 17
March 23, 2021 - The IRS announced that it is extending the federal income tax filing date for individuals for the 2020 tax year to Monday, May 17, 2021. This is an automatic extension...
COVID-19 Relief: Highlights of the American Rescue Plan Act
March 12, 2021 - The $1.9 trillion coronavirus relief bill that was signed into law Thursday, March 11th contained many significant tax and targeted relief provisions in addition to the $1,400...
SBA Announces Changes to Provide Smaller Businesses Greater Access to PPP Loans
February 23, 2021 - The Cares Act established the Paycheck Protection Program which permitted the SBA to provide loans to qualified businesses impacted by the coronavirus (COVID-19) pandemic.On...
Company Pandemic-Related Financial Statement Transactions
After spending the past year wrestling with the financial impacts of the COVID-19 pandemic, companies that are required to prepare audited financial statements must now address a new challenge:...
Breaking Down the Changes to the Employee Retention Credit
January 25, 2021 -CARES ActAs part of the CARES Act passed in March of 2020, Congress created the Employee Retention Credit (ERC) designed to financially assist businesses affected by COVID-19. ...
Deductibility of Expenses Paid for with PPP Loans and Other Relief Provisions
January 12, 2021 - The “Consolidated Appropriations Act, 2021 (CAA, 2021)” was signed into law on December 27, 2020. The new bill provided a number of provisions designed to financially help out...
Additional Business and Individual Provisions Included in New Stimulus Bill
January 8, 2021 - We finally have some additional stimulus relief, signed into law by the president on December 27, 2020. This comes in the form of the “Consolidated Appropriations Act, 2021 (...
The Stimulus Package Tax Provisions Round 2
January 5, 2021 - The $900 billion stimulus package created by Congress last week and signed by the president on Sunday 12/27/20 includes a host of tax provisions from individual stimulus checks to...
Documentation Retention for PPP Loans
November 19, 2020 - For those of you who received a Paycheck Protection Program (PPP) loan and will be filing for forgiveness, please keep in mind that supporting documents must be retained for 6...
Under $50,000 PPP Loan Forgiveness Simplified
October 9, 2020 - A new Interim Final Rule (IFR) issued October 8, 2020 offers additional guidance regarding recipients of the Paycheck Protection Program (PPP) loans with a de minimis forgiveness...
Final Regulations for Estates and Non-grantor Trusts
October 1, 2020 - Final regulations for estates and non-grantor trusts were released on September 21, 2020 by the Internal Revenue Service (IRS) providing guidance on deductions. The guidance...
Beware - PPP Loan Forgiveness is Taxable
September 29, 2020 - The Paycheck Protection Program (PPP), created as part of the Cares Act signed into law on March 27, 2020, has provided loans to many businesses impacted by the COVID-19 pandemic...
President Issues Memorandum on Deferring Payroll Tax Obligations
September 18, 2020 - President Donald Trump issued the memorandum on August 8, 2020 that will take effect on wages paid starting on September 1, 2020.Employers have the option of offering to defer...
Paycheck Protection Program Loan Forgiveness: Updated Frequently Asked Questions (FAQs)
August 12, 2020 - The Small Business Administration (SBA) and Treasury issued New Guidance on Paycheck Protection Program (PPP) Loan Forgiveness. This updated guidance is effective as of August...
Bridging the Crisis, Organizations Coming Out Stronger
COVID-19 has affected populations and economies around the globe. There is a palpable sense of unease as circumstances change daily. One thing to consider is that many of the world’s best innovations...
Paycheck Protection Flexibility Act of 2020
June 5, 2020 - The Paycheck Protection Flexibility Act of 2020 was passed by the House and Senate and the President signed it into law on June 5, 2020. This Act provides changes to the Small Business...
Beyond the Numbers: An Update from our CEO
May 29, 2020 - To say the last few months have been challenging for all of you is an understatement. Many lives and businesses have been turned upside down. We are proud of how our...
Additional Paycheck Protection Program Loan Proceeds for Partnerships
May 15, 2020 - The rules regarding the Paycheck Protection Program (PPP) loans are continuously being clarified, sometimes changing what was previously thought to be correct. On Wednesday May...
Paycheck Protection Program Loans - Frequently Asked Questions #46 and #47
May 14, 2020 - The Small Business Administration ("SBA") issued FAQ 46 on May 13, 2020 providing additional guidance on, “How will SBA review borrowers’ required good-faith certification concerning...
Paycheck Protection Program – Round 2
April 27, 2020 - The President signed the Paycheck Protection Program and Health Care Enhancement Act into law on April 24, 2020.The Act provides $310 billion in additional funding for the Paycheck...
Deferment on Payment of Payroll Taxes
April 22, 2020 - You can’t watch the news or read a news article without hearing about the “Coronavirus Aid, Relief, and Economic Security Act” or ”CARES Act”, at least the more publicized parts of...
The CARES Act Provision Allows Deferral of Social Security Tax Payments
April 14, 2020 - The IRS has recently come out with guidance regarding the ability to defer payment of the "employers portion" of social security tax under the CARES Act (The Act).The Act allows...
Notice 2020-23 Extended Additional Key Tax Deadlines for Individuals and Businesses
April 14, 2020 - On April 9, 2020 the Treasury Department and IRS announced Notice 2020-23 which expands on previous relief provisions for affected taxpayers related to COVID-19 and (1) provides...
Custom Accounting Solutions (CAS): Free to Focus in Challenging Times
April 10, 2020 - The COVID-19 pandemic has created anxiety and a disruption to business owners. Business owners are facing extreme concerns about the health of their employees along with the...
Impact of the CARES Act on Not-for-Profit Organizations
April 3, 2020 - On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security (CARES) Act (the “Act”), a $2 trillion economic stimulus package intended to...
Gift Tax Returns Added to July 15 Tax Filing Deadline
April 2, 2020 - On March 20, 2020, the IRS published Notice 2020-18 postponing both the filing and payment deadlines for income tax returns from April 15 to July 15, 2020. Noticeably missing from...
Individual Mandates from CARES Act
April 1, 2020 - The President signed the Coronavirus Aid, Relief and Economic Security (CARES) Act into law on March 27, 2020. This stimulus package provides economic relief to individuals and...
Employee Retention Credit for Employers Subject to Closure due to COVID-19 (Section 2301 of the CARES Act)
March 30, 2020 - While the Families First Coronavirus Response Act (FFCRA) allows payroll credits for employers who are required to provide paid leave to employees affected by COVID-19, the employee...
Paycheck Protection Program (PPP) - CARES Act Section 1102 & Small Business Administration (Economic Injury Disaster Loan)
March 30, 2020 - The $2.2 trillion coronavirus stimulus bill was enacted by Congress on March 27, 2020. Even though the new legislation has $2.2 trillion allocated to it, the law appropriates $349...
CARES Act: Retirement Plan Provisions
March 29, 2020 - The stimulus package signed into law on March 27, 2020 gives financial relief to retirement plan participants who have been affected by COVID-19. Some of the key provisions...
Coronavirus Aid, Relief and Economic Security (CARES) Act
March 27, 2020 - Millions of American businesses have anxiously awaited the passage of the Coronavirus Aid, Relief and Economic Security (CARES) Act. Some relief of the economic hardship caused by...
Tax Information Update & COVID-19 Resource Center
March 26, 2020 - Currently, the April 15, 2020 filing and payment deadline for the IRS has been changed:Individual (1040), Corporate (1120) and Fiduciary (1041) returns are now due July 15, 2020...
Families First Coronavirus Response Act
March 26, 2020 - In response to the COVID-19 crises, both the State and Federal governments have enacted laws making paid leave available to some employees impacted by the spread of the virus. ...
Tax Filing Deadline Moved to July 15
March 20, 2020 - The federal government moved Tax Day from April 15, 2020 to July 15, 2020, announced Friday morning by Treasury Secretary Steven Mnuchin. All taxpayers and businesses will have...
Federal Tax Payments Delayed 90 Days
March 18, 2020 - The Trump administration announced that under an economic stimulus plan individuals and businesses are now allowed to defer income tax payments owed on April 15, 2020 by 90 days....
A COVID-19 UPDATE from Dermody, Burke & Brown, CPAs
March 16, 2020 - At Dermody, Burke & Brown, CPAs, LLC, the health and safety of our clients, our staff, and our communities is our top priority. We are taking appropriate precautions and have...
