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CORONAVIRUS (COVID-19) UPDATE

The latest information for employees and employers regarding tax deadlines, paid sick leave, FICA and more. 



MANAGEMENT & TAX CONCEPTS Newsletter
Fall 2020 Issue

  • The CARES Act provides some retirement plan flexibility
  • 3-year end tax planning tips
  • Want to trade? In a down economy, bartering might be worth considering
  • ​Temporary allowance of NOL carrybacks creates refund opportunity


HAVEN'T FILED YOUR 2019 TAX RETURN YET?
​The CARES Act, which passed in 2020, includes some retroactive tax relief for businesses. Some provisions may be beneficial on a tax return that hasn't been filed yet (or you may be able to take advantage of them on an amended return if you already filed).



CARES ACT - EXCESS BUSINESS LOSSES

​If you hold an interest in a business, or may do so in the future, be aware that the CARES Act has made changes to excess business losses



IMPACTS OF COVID-19 ON FINANCIAL STATEMENTS

​There have been recent accounting standard updates (ASU) provided by the Financial Accounting Standards Board (FASB) that went into effect in which non-profits would have to address liquidity and management’s plan over their fiscal policies.​



IRS RELEASES 2021 AMOUNTS FOR HEALTH SAVINGS ACCOUNTS

There are many advantages to Health Savings Accounts (HSAs). Here are a few of them, along with the HSA inflation-adjusted amounts for the 2021 calendar year. 



NEW RULES WILL SOON REQUIRE EMPLOYERS TO ANNUALLY DISCLOSE RETIREMENT INCOME TO EMPLOYEES

The recently enacted SECURE Act includes a new requirement for employers that sponsor tax-favored defined contribution retirement plans that are subject to ERISA.



ATCHLEY & ASSOCIATES' BLOG



SALES TAX COMPLIANCE AFTER WAYFAIR

"Heads up" to businesses delivering products or services out of state 

Since the U.S. Supreme Court’s landmark 2018 decision in South Dakota v. Wayfair, most states have enacted, begun enforcing or proposed “economic nexus” statutes. These statutes impose sales tax collection obligations on out-of-state sellers based on their economic activities in the state, regardless of whether they have a physical presence in that state. This article discusses the effects of Wayfair, including the concept of “nexus” and steps that businesses must take to comply with state laws.


More news & newsletters here: Archive

MANAGEMENT & TAX CONCEPTS Newsletter
Summer 2020 Issue

  • CARES Act increases charitable donation deduction opportunities 
  • Businesses can now enjoy faster depreciation of real estate qualified improvement property
  • ​How the SECURE Act could affect retirement planning
  • ​Business strategies: Stay steady in a troubled economy