COVID-19 Tax Updates

After months of enduring forced business closures and stay at home orders, there appears to be light at the end of the tunnel. While Georgia was one of the states that started the reopening process earlier than most it has been a slow journey to “normal”.

For businesses not directly impacted by the COVID-19 forced business closures, there have been a number of necessary changes to maintain operations. Restaurants have had to shift from a dine-in experience to delivery or curbside pickup model, manufacturing companies have adjusted supply chains while others have transitioned to a remote workforce environment. Virtually overnight some employees were terminated, some forced to accepted significantly fewer hours and others faced the new challenge of working from home.

The COVID-19 emergency has forced both businesses and individuals to make difficult decisions. For businesses, it is all about maintaining positive cash flow and reducing expenses until market conditions return to “normal”.

Last week, on April 30th, the IRS issued Notice 2020-32 which offers important guidance on related tax issues for PPP borrowers seeking loan forgiveness.

In early March, just as the coronavirus was staking its hold in our large metropolitan communities, the Centers for Disease Control and Prevention (CDC) began encouraging non-essential businesses to operate remotely.

On April 9, 2020, the IRS issued Notice 2020-18 which provides broad extensions for filing and payment deadlines falling on or after April 1, 2020, and before July 15, 2020. The good news is this change applies to many nonprofits offering important relief.

The Coronavirus (COVID-19) emergency has impacted both individuals and businesses. The stay at home and forced business closures have sharply reduced demand for several products and services leaving businesses with no means to generate revenue

The comprehensive nature of the Act has left many confused and wondering how their situation will be impacted. Specifically, many Atlanta nonprofits have been seeking clarification on which programs and incentives apply to them.

The recently enacted Coronavirus Aid, Relief and Economic Security (CARES) Act, opens the door to tax saving, retirement plan, and business financing opportunities for Atlanta businesses.

On March 27, President Trump signed the Coronavirus Aid, Relief and Economic Security (CARES) Act, a comprehensive economic stimulus bill that provides almost $2 trillion in assistance to businesses, individuals and organizations.