COVID-19 Response Unit
Preparation is often the difference between success and failure. As we continue to adjust to the many changes since the pandemic hit, one thing is certain – now is the time to go back to basics and ensure we are as prepared as we can be to survive and thrive in any outcome. Every business needs a strong plan to weather the types of changes we face today.
The partners and professionals at Citrin Cooperman are trained to help. To that end, we have constructed the COVID-19 Response Unit for you to leverage as a resource center. Please check back often as we continue to update.
New Jersey Reaches Agreement on Millionaire's Tax: Are residency audits next? September 18, 2020
New Jersey officials have reached an agreement on the so-called millionaire’s tax.
New Payroll Tax Provisions August 31, 2020
On Friday evening, the Treasury Department issued guidance on the deferral of the employee’s share of certain payroll taxes that President Donald Trump ordered in early August.
The Internal Revenue Service is Increasing Examinations of High Net Worth Taxpayers July 29, 2020
Recently, Douglas O’Donnell, the commissioner of the Internal Revenue Service’s LB&I, announced that examinations of several hundred high-net-worth individuals will begin, with particular focus on owners of international holdings, closely-held entities, pass-through entities, and private foundations. He did not give a definition of a high net worth taxpayer.
IRS Guidance on CARES Act Retirement Plan Changes July 28, 2020
The CARES Act allowed individual participants in an IRA, 401(k), 403(b) or all kinds of pension plans to waive their required minimum distributions (RMD) in 2020. Any RMD that was received prior to the effective date of the CARES Act was treated as a distribution eligible for rollover if rolled over within 60 days of receipt.
ALERT: SBA Issues Additional FAQ Guidance May 13, 2020
On May 13, 2020, the U.S. Small Business Administration (“SBA”), in consultation with the Department of the Treasury, issued additional guidance for borrowers and lenders, in the form of Frequently Asked Questions (“FAQs”)
PPP Loan Forgiveness Results in Non-Deductible Expenses May 5, 2020
The IRS has released guidance about the deductibility of expenses for taxpayers who receive loans under the Paycheck Protection Program (PPP).
IRS Issues Further Relief for Individuals Stranded by COVID-19 Travel Restrictions April 23, 2020
Further guidance has been issued to grant relief for foreigners stuck in the U.S. because of the COVID-19 outbreak. The relief pertains to U.S. residency determination and treaty benefits.
Businesses Receiving PPP Loans May Also Defer Employment Tax Payments April 14, 2020
The IRS has just published guidance in the form of Frequently Asked Questions, on the deferral of employment tax deposits and payments through December 31, 2020 for employers, including those that receive a Paycheck Protection Program (PPP) loan.
U.S. International Tax Alert: Notice 2020-23 and Revenue Procedure 2020-24 April 13, 2020
After the rapid flurry of IRS guidance issued on April 9,2020, we provide below a brief summary of elements that affect domestic and foreign taxpayers’ requirements to file certain income tax returns and related US foreign reporting, as well as make certain payments of income tax.
Guide to U.S. Federal Reserve Main Street Lending Program April 13, 2020
On April 9, 2020, the US Federal Reserve launched a $600 billion lending program aimed at helping to relieve the liquidity crisis facing many small and medium sized businesses in the aftermath of the COVID-19 pandemic.
Do You Own Foreign Assets? Form BE-10 Reporting Deadline Update April 9, 2020
This is as an alert for possible census filings for U.S. persons with foreign investments, including rental real estate. These are not tax forms, but rather financial information reporting.
Tax Changes in the CARES Act Affecting Individuals April 7, 2020
The CARES Act was designed to inject a $2.2 trillion stimulus into the U.S. economy. While much of the attention is focused on the small business forgivable loan program known as the Paycheck Protection Program, several changes in the Act could either directly or indirectly impact your individual tax returns.
Summary of Individual Provisions of CARES Act March 27, 2020
The CARES Act, approved by Congress and signed into law today by President Trump, provides relief for both businesses and individuals, and our Federal Tax Policy Team has written a summary of the individual provisions.
Summary of Business Provisions of CARES Act March 27, 2020
The CARES Act, approved by Congress and signed into law today by President Trump, provides relief for both businesses and individuals, and our Federal Tax Policy Team has written a summary of the business provisions.
CARES Act Paycheck Protection Loans March 27, 2020
The House and Senate have both passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act. This outline of the provisions may be helpful for those businesses who are contemplating workforce reductions or changes as the Government is working hard to try to stabilize employment.
Treasury, IRS, and Labor Departments Issue Release on Paid Leave and Employer Tax Credit March 23, 2020
Treasury, IRS, and Labor announce plan to implement Coronavirus-related paid leave for workers and tax credits for small and midsize businesses to swiftly recover the cost of providing Coronavirus-related leave.
Internal Revenue Service Formalizes Filing and Payment Postponement Announcement March 21, 2020
The IRS just issued Notice 2020-18, which formalized the income tax filing and income tax payment postponement announcement made yesterday by Treasury Secretary Mnuchin.
President Trump Signs Families First Coronavirus Response Act March 19, 2020
Congress has passed and the President has signed the first of several bills to come, covering the Federal Government’s response to the COVID-19 emergency.
Federal Tax Update: IRS Formalizes Payment Postponement Announcement March 19, 2020
Notice 2020-17, which was released yesterday afternoon, treats any taxpayer that has a federal income tax payment due on April 15, 2020 as an affected taxpayer.
Federal Tax Update March 17, 2020
U.S. Treasury acts to defer certain tax liabilities and the Coronavirus Tax Relief Act is still pending.
Consolidated Appropriations Act of 2021 Brings Changes to PPP January 8, 2021
As a new year begins, PPP borrowers have a new set of considerations in what seems to be an everchanging PPP process thanks to the Consolidated Appropriations Act of 2021 (“Act”) that was signed into law on December 27, 2020.
Paycheck Protection Program Tax Impact Update November 20, 2020
The IRS just released Revenue Procedure 2020-51 and Revenue Ruling 2020-27 related to the tax impact of loan forgiveness under the CARES Act’s Paycheck Protection Program (PPP). The combined guidance addresses the current uncertainty as to the timing of the disallowance of certain costs associated with loan forgiveness under the PPP.
Paycheck Protection Program Update - Forms 3509 and 3510 November 4, 2020
On October 26, 2020, the Small Business Administration (SBA) published a 30-day notice in the Federal Register related to seeking approval by the Office of Management and Budget (OMB) related to two new information filing forms, form 3509 and form 3510, documenting the necessity certification issued under FAQ #31 related to the Paycheck Protection Program (PPP).
October Paycheck Protection Program Updates October 15, 2020
In New England, the leaves are changing, there’s a chill outside, and fall is in the air. While the weather may be changing, the SBA and Treasury aren’t making the same dramatic changes or clarifications on the Paycheck Protection Program, and winter is coming.
PPPhraud: Beware of PPP Scams and Fraud September 22, 2020
The SBA has been quiet on the PPP front, with the last official guidance issued in early August with the release of the FAQs related to loan forgiveness. As many businesses are nearing or will be nearing the end of their 24-week covered period and banks are getting ready to open their portals for forgiveness, it’s imperative to stay alert and vigilant in protecting your company’s assets.
PPP Loan Forgiveness, Why Might Patience Be A Virtue? August 18, 2020
The first PPP FAQs related to forgiveness were released on August 4, 2020, but they still leave many unanswered questions. Based upon this program’s history and uncertain terms, we believe that now is the time to gather your information and document your support, but may not yet be the time to apply for forgiveness
Paycheck Protection Program Forgiveness Guide August 18, 2020
With all of the uncertainty surrounding the Paycheck Protection Program (PPP), there are definitive steps that you can take to prepare for your forgiveness application. This guide is an updated overview of the process that you can start today with timelines available to help you through the PPP forgiveness application process
Citrin Cooperman’s Independent Sponsor Special Report: Impact of COVID-19 June 16, 2020
This year, our annual industry-leading independent sponsor survey focused specifically on the impact of the COVID-19 pandemic on independent sponsors, their portfolio companies, and the overall M&A environment. We are pleased to share our Top 10 Findings with you, ahead of a comprehensive white paper, which will be released in a few weeks.
PPP ALERT: Revisions to the Paycheck Protection Program (“PPP”) Loan Forgiveness Application June 17, 2020
On June 16, 2020 the SBA released a revised Paycheck Protection Program (“PPP”) loan forgiveness application. Here is an outline of the changes for your consideration.
PPP ALERT: PPP Flexibility Act of 2020 June 5, 2020
Change is inevitable. The provisions and the application of the PPP are again being revised. Click here to read about the key provisions of HR 7010.
Paycheck Protection Program Forgiveness Guide May 21, 2020
With all of the uncertainty surrounding the Paycheck Protection Program (PPP), there are definitive steps that you can take to prepare for your forgiveness application. This guide is an overview of the process that you can start today with timelines available to help you through the PPP forgiveness application process
Potential Impact of PPP on Your Business April 29, 2020
While the guidance continues to evolve through both the issuance of Final Interim Rules and FAQs, Citrin Cooperman is providing the information on this webpage to assist you in determining the potential impact on your business from participating in the PPP.
Important Update: PPP Eligibility and NEW Safe Harbor Rules April 24, 2020
On April 23, 2020, the U.S. Small Business Administration (“SBA”), in consultation with the Department of the Treasury, issued additional guidance for borrowers and lenders. In particular, FAQ #31, which may impact your organization, articulates a standard that will likely be applied retroactively to all borrowers that applied for and received PPP loans.
SBA, ABL, Cash Flow Lending, and Mezzanine Debt – How Do You Decide Which Financing Path is Right for Your Business? April 20, 2020
The biggest question on the minds of business owners right now is how to find funds and support in order to keep operations afloat and weather the storm of COVID-19. The increasingly important answer: there are several unique ways to source capital.
COVID-19 – Business Interruption Insurance Coverage Update - Proposed Federal Legislation to Cover $500 Billion in Pandemic Losses and Other State and Litigation Updates April 14, 2020
The insurance industry continues to grapple with a rapidly changing landscape due to the coronavirus pandemic. Here is the latest on BI coverage, state and federal developments, and the helpful steps and tips for businesses to proactively prepare for a potential insurance claim.
Risks of Fraud Resulting from the COVID-19 Crisis April 10, 2020
Any financial crisis exposes companies to an amplified risk for fraud, and the coronavirus pandemic will not be an exception. The US SEC and DOJ have indicated they will be actively investigating and prosecuting COVID-19-related frauds, and it is more essential than ever that companies maintain strong corporate controls and procedures.
CARES Act Recovery Rebates Open Doors for Scammers and Hackers April 2, 2020
While the CARES Act provides a welcome respite for many Americans, it is even better news for scammers and hackers looking to make a quick buck on the backs of unsuspecting taxpayers. To help you protect yourself from such scams, our Cybersecurity Practice team addresses the FAQs and shares some tips for keeping your information safe.
COVID-19 – Business Interruption Insurance Coverage Update - More States Including New York Introduce Bills and Litigation Continues March 31, 2020
New Jersey’s Bill A-3844 continues to be held from a floor vote in New Jersey’s General Assembly due to ongoing negotiations with representatives of the insurance industry. The bill would have forced insurance companies to pay COVID-19 related Business Interruption (“BI”) claims even when “viruses” are specifically excluded from BI policies
Cybersecurity Awareness Is Critical During the COVID Crisis March 25, 2020
The dangers of transitioning to an often less secure work setting is compounded by our need for information and willingness to support charitable causes, which has increased our susceptibility to opening emails we would normally avoid. This confluence of events has created a perfect storm for cybercriminals to take advantage of, with myriad misfortunes hiding behind the next wrong click.
7 Steps for Working from Home March 24, 2020
We are setting into uncharted territory and the usual work-from-home rules just don’t apply! We set a roadmap for surviving when your surroundings can’t change.
Staying Safe and Maximizing Productivity During The Coronavirus Crisis March 24, 2020
Having employees work from home is nothing new, but the rapid increase in the number of employees now being asked to work from home is. View or listen to best practices on managing employees remotely and helping them to work from home safely and productively.
COVID-19 – Business Interruption Insurance Coverage Update March 23,2020
Notwithstanding the mechanism of recovery – whether through insurance or by state or federal law - businesses should proactively set up separate accounts in their internal accounting system and collect financial documents to support any losses related to COVID-19 expenses.
Employee Benefit Plans and COVID-19 Impact March 23, 2020
With each passing headline regarding market downturn and daily news updates on businesses closing, the continued stress that this pandemic presents to financial growth is sure to be on the minds of all individuals with retirement savings accounts.
SBA Disaster Business Loan Process March 20, 2020
The SBA is currently working directly with states to provide targeted, low-interest Economic Injury Disaster Loans.
COVID-19 - Preparing to File an Insurance Claim for Lost Income March 19, 2020
Understanding business interruption (BI) insurane policies and what you should do to prepare.
The Value of Cash Forecasting March 17, 2020
As we approach the next month, focusing on short and medium-term cash and liquidity management will increase in importance.
Fraud and Corruption in a Recession March 16, 2020
The economic downturn will intrinsically change the nature and scale of fraud and integrity risks that all organizations face.
Are You Prepared for Uncertain Times? March 9, 2020
As we enter uncertain times- the impact of COVID-19, potential for recession, and an election year- our future state is far from business as usual.
Coronavirus, Shaky Trade Agreements, Double Digit Market Declines, OH MY! March 2, 2020
You know the saying, March comes in like a lion and goes out like a lamb? For 2020, this sentiment seems to be ringing true for more than just the weather. All of this turmoil leads to a lot of questions.
Congress Delivers Long-Awaited Legislation - Staffing Industry Positioned to Greatly Benefit (Staffing) December 28, 2020
In a long-awaited move, Congress was able to pass legislation that offers a bevy of 2020 holiday gifts to American businesses. The staffing industry stands to benefit greatly from the The Consolidated Appropriations Act, 2021.
COVID-19 Impact to Uniform Guidance (Not-For-Profit) June 11, 2020
COVID-19 continues to impact the various phases of our society, on both a personal and professional level. As a result, several emergency relief funds and other public support vehicles have been created to aid not-for-profits in carrying out their missions.
Navigating PPP Loans in the Construction Industry: Potential Forgiveness and Potential Abuse (Construction) May 14, 2020
Construction companies in particular are feeling the impact of COVID-19. In hopes to relieve small businesses affected by the pandemic one form of relief that is being provided is through the SBA Payroll Protection Plan (“PPP”) loans.
Not-for-Profits: Moving Forward in the 'New' Normal (Not-For-Profit) May 12, 2020
Not-for-profit organizations, like all businesses, should reflect on how this crisis has been managed thus far and focus on future strategic plans and frameworks to recalibrate themselves for what many believe will be a “new” normal.
Sheppard Mullin and Citrin Cooperman Rollout Telehealth Maturity Model (Healthcare) April 27, 2020
The unprecedented impact of COVID-19 has created a myriad of challenges for healthcare providers to safely meet the evolving needs of their patients solely through a traditional in-person model. Telehealth has quickly shifted from a “nice-to-have” strategy to an essential tool for all healthcare organizations.
Not-For-Profit Alert: Sustainability & Liquidity in a Crisis (Not-For-Profit) April 21, 2020
Not-for-profit organizations should be evaluating appropriate action steps to limit their exposure and maintain program sustainability. Here are some considerations to aid in your organization’s financial resiliency.
More Staffing Companies are Newly Eligible for SBA’s Payroll Protection Program Loans (Staffing) April 16, 2020
On April 6, 2020, the Small Business Administration and the Department of Treasury issued supplemental guidance regarding eligibility under the new Payroll Protection Program, loans that may qualify for debt forgiveness.
Not-For-Profit Alert: IT and Cybersecurity Risk Awareness (Not-For-Profit) April 14, 2020
Many organizations are grappling with the business impacts of the coronavirus and the difficulties of keeping themselves operational with their staff working from home. Here are some IT considerations that your not-for-profit organization should think about in order to enable staff members to work from home effectively, efficiently, and safely.
COVID-19 Impact on the Hospitality Industry (Real Estate) April 14, 2020
These are unprecedented times, with information changing daily and multiple emergency executive orders taking effect in response to the coronavirus outbreak. These events are having a devastating effect on all industries including the hospitality-hotel industry.
CARES Act and FEMA Grant Funding Updates Impacting Healthcare Organizations (Healthcare) April 9, 2020
UPDATE: $30 Billion from CARES Act $100B to become available to healthcare organizations this week.UPDATE: Additional funding opportunity for some healthcare organizations through FEMA Public Assistance
Construction COVID-19 Alert: Information Overload (Construction) April 7, 2020
The volume of information business leaders are currently dealing with can make it difficult to take the time and understand what steps are required to help the business survive, then thrive. In this article, we break down the steps every contractor should be taking now.
COVID-19 Not-For-Profit Financial Reporting Considerations (Not-For-Profit) April 7, 2020
The effects of the coronavirus, aka COVID-19, are evolving rapidly and the long-term economic and business consequences of COVID-19 remain uncertain. While there are no one-size fits all solution, and each not-for-profit’s situation is unique, some overall considerations may include...
Business Continuity and Registered Brokers and Dealers in 2020 (Financial Services) April 2, 2020
Almost eight years ago, Hurricane Sandy led to the temporary closure of the equities and options markets. The SEC, FINRA, and CFTC contacted firms with prominent market presence to understand how the Hurricane affected the securities industry and how well BCPs and the disaster recovery procedures were implemented. Here are a few points to consider to help ensure business continuity for broker dealers.
Navigating COVID-19 for Government Contractors (Government Contracting) April 1, 2020
These are unprecedented times, with information changing daily and multiple emergency executive orders taking effect in response to the coronavirus outbreak. These events are largely having a significant impact on all industries, including the government contracting sector.
CARES Act - Key Takeaways for Healthcare Organizations (Healthcare)
April 1, 2020
Citrin Cooperman's Healthcare Practice professionals have developed a comprehensive guide to the CARES Act to help healthcare organizations navigate through these uncertain times.
CARES Act Provisions – Impact to Not-For-Profits (Not-For-Profit) April 1, 2020
On March 27, 2020, President Trump signed into law, the Coronavirus Aid, Relief and Economic Security Act (the CARES Act), one of the largest federal relief packages in history. It includes a number of favorable provisions available to not-for-profit organizations.
What Auto Dealers Can Expect of $2 Trillion Relief Bill (Automotive Dealerships) March 30, 2020
Partner and Automotive Dealerships Practice Co-Leader Ellen Kera speaks to Dealer News Today on their podcast about how the Coronavirus Aide Relief and Economic Security (CARES) Act will help automotive dealerships.
Monitoring Cash Flow and Working Capital During Uncertain Times (Manufacturing & Distribution)
March 30, 2020
With things changing rapidly every day and every hour since the onset of COVID-19, there are a lot of quick and tough decisions being made by owners and management of businesses across the United States and the world. Here are some things to consider as it relates to the manufacturing and distribution industry.
COVID-19 and the Technology Industry Impact (Technology) March 24, 2020
As much of the technology industry works to offer a path to fight this pandemic, a lot of start-up and medium-sized companies will see less product introductions, lower revenue projections, and cash flow shorts. Here are a few things to consider as we all face these unforeseen times.
Not-for-Profit COVID-19 Resources (Not-For-Profit) March 24, 2020
Various grants and funds have recently been established in various states to aid not-for-profits to continue to serve their communities. The following is a brief synopsis and hyperlink to a few.
Navigating COVID-19 for Manufacturers and Distributors: A Story on Ebb and Flow (Manufacturing and Distribution) March 24, 2020
Businesses rise and fall with the passage of time. Here are a few things for manufacturers and distributors to consider when navigating your business through these uncertain times
Tax Relief for Sales Tax Vendors Affected by COVID-19 (Restaurant and Hospitality) March 23, 2020
If you are a sales tax vendor affected by COVID-19, you may apply to have penalty and interest waived if you were unable to file or pay by the March 20, 2020 due date.
COVID-19 Updates for the Technology Industry (Technology) March 23, 2020
In times of chaos, normalcy is a sacred commodity and in the digital age, nothing could be more normal than technology. What’s abnormal is that tech, and the companies that support it, have emerged as leaders of early action and pioneers of critical operational adjustments.
The COVID-19 Impact: Cash Management Triage with Industry-Specific Insights for CEOs March 20, 2020
Citrin Cooperman’s industry leadership has come together to provide our insights for you around cash management strategies for consideration.
COVID-19 Updates and Resources for the Real Estate Industry (Real Estate) March 20, 2020
These are unprecedented times, with information changing daily and multiple emergency executive orders taking effect in response to the coronavirus outbreak.
AUTO ALERT: SBA Disaster Business Loan Process (Automotive Dealerships) March 20, 2020
The SBA is currently working directly with states to provide targeted, low-interest Economic Injury Disaster Loans.
COVID-19 Updates and Resources for the Temporary Staffing Industry (Staffing) March 20, 2020
Citrin Cooperman is working diligently to stay on top of industry developments that are affecting our staffing clients.
COVID-19 Updates and Resources (Restaurant and Hospitality) March 18, 2020
These are unprecedented times, with information changing daily and multiple emergency executive orders taking effect in response to the Coronavirus outbreak. These events are having a devastating effect on all industries, but especially on the Restaurant & Hospitality industry.
Automotive Dealership Coronavirus Alert (Automotive Dealerships) March 17, 2020
The Coronavirus pandemic has impacted both our personal lives and the economy. The near future will be difficult. Here are 12 areas of business your automotive practice should be considering during this time.
COVID-19 and Your Cannabis Business (Cannabis Advisory Services) March 17, 2020
Despite the inherent uncertainty that exists in the cannabis industry, we understand that even more uncertainty is brought about through COVID-19. Citrin Cooperman is watching the impacts closely and we’ve noted the following situations.
Not-For-Profit & COVID-19 Impact (Not-For-Profit) March 17, 2020
The Coronavirus continues to be evolving daily and has already significantly impacted many industries, including not-for-profits. All not-for-profits can expect to face many new challenges in the upcoming weeks as result of the pandemic.
Coronavirus - Is Your Company and Supply Chain Ready? (Manufacturing and Distribution) March 9, 2020
The Coronavirus has spread rapidly around the world threatening to become a global epidemic and forcing us to realize that not only do we have to be more cautious to avoid getting and spreading the virus, but that our world is truly a complex global supply chain.
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