April 23rd Newsletter

  Duffy Kruspodin, LLP’s News

Paycheck Protection Program Update
Many of you have embarked on the task of applying for the Paycheck Protection Program (PPP) over the last few weeks. As we have worked through this process in close partnership with many of you, we wanted to send you an update on next steps on this journey.

If your small business has received approval for a loan from the Paycheck Protection Program (PPP), congratulations on obtaining aid to help get your business and your employees through this shutdown.  If you were part of the even larger group of small businesses that applied but are still in process, there is hope! Make sure your applications are complete with your lender and ready to go.  As of April 21^st, the Senate approved an additional $370 billion in additional funding for small businesses, with $310 billion of this going to replenish the PPP, $50 billion for the EIDL program and another $10 billion for small business grants.   It was not immediately clear if these additional funds would come with a different set of rules. The House is set to vote on the additional funds on April 23^rd, with the President saying he will sign immediately.

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EDD CA Work Sharing Program
If you are an employer facing business challenges that affect your workforce, you might consider California’s Employment Development Department Work Sharing Unemployment Insurance Program. The EDD describes this program as a “practical alternative to layoffs.”

California’s Work Sharing program was the first program of its kind in the nation. It was established by the California State Legislature in 1978 under Senate Bill 1471. The objective of the Work Sharing program is to help employers and employees avoid some of the burdens that accompany a layoff situation. If employees are retained during a temporary slowdown, employers can quickly gear up when business conditions improve. Employers are spared the expense of recruiting, hiring, and training new employees. Employees are spared the hardship of total unemployment.

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Consequences of COVID-19: GAAP Financial Reporting Considerations
Below is a report issued by the American Institute of Certified Public Accountants (AICPA) on the effects of COVID-19 on financial statement reporting.  Please contact your DK team member directly should you have any questions or concerns on how each of these may affect your financial statements.

Please click here to read full article

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Treasury, IRS launch new tool to help non-filers register for Economic Impact Payments
IRS.gov feature helps people who normally don’t file get payments; second tool next week provides taxpayers with payment delivery date and provide direct deposit information

WASHINGTON – To help millions of people, the Treasury Department and the Internal Revenue Service today launched a new web tool allowing quick registration for Economic Impact Payments for those who don’t normally file a tax return.

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COVID-19 Scams: What You Need to Know
A time of crisis can bring out the best of humanity. Unfortunately, it can also bring out the worst—scammers and con-artists.

While most of the world is pulling together to protect our vulnerable citizens, swindlers are finding opportunities amid the disruption to exploit people through a variety of deceitful tactics.

The Federal Trade Commission (FTC) reports “scammers are taking advantage of fears surrounding the Coronavirus.”¹ Combining fear with false claims (that often appear to be reputable) these scammers are using the fog of the global health crisis to perpetrate cybercrimes that may ultimately separate people from their money.

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  Timely Opportunities

COVID-19 Tax Relief: TCJA Loss Limitation Rules Are Eased
The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides tax relief for businesses and individuals that incur losses during the novel coronavirus (COVID-19) pandemic. This article explains relief measures that allow liberalized deduction rules for losses that were previously limited by provisions in the Tax Cuts and Jobs Act. Amended federal income tax returns may be necessary to benefit from these relief measures for years that you’ve already filed returns.


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  Personal Finance

Age 50 or Older? Consider Extra Retirement Contributions
Studies show that many Americans aren’t setting aside enough money to make their retirement years secure. If you’re getting a late start, even contributing the maximum amount each year might not be enough. That’s why the IRS allows taxpayers age 50 and older to make additional “catch-up” contributions.


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  Estate Planning

A Brief History of Estate Taxes
Federal estate taxes have been a source of funding for the federal government almost since the United States was founded. Today, perhaps more than ever before, it’s critical to understand your choices when developing an estate strategy. Your net worth doesn’t matter. Whether you consider yourself rich or middle class, read this article for historical insight.


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  Retirement Plans

Veterans Returning Home: What Are the 401(k) Make-Up Elective Rules?
If a business has employees returning to their jobs after being on military leave, is it required to have to allow the former service members make additional 401(k) plan deferrals for the time they were on leave? This article answers that question by reviewing the rules for the Uniformed Services Employment and Reemployment Rights Act.


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