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CARES Act Update

CARES Act Update: IRS Allows Amendments for Eligible Partnerships

By K·Coe Editorial | April 8, 2020
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Reading Time: 2 minutes
On April 8, 2020, the IRS issued welcomed guidance regarding the CARES Act Update in Revenue Procedure 2020-23, allowing “eligible partnerships” to file amended returns for taxable years beginning in 2018 and 2019.  Without this guidance, eligible partnerships must utilize the Administrative Adjustment Requests (AARs) procedures.  Generally, utilizing the AAR …

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5 Ways to De-Stress about Cash Flow

PPP Loans Update: Most Ag Businesses Can Apply

By K·Coe Editorial | April 6, 2020
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Reading Time: 2 minutes
As part of the CARES Act stimulus package, Congress established the Paycheck Protection Program (PPP) to provide forgivable loans to small businesses, non-profits, sole proprietors and self-employed individuals. Congress added this program onto the existing Small Business Administration 7(a) loan program. This created some measure of confusion for agricultural businesses …

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Loan Origination Fees

Paycheck Protection Program (PPP): Considerations When Applying

By Pinion Editorial | April 2, 2020
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Reading Time: 2 minutes
As Paycheck Protection Program (PPP) applications are slated to start on April 3, K·Coe Isom advisors have been getting many questions and requests for guidance.  We’d like to clear the air, and provide some important considerations – for the benefit of businesses. Important Loan Forgiveness Update Clarification was released this …

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CARES Act FAQs: Helpful Loan Guidance for Businesses

CARES Act FAQs: Helpful Loan Guidance for Businesses

By Pinion Editorial | April 1, 2020
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Reading Time: 6 minutes
Since its passage on March 27, the Coronavirus Aid, Relief, and Economic Security (CARES) Act continues to be aggressively dissected, digested, and questioned by lawyers, accountants, HR and payroll administrators alike – with the intent to help businesses secure funding to endure the economic downturn caused by the COVID-19 pandemic. …

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CARES Act: 4 New Provisions for Employer Benefit Plans

CARES Act: 4 New Provisions for Employer Benefit Plans

By K·Coe Editorial | March 31, 2020
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Reading Time: < 1 minute
In an effort to further help individuals and employers, the CARES Act has enacted provisions that create temporary relief through employer benefit plans changes for 2020. Employer Benefit Plans Provisions for 2020 will: Defer employer contribution minimums Defers 2020 minimum required contributions (including quarterly contributions) for single-employer plans to January …

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CARES Act: Unemployment Assistance Program Benefits Overview

CARES Act: Unemployment Assistance Program Benefits Overview

By K·Coe Editorial | March 31, 2020
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Reading Time: 3 minutes
The focus of this summary is to provide an overview of the unemployment assistance protections offered in the legislation from January 27th, 2020 through December 31st, 2020 as indicated within the CARES Act. Pandemic Unemployment Assistance Program Under the Relief for Workers Affected by Coronavirus Act (Subtitle A of Title …

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family farms

Ag Industry Appealing to SBA for Disaster Loan Eligibility and Support

By K·Coe Editorial | March 30, 2020
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Reading Time: 2 minutes
April 21st Update: Just announced: Senate passes bill allowing small ag businesses relief through disaster loan eligibility.    Following a close analysis of the CARES Act and related statutes, K·Coe Isom’s Government and Public Affairs representatives, along with its Ag Association partners, are pleading with the Small Business Administration (SBA) …

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Navigating Disaster Loan Eligibility

COVID-19 Disaster Plan Relief: Tax Opportunities for Employers and Employees

By Pinion Editorial | March 27, 2020
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Reading Time: 2 minutes
Tax experts are dusting off a little-used tax opportunity (enacted in 2002 following September 11th attacks) that is coming in handy for businesses dealing with COVID-19 today.  Section 139 allows employers to make “qualified disaster relief payments” to employees to assist in managing their expenses during the COVID-19 pandemic.  The …

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