CARES Act Archives - HW&Co. CPAs and Advisors

OMB Compliance Supplement Addendum & Single Audit Applicability of Provider Relief Funds (PRF) & Coronavirus Relief Funds (CRF)

By: Rachel Smathers CPA

The Office of Management and Budget (OMB) released an addendum to the 2020 Compliance Supplement on December 22, 2020. This addendum provides important updates to COVID-19 related federal funding and […]

Executive Order to Defer Employee’s Portion of Social Security Taxes

By: David M. Reape

On August 8, President Trump signed four executive actions, including a Presidential Memorandum to defer the employee’s portion of Social Security taxes for some people. These actions were taken in an […]

The CARES Act – Federal Program Requirement Challenges

By: Michael Shea CPA

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was passed and signed into law on March 27th, 2020 in response to the impact of the COVID-19 pandemic. The […]

Congress has waived the Required Minimum Distribution requirements for 2020

As part of the CARES Act, Congress waived the Required Minimum Distribution (RDM) requirements for 2020. Under existing law, taxpayers have 60 days from the date of distribution to roll […]

Business charitable contribution rules have changed under the CARES Act

By: David M. Reape

In light of theCOVID-19 pandemic, many businesses are interested in donating to charity. In order to incentivize charitable giving, the Coronavirus Aid, Relief and Economic Security (CARES) Act made some […]

Nonprofits get guidance on audit requirements

By: Helen Weeber

For nonprofit organizations, federal funds can be subject to single audit requirements under the OMB Uniform Grant Guidance. The SBA recently provided the following guidance for nonprofits receiving SBA funds […]

Provider Relief Fund Update

Background Information: The Coronavirus Aid, Relief, and Economic Security Act (CARES) Act that was signed by the President on March 27, 2020 included a Provider Relief Fund Payment provision of […]

New $484 Billion COVID-19 Relief Package

On April 24, President Trump signed a new bill, providing $484 billion to replenish the Paycheck Protection Program (PPP) lending program and the Economic Emergency Injury Disaster Loan (EIDL) program. […]

CARES Act deferral of, changes to and limits on excess business losses

By: David M. Reape

During this challenging time, we know that everyone’s highest priority continues to be the health and well-being of their families, friends, neighbors and co-workers. At the same time, we’re focused […]

Expanded Deductions for Charitable Giving Due to CARES Act

In response to COVID-19, and in an effort to encourage more charitable giving in 2020, the recently enacted government stimulus bill (the “CARES Act”) provides some additional tax relief for […]

The CARES Act Effect on Employer’s Payment of Payroll Taxes

A question was recently posed regarding an employer’s ability to defer payment of Social Security taxes, if they receive a Payroll Protection Program (PPP) loan. According to the IRS, employers […]

FAQ’s about the Paycheck Protection Program (PPP)

If you’re like most employers, your head is swimming with all of the information that’s been coming out of Washington D.C. these past few weeks. Thankfully, on April 6th, Treasury […]

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