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COVID-19 Resource Center

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Articles and Other Resources

PPP Update

SBA Releases Names of All PPP and EIDL Recipients On Tuesday evening, the SBA released the names of the remaining

PPP Loans – The IRS doubles down on their position on the tax treatment of covered expenses

Generally, when loans are forgiven or canceled, the canceled amounts are includable as income. When the CARES Act established the Paycheck

Don’t Overlook the $300 Tax Deduction Under the CARES Act

With the passage of the 2017 Tax Bill that doubled the standard deduction, most taxpayers can no longer itemize their

Update on Tax Consequences of PPP Loan Forgiveness

The Payroll Protection Program (PPP) involves loans to businesses that are potentially forgivable after submitting a Loan Forgiveness Application. This

Got an FSA? Get Timely Reimbursement of Qualifying Medical and Dependent Care Expenses

If offered by your employer, flexible spending arrangements (FSAs) provide an easy way to lower your taxable wages.  As the

Business closing or shut down due to COVID pandemic? A few things to do before you leave town

Unfortunately, the COVID-19 pandemic has forced many businesses to shut down permanently. Legally closing your business can require several steps

Tourism industry grant applications are open

Several of the grant programs targeting the tourism industry announced last week are now accepting applications. These grants, funded by

Quid Pro Quo Contributions

This Fall, more and more nonprofits are starting to host virtual special events, taking place for some of the traditional

‘Virtual’ Trade Show Guidance

Net income received by a tax-exempt organization may be subject to federal corporate income taxation if the income is generated

PPP Updates and Loan Forgiveness

While the blitz of new PPP information has slowed substantially over the past few months, there has been some important

The ins and outs of the easing of loss limitation rules

To provide businesses and their owners with some relief from the financial effects of the COVID-19 crisis, the Coronavirus Aid,

Payroll Deferral: Employers May Want to Skip This Deferral

This is a follow up from our previous blog post here. On August 8th, President Trump issued a memorandum calling

New PPP forgiveness guidance addresses owner-employee compensation, rent-related costs

Important PPP clarifications issued regarding the definition of owner-employees and eligibility of certain non-payroll costs. The new interim final rule will

Is There a New Federal Tax Holiday? It’s Not So Clear.

On August 8, President Trump issued one executive order and three memorandums with the goal of offering relief to Americans

Don’t need your 2020 RMDs? – You can redeposit these to your retirement account by August 31st, 2020!

With the tax law changes that have happened recently because of the Covid-19 pandemic, there have also been changes to

PPP Loan Forgiveness FAQs

Some updated PPP FAQs are here! These updated FAQs relate to the forgiveness process. We are still encouraging everyone not to

Outsourced Accounting Can Help Your Company with Cash Flow Issues During the Pandemic

No matter what industry you work in, your company has been likely affected by the COVID-19 pandemic. Many companies, especially

Encouraging reminders that PPP forgiveness may get less stressful…if we can just be patient!

We understand the anxiety surrounding the potential forgiveness of the PPP loans and the desire to get the process over

Did You Lay Off Employees Due to Covid?

If your employees were laid off due to the public health emergency declared by Executive Order 72 and filed initial

PPP Loan Forgiveness Applications

PPP Loan Forgiveness Application & Instructions Click here to download the Paycheck Protection Program Loan Forgiveness Application (06-16-2020) (Spanish version) Click

Stimulus Checks – Latest Guidance on Checks Received in Error

Millions of Americans have already received their Economic Impact Payments (EIPs) authorized by the Coronavirus Aid, Relief, and Economic Security

PPP Flexibility Act and Revised Forgiveness Application

On June 17, 2020 the U.S. Small Business Administration (SBA), released a revised Paycheck Protection Program (PPP) loan forgiveness application

The New Normal of Internal Controls

How should I adjust my internal controls while working remotely? It’s no surprise that one of the most commonly asked

Wisconsin Farm Support Program

Are you a farmer with gross income from Farming in 2019 of at least $35,000 but less than $5,000,000?  Have

We’re All In Small Business Grant

The Wisconsin Economic Development Corporation (WEDC) will issue 30,000 grants of $2,500 to Wisconsin small businesses to help them get

Paycheck Protection Program Flexibility Act Approved by Senate

On June 3rd, the Senate passed the Paycheck Protection Program Flexibility Act.  The bill now awaits the president’s signature.  The

Did you get an Economic Impact Payment that was less than you expected?

Nearly everyone has heard about the Economic Impact Payments (EIPs) that the federal government is sending to help mitigate the

SBA Paycheck Protection Program Loans Frequently Asked Questions (FAQs)

New Update Released on PPP Loan Forgiveness Requirements

If you received a Paycheck Protection Program (PPP) loan, we want to inform you of the most recent update released

The IRS sent my Dead Grandmother a Stimulus check, can I keep it?

IRS just released an updated Q&A on this question (not too surprising, they want the money back!) Q.  Does someone

Do you have tax questions related to COVID-19? Here are some answers

The coronavirus (COVID-19) pandemic has affected many Americans’ finances. Here are some answers to questions you may have right now.

Internal Controls – COVID style

Auditors love internal controls so it should come as no surprise that despite our current COVID environment, internal controls are

Building Donor Support in the Midst of Social Distancing

During this season of social distancing are you communicating with your donors?  What are ways to connect and continue developing

PPP Exhausted Funding…Now What?

In just this past week, the Payment Protection Program (PPP) exhausted funding, the Economic Injury Loan program stopped accepting loan

Answers to questions you may have about Economic Impact Payments

Millions of eligible Americans have already received their Economic Impact Payments (EIPs) via direct deposit or paper checks, according to

Developing a 13 Week Cash Flow Forecast

With all the uncertainty surrounding the current economy, it is more important than ever to understand your cash flow needs.

Non-Profit COVID-19 Q&A

Paycheck Protection Program – Additional Eligibility Criteria and Requirements for Certain Pledges of Loans

Need to Update Bank Info? IRS Economic Impact Payment Webpage Is Open

The IRS has released the “Get Your Payment” webpage where you can check your payment status, confirm your payment type,

COVID-19 Legislative Updates that Employers Need to Know – Part 2

We will highlight the updated guidance from the Department of Labor on the following: Understanding who qualifies under FFCRA Understanding

Tax Deadline for Nonprofits and Foundations is Now July 15th

In response to the coronavirus pandemic, the Internal Revenue Service announced that nonprofits and foundations will have more time to

Reminder: July 15th is the New April 15th for Individual Income Tax Returns

In reaction to the COVID-19 pandemic, the IRS extended the deadline for tax filing and payment for all individuals to

COVID-19 FAQs

SBA Releases Loan Guidance for Faith-Based Organizations

On April 3, 2020, the U.S. Small Business Administration (SBA) released a FAQ addressing many of the questions for faith-based

CARES ACT changes retirement plan and charitable contribution rules

As we all try to keep ourselves, our loved ones, and our communities safe from the coronavirus (COVID-19) pandemic, you

COVID-19 News and Resources for Non-Profits

Recent legislation offers a number of resources for not-for-profits (NFP).  That is the good news!  The more challenging news is

Final Regulations for the Paycheck Protection Program (PPP)

PPP Application Form

Tax-related provisions in the Coronavirus Aid, Relief, and Economic Security (CARES) Act

Below is an update on the tax-related provisions in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, Congress’s gigantic

Coronavirus Emergency Loans Small Business Guide and Checklist

Prepared by the U.S. Chamber of Commerce

Paycheck Protection Program FAQs for Small Businesses

PPP Application Forms and Instructions

Below is the SBA form to apply for the new Payroll Protection Program (PPP) loans administered by the SBA.  Clients

Virtual Workforce? 5 Keys To Make The Transition Successful

Many leaders found themselves leading a virtual team overnight.  Join us for 5 keys to successfully transitioning to a virtual

Paycheck Protection Program (PPP)

On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security (CARES) Act.  The act

CARES Act: Direct Financial Assistance for Individuals is on the Way!

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law on March 27, 2020, providing immediate

Tax-Free Relief Payments to Employees Under Seldom Used Code Section 139

Need to help out employees as they deal with the repercussions of the virus and “stay at home” orders? Section

COVID-19 Legislative Updates that Employers Need to Know

In this unprecedented time of COVID-19 pandemic, we are experiencing significant changes to our work environment based on Federal and

CARES Act

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law on March 27, 2020. Below is

SBA To Provide Economic Injury Disaster Loans for Coronavirus Related Economic Disruptions

With IRS deadline extensions, what you need to know now

When the IRS extended the April 15th due date to July 15th, it raised other tax related questions – i.e.,

COVID-19 Co-op Update

Many of you have already reached out to us with questions/concerns regarding the impact of COVID-19 on your co-ops and

Individuals get coronavirus (COVID-19) tax and other relief

Taxpayers now have more time to file their tax returns and pay any tax owed because of the coronavirus (COVID-19)

COVID-19 Legislative Updates Employers Need to Know

Written in partnership with Bernhoft Law Want more information on this topic? Join us for our webinar discussing these legislative

Families First Coronavirus Response Act

On March 18, there was a new law passed called the Families First Coronavirus Response Act (H.R. 6201). This Act

April 15th Tax Day moved to summer – now the deadline is July 15th!

Americans will have an additional three months to file their taxes amid the coronavirus pandemic.  In addition,  Treasury Secretary Steven

Resources for Small Businesses and Workers to Navigate COVID-19

We know our clients are facing many difficult decisions on how to navigate these uncertain times.  Wegner CPAs is working