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The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act” or “the Act”) has provided taxpayers affected by COVID-19 with some relief in the area of retirement plan distributions and loans. Retirement Plan Distributions A coronavirus related distribution is allowed by a qualified individual from an eligible retirement plan made from January...

On March 23, 2020 the Treasury Department and Internal Revenue Service announced that the federal income tax filing due date would be automatically extended from April 15th, 2020 to July 15, 2020. Many states have also followed in their steps and have adjusted their state tax deadlines. As of April...

As a business partner for our clients, Melanson Heath has put together information about the programs and initiatives in the Coronavirus Aid, Relief, and Economic Security (CARES) Act. This Act is intended to assist business owners with whatever needs they have right now. They are available for small businesses, nonprofits,...

As we are all aware, there are a lot of implications surrounding COVID-19. Not only has this affected each and every one of us in our daily lives, but the response and actions being taken to help reduce the spread of the virus is having a major impact on business....

With the end of 2019 drawing to a close, it is time for business owners to begin thinking about tax planning opportunities to take advantage of before 2020 begins. A few of the items mentioned below came about as part of the Tax Cuts and Job Act (TCJA) of 2017....

In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers. The new revenue recognition standard will significantly affect the revenue recognition practices of most companies. The standard is effective for the year ending December 31, 2019 for non-public companies and...