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Temporary Suspension of Debits Due to Lack of Response to an ACH Reclamation

4/7/2020

Under the U.S. Department of the Treasury, the Bureau of the Fiscal Service (Fiscal Service) understands that there are some staffing challenges for financial institutions and at the Fiscal Service due to protocols associated with the Coronavirus outbreak. These challenges may result in the delay of the financial institution to respond and Fiscal Service’s ability to process ACH Reclamations in a timely manner.

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Individuals: What You Need to Know About the CARES Act

4/6/2020

On March 6, 2020, the Coronavirus Preparedness and Response Supplemental Appropriations Act, 2020 was enacted, becoming the first of three Congressional relief and stimulus acts passed. This alert briefly summarizes the following relief provisions enacted in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, enacted on March 27, 2020.

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CARES Act Aids Employers Who Continue to Pay Employees

4/6/2020

Section 2301 provides a refundable payroll tax credit for certain wages paid to employees. Section 2302 allows employers to defer the deposit of certain employment taxes for as much as two years. Taken together, these provisions provide significant relief for employers and are designed to encourage employers to continue paying wages to employees during these unprecedented times.

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CARES Act Relaxes Qualified Plan and Employee Benefit Rules to Improve Cash Flow for Employer and Employees

4/6/2020

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) (H.R. 748) includes several relief provisions for tax-qualified retirement plans, expands health care flexible spending accounts so funds can be used for over-the-counter items, clarifies some health insurance plan questions, and, through year-end, allows employers to reimburse employees for student loan payments tax-free. 

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Nacha Provides Relief Regarding Potential Rules Violations for Elevated Return Levels

4/6/2020

Nacha issued an ACH Operations Bulletin on April 2, 2020 to provide relief regarding potential Rules violations for elevated return levels. Businesses that originate pre-authorized ACH debits for services that have been interrupted may face an elevated risk of returns.

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Telehealth's New Relevancy Amid COVID-19

4/2/2020

As it became clear that the spread of the novel coronavirus evolved into a pandemic, the federal government and commercial payers moved with unprecedented speed to allow for the expansion of virtual health visits.

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COVID-19's Impact on U.S. Retirement Plans

4/2/2020

While decisions about safety and business operations are obviously top priorities now, plan sponsors still must maintain compliance for their retirement plans. We are here to help you navigate these decisions. We address three of the most immediate questions that companies should be considering related to their retirement plans.

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Healthcare Impacts of COVID-19 National Emergency Declaration

4/2/2020

President Trump declared a national emergency on March 13 to activate federal assistance and provide financial relief to hospitals and other healthcare organizations based on the Stafford Act. This act allows the federal government to provide COVID-19 funding to state and local governments so they can provide help offset increased expenses while hospitals provide care to COVID-19 patients.

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Coronavirus Aid & Relief: Eligibility for CARES Act, SBA Lending and FFCRA

4/2/2020

Virtually everyone is impacted in some way by the virus and the flood of relief programs and decisions for both individuals and businesses can be overwhelming. As funding may be limited, it is important to act quickly.

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Operating Cost Reduction Strategies to Consider During Crisis Management and Recovery

4/1/2020

In the midst of the COVID-19 crisis, operational challenges are among the top sources of pressure for businesses. Unforeseen costs, disruptions in services and, for most organizations, significant material hits to revenue are top of mind as you navigate new issues related to maintaining facilities and business functions.

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CARES Act Fixes the "Retail Glitch" to Make Qualified Improvement Property Eligible for Bonus Depreciation

4/1/2020

One of the key provisions of the newly enacted Coronavirus Aid, Relief and Economic Security (CARES) Act that will provide immediate current cash flow benefits and relief to taxpayers, especially those in the retail, restaurant, and hospitality industries, is the long sought-after fix to the “retail glitch.” 

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The SALT Implications of the CARES Act

4/1/2020

On March 27, 2020, President Trump signed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), which among numerous other provisions, modifies certain business tax provisions in the Internal Revenue Code (IRC). The CARES Act modifications will present a new round of state and federal conformity challenges for states, taxpayers, and practitioners.

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CARES Act Signed by President Trump

3/29/2020

The Act is intended to have significant impact on the economy by providing loan forgiveness, supporting small businesses, enhancing unemployment insurance, and providing federal loans to industries severely impacted by the pandemic.

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Paycheck Protection Program Offers Forgivable Emergency Loans Under CARES Act

3/28/2020

The Paycheck Protection Program provides 100% federally guaranteed loans to small businesses who maintain their payroll during this emergency. Importantly, these loans may be forgiven up to 2.5x the borrower's average monthly payroll costs.

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COVID-19 Resources for Construction & Real Estate Development

3/27/2020

We are closely following the evolution of COVID-19 (Coronavirus) and have created a central location for sharing information to assist the construction and real estate development industry.

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COVID-19 Resources for Financial Institutions

3/27/2020

We are closely following the evolution of COVID-19 (Coronavirus) and have created a central location for sharing information to assist financial institutions.

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Federal Student Loan Relief Available to Borrowers Amid COVID-19

3/27/2020

The Department of Education announced a student loan relief package for borrowers impacted by the Coronavirus. This relief only applies to outstanding federal student loans that are owned by the Department of Education.

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CFO Perspective: Observations on Loan Payment Deferrals and the March 31, 2020 ALLL Calculation

3/24/2020

As you should have already seen by now, we have received very useful guidance from regulators and from FASB in the past few days regarding how to treat loan payment deferrals related to COVID-19 economic conditions.  

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SBA Disaster Assistance in Response to the Coronavirus: Low-Interest Loans

3/24/2020

In response to the COVID-19 pandemic affecting the small business community across the country, the U.S. Small Business Administration (SBA) is offering low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury.

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Payment Deferrals & Compliance Issues: Assisting Borrowers During the Pandemic Crisis

3/24/2020

What should Compliance be thinking about as management discusses payment deferrals on loans during the COVID-19 pandemic? 

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COVID-19 Resources for the Healthcare Community

3/23/2020

We are closely following the evolution of COVID-19 (Coronavirus) and have created a central location for sharing information to assist healthcare providers.

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New IRS Guidance Regarding Tax Due Date Change

3/21/2020

The U.S. Treasury Department issued Notice 2020-18 late yesterday postponing the due date of federal income tax returns from April 15, 2020 to July 15, 2020. 

This includes 1st quarter estimated tax payments due April 15, 2020.

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Federal Aid Package Helps Individuals Affected by COVID-19

3/20/2020

The Families First Coronavirus Response Act (H.R. 6201),  became law on March 18, 2020. The Act guarantees free testing for the novel coronavirus (COVID-19), establishes emergency paid sick leave, expands family and medical leave, enhances unemployment insurance, expands food security initiatives, and increases federal Medicaid funding.

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Employers Can Immediately Provide Tax-Free Qualified Disaster Payments To Employees In Connection With COVID-19

3/19/2020

Employers are scrambling to find ways to help their employees who are impacted by the novel coronavirus (COVID-19). Help is available. Now that the COVID-19 has been declared a national emergency, Internal Revenue Code Section 139 can be used to allow employers to make tax-free payments or reimbursements to employees as “qualified disaster payments.”

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Important COVID-19 (Coronavirus) Update

3/12/2020

As we learn more about the evolution and impact of COVID-19 (Coronavirus), we want to assure our valued clients and friends that we are monitoring the situation closely. At this time, our main concern is for the health and safety of our clients, our employees and their families.

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