{"id":868,"date":"2020-04-17T13:54:02","date_gmt":"2020-04-17T13:54:02","guid":{"rendered":"http:\/\/belbolcpa.com\/blog\/?p=868"},"modified":"2020-04-17T13:54:02","modified_gmt":"2020-04-17T13:54:02","slug":"covid-19-tax-and-financial-updates-04-17-2020","status":"publish","type":"post","link":"https:\/\/belbolcpa.com\/blog\/covid-19-tax-and-financial-updates-04-17-2020\/","title":{"rendered":"COVID-19 Tax and Financial Updates 04-17-2020"},"content":{"rendered":"<p><strong>Tax Updates<\/strong><\/p>\n<ul>\n<li>Some taxpayers have started to receive their Economic Impact Payments<\/li>\n<li>The CARES Act also provided retroactive tax law changes, such as allowing improvements to nonresidential buildings to be eligible for bonus depreciation (the ability to be expensed 100% in one year), while reducing the number of years of depreciation from 39 to 15 years<\/li>\n<li>Business losses from 2018, 2019, and 2020 are eligible to be carried back up to five years and losses carried to 2019 and 2020 can now offset 100% of taxable income versus 80% previously<\/li>\n<\/ul>\n<p><strong>Paycheck Protection Program Info<\/strong><\/p>\n<ul>\n<li>The PPP loans have reached their maximum in less than two weeks, and now we have to wait to see if there will be an increase to the limitation.<\/li>\n<li>So far, not one client has informed me that they received funds from the PPP<\/li>\n<\/ul>\n<p><strong>Adapting to the Situation<\/strong><\/p>\n<ul>\n<li>We hear stories from our clients and others who are making changes to their businesses to help adapt and survive through this financially. Some changes include:\n<ul>\n<li>Virtually serving clients and customers, when possible<\/li>\n<li>Creating new services that are in demand now<\/li>\n<li>Selling products online versus traditional retail<\/li>\n<\/ul>\n<\/li>\n<li>It also appears that there is a renewed sense of putting things in perspective, focusing on what is important, not living just to work, and a general sense of community. I like those changes.<\/li>\n<\/ul>\n<p><em>If you like what you just read, then don\u2019t hesitate to forward\/share with your friends and\/or click like!<\/em><\/p>\n<p><strong>Make sure to subscribe to our weekly emails to receive practical business, financial and tax strategies! <\/strong><a href=\"https:\/\/www.belbolcpa.com\/newsletter-signup.htm?\"><strong>Sign Up Now!<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tax Updates Some taxpayers have started to receive their Economic Impact Payments The CARES Act also provided retroactive tax law changes, such as allowing improvements to nonresidential buildings to be eligible for bonus depreciation (the ability to be expensed 100% in one year), while reducing the number of years of depreciation from 39 to 15 [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[2,3,90,208,247,7,8,15,18],"tags":[263,267,55],"class_list":{"0":"post-868","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-budgeting","7":"category-business","8":"category-debt","9":"category-economy","10":"category-employees","11":"category-expenses","12":"category-financial","13":"category-new-jersey-tax","14":"category-taxes","15":"tag-covid-19","16":"tag-ppp","17":"tag-taxes","18":"entry"},"_links":{"self":[{"href":"https:\/\/belbolcpa.com\/blog\/wp-json\/wp\/v2\/posts\/868","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/belbolcpa.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/belbolcpa.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/belbolcpa.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/belbolcpa.com\/blog\/wp-json\/wp\/v2\/comments?post=868"}],"version-history":[{"count":1,"href":"https:\/\/belbolcpa.com\/blog\/wp-json\/wp\/v2\/posts\/868\/revisions"}],"predecessor-version":[{"id":869,"href":"https:\/\/belbolcpa.com\/blog\/wp-json\/wp\/v2\/posts\/868\/revisions\/869"}],"wp:attachment":[{"href":"https:\/\/belbolcpa.com\/blog\/wp-json\/wp\/v2\/media?parent=868"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/belbolcpa.com\/blog\/wp-json\/wp\/v2\/categories?post=868"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/belbolcpa.com\/blog\/wp-json\/wp\/v2\/tags?post=868"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}