BDO News

This is a feed of the latest BDO USA Tax Publications.

IRS Provides Welcome Relief for Partnership Filings to Obtain CARES Act Benefits

General Rules for Amending Partnership Returns

Prior to 2018, partnerships were generally subject to unified partnership audit and litigation rules enacted by the Tax Equity and Fiscal Responsibility Act of 1982, commonly referred to as the TEFRA partnership procedures.   For taxable years beginning after December 31, 2017, the Bipartisan Budget Act of ... read more

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

As the number of employers and employees impacted by the novel coronavirus (COVID-19) grows each day, employers with workplace retirement plans may find that employees may be looking to those plans now more than ever to help cover financial hardships they are experiencing. The Coronavirus Aid, Relief, and Economic Security ... read more

ASC 740 Income Taxes – Implications of COVID-19 and the CARES Act

Companies and individuals currently find themselves in unchartered territory as the world responds to the novel coronavirus (COVID-19). The implications of COVID-19 are having a direct impact on many people, for which the health and well-being of individuals and their families are paramount. In addition, companies are also being forced ... read more

Individuals: What You Need to Know About the CARES Act

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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 in March and setting off a firestorm of administrative relief by several federal agencies including the IRS and Department of Labor.

Since then, ... read more

Coronavirus: Tax & Relocation Implications for the Mobile Workforce

 The novel coronavirus that causes the disease COVID-19 has become a global issue. Since the virus was declared a pandemic by the World Health Organization (WHO), we have seen more border entry restrictions, quarantines and travel bans implemented to stop the virus’ spread. The evolving situation has made managing a ... read more

CARES Act Aids Employers Who Continue to Pay Employees

The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides two distinct and substantial employment tax benefits for certain employers under Sections 2301 and 2302 of the Act.  Section 2301 provides a refundable payroll tax credit for certain wages paid to employees from March 13 to December 31, 2020. Section ... read more

What Does the CARES Act Mean to Your Mobility Program?

With the signing of the Coronavirus Aid, Relief, and Economic Security (CARES) Act by President Trump, millions of Americans are looking forward to receiving their stimulus checks. However, will your relocated employees actually receive one? The stimulus checks are to be delivered to individuals who meet certain income conditions and ... read more

Global Tool: COVID-19 Fiscal and Financial Measures to support businesses and individuals

Governments and other authorities worldwide are introducing measures to help businesses prepare and respond to the fiscal and financial impacts of COVID-19. BDO’s interactive global tool monitors this rapidly changing landscape and provides an overview of the key measures that are being implemented worldwide, including government-sponsored loans to businesses, business ... read more

The SALT Implications of the CARES Act

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). After the Tax Cuts and Jobs Act (TCJA) in December 2017 added these provisions to the IRC, ... read more

CARES Act Fixes The “Retail Glitch” To Make Qualified Improvement Property Eligible For Bonus Depreciation

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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.” Based on a ... read more