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Not-for-profit organizations have been hit hard by the coronavirus pandemic. Facing temporary shutdowns, canceled fundraising events, and uncertainty about the future, not-for-profits have had to reimagine how they can continue to carry out their organization’s mission in the face of adversity.

The New York State Department of Taxation and Finance (DOTF) has announced important income tax filing and payment extensions related to upcoming deadlines. The April 15 deadline for returns and estimated payments has been extended to July 15, 2020, for individuals, estates, trusts, and corporations. Although the DOTF has not specified, this presumably includes any estimated payments made by partnerships or S corporations on behalf of nonresident individuals or corporations. KSM will continue monitoring this issue and provide updates as they are issued.

The House passed the Paycheck Protection Program (PPP) Flexibility Act on May 28, 2020. The bill received an overwhelming bipartisan vote and is now headed for the Senate.

COVID-19 has disrupted businesses of all sizes and in every industry in ways that were unimaginable even six months ago. From rapid shifts in the customer experience to forced evolution of internal processes and procedures, no operational area has gone unscathed. Service organizations with System and Organization Controls (SOC) examinations should pay particularly close attention to the way these changes affect data security and internal controls. A reduced workforce, newly remote workforce, and revised customer service protocols all increase security risks.

COVID-19 has infiltrated every corner of the economy and every link in the supply chain. Businesses have had to shut down some or all of their workplaces, retool operations and process, and rethink how they leverage – or even continue to employ – their workforce. Now that plans are in place to reopen the economy, what should businesses be doing to prepare for the post-COVID “new normal”?

The COVID-19 pandemic is changing our day-to-day lives, and veterinary hospitals have not escaped the disruption. During this challenging time, what should veterinary hospitals be doing?

The healthcare industry is collectively bracing for a surge of coronavirus-infected patients who need hospitalization. Estimates vary on when the wave of patients will crest, but rapid infection will undoubtedly strain existing resources, leaving hospitals with more patients than available beds or isolation areas. 

On March 27, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security (CARES) Act. While the sweeping legislation introduces a multitude of significant measures, the Paycheck Protection Program is a lifeline for small businesses, injecting capital when they need it most. However, the hallmark of the program is that the loans can be partially or fully forgivable, provided certain criteria are satisfied.

Over Memorial Day weekend, the U.S. Small Business Administration (SBA) issued the interim final rule on Paycheck Protection Program (PPP) loan forgiveness. Many of the rules were consistent with our expectations after reviewing the forgiveness application, which was issued one week prior, but the guidance does provide a few of the significant confirmations and several new clarifications: