Life is in a constant state of flux right now with the COVID-19 virus. It has affected daily life and the economy. Congress has worked to provide economic stimulus programs such as loans and credits. The intent of Congress was to stimulate the economy and help employers maintain business and retain employees to alleviate the economic hardship caused by COVID-19. However, as is typical when trying to quickly stop the negative impact of a disaster, details get omitted from the legislation and key areas need clarification as we have seen recently with the Paycheck Protection Program (PPP) and the Employee Retention Credit. More specifically, with the PPP concerning the deductibility of expenses when payments were made with debt forgiven funds and with the Employee Retention Credit in determining whether employers could claim the Employee Retention Credit when the only payments made to furloughed employees was for their health care benefits.
The Department of Treasury and the Internal Revenue Service (IRS) released new guidelines and provisions under NOTICE 2020-23 in response to the COVID-19 pandemic. These measures were intended to provide relief to taxpayers in the form of extensions to time-sensitive acts. Most notably under these provisions was the extension of the tax filing deadline to July 15, 2020.
On April 9, 2020 the Treasury Department and the Internal Revenue Service announced another round of relief provisions in response to the COVID-19 pandemic. This new wave of relief measures is intended to provide further benefits to taxpayers in addition to the previous measures already implemented.
The IRS has issued FAQs to provide guidance for taxpayers reporting the employee retention credit for certain employers subject to closure due to the COVID-19 crisis. It provides that the credit with respect to wages paid in March should be reported on the 2nd quarter 2020 employment tax return.
Nothing in recent history will affect the U.S. economy to the same magnitude as the global Coronavirus (COVID-19) pandemic crisis. The effect will reach government agencies, nonprofit organization, businesses and individuals throughout the country.
Many of you have probably have heard of “cross-training.” The term usually conjures up images of gym clothes-clad men and women sweating through workouts.
With this exercise approach, a person alternates their workout activities. The intent is to affect a more comprehensive range of muscles and to increase both cardio tolerance and muscle growth, with less chance of injury.
“It's not the size of the dog in the fight, it's the size of the fight in the dog.”
Mark Twain, the great American writer, humorist, entrepreneur, publisher, and lecturer, is credited with authoring this wise quote. The quote speaks to tenacity, perseverance, and resilience, and how these qualities are not a matter of size, but rather attitude.
Back in the 80s, many a kid – and probably adults, too – dreamed of having their own Knight Industries Two Thousand - or KITT. KITT was the car co-star in the hit TV series, Knight Rider. The souped-up, technologically tricked-out Trans Am and his driver, Michael Knight, helped slam the brakes on crime for a private public-justice foundation.
Even if you weren’t around to experience it on the big screen, most of you are probably familiar with the 1984 hit movie Terminator that immortalized the promise, “I’ll be back.” The sci-fi flick depicts Arnold Schwarzenegger as a deadly cyborg sent back in time to eliminate a woman whose yet-to-be-conceived son will lead the charge to kill the robot’s nefarious creators.
Cyborgs, as portrayed in movies, are virtually computerized versions of walking, talking humans. Right now, they are still a product of the future – mostly. Digital therapeutics are not. Digital therapeutics are computerized variations of manual health therapies.
They watched the Lone Ranger ride his white horse across the world’s first televisions and ‘cruised the circuit’ in their ‘woodies.’ They swiveled their hips with Elvis Presley, drove to the drive-in to make out, developed the ‘burbs, and received the first polio vaccinations. They witnessed the fall of segregation, the rise of mega-corporations, and the take-off of transglobal passenger flights. Through all of this, they were ‘swell’ and ‘groovy,’ and wore ‘boss threads.’