Category Archives: Government

Amid Ongoing COVID-19 Pandemic, Governor Cuomo Announces ‘NYS on PAUSE’ Extended until May 15

Directs All New Yorkers to Wear Masks or Face Coverings on Public Transportation Systems, While Taking Private Transportation or Riding in For-Hire Vehicles as Part of Executive Order Announces State Will Send 100 Ventilators to New Jersey Confirms 8,505 Additional Coronavirus Cases in New York State – Bringing Statewide Total to 222,284; New Cases in 48 Counties. Read […]

IRS provides Guidance under the CARES Act to Taxpayers with Net Operating Losses

IR-2020-67, IRS provides guidance under the CARES Act to taxpayers with net operating losses Revenue Procedure 2020-24 provides guidance under section 172(b)(1) and section 172(b)(3), as amended by the Coronavirus Aid, Relief, and Economic Security Act of 2020 (CARES Act). Section 2303 of the CARES Act amended section 172 to require taxpayers with net operating […]

CARES Act Specific for Nonprofits

CARES Act Approved by Senate Pending House Approval and President Signature Contains Massive Relief and Stimulus Provisions for Nonprofits By Mike Batts, CPA March 27, 2020 On March 25, 2020, the United States Senate passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act – legislation that would provide an unprecedented and massive array of […]