BLS Insights

Discover the depth of BLS knowledge and information.

Year: 2020

COVID-19 Relief Bill – What we know so far

December 28, 2020

On Sunday, December 27, President Trump signed into law $900 billion in COVID-19 Relief and $1.4 trillion in government funding. The over 5,500-page bill combines financial relief for individuals, businesses, and nonprofits and includes many new provisions that are important for our clients and friends to be aware of. The full legislative text can be … Continued

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Form 1099-NEC Additional Clarification

December 10, 2020

Earlier this week, we sent a communication to our clients regarding Form 1099 and W-9 Reporting Requirements. From that communication, we received questions specific to the Internal Revenue Service’s introduction of Form 1099-NEC for use beginning with tax year 2020 to report non-employee compensation. We wanted to share the following information with you regarding the … Continued

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U.S. Department of Health and Human Services Relief Funds Update

November 06, 2020

On April 10, 2020, the U.S. Department of Health and Human Services (HHS) automatically began distributing relief funds to “providers who billed Medicare-fee-for-service in 2019, be a known Medicaid and CHP or dental provider and provide after January 31, 2020 diagnoses, testing, or care for individuals with possible or actual cases of COVID-19, or prevented … Continued

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Delaware Relief Grants Update from the Delaware Division of Small Business

October 30, 2020

The Delaware Division of Small Business just released three important changes related to the DE Relief Grants program. Businesses no longer need to demonstrate a revenue decline of at least 7.5 percent from 2019 to 2020. Instead, they will only need to prove they experienced a decrease in revenue, regardless of size. This change also … Continued

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COVID-19 Update: SBA Released Streamlined Application for Some PPP Borrowers

October 09, 2020

On October 8, 2020, following requests by many businesses and lenders across the country, the Small Business Administration released a streamlined application for Paycheck Protection Program (PPP) borrowers who borrowed $50,000 or less (affiliate groups are excluded). The application, Form 3508S. Although Form 3508S is a shorter form, it is not an automatic approval for … Continued

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COVID-19 Update: Three important topics for your review

September 29, 2020

In our continued effort to provide guidance to companies and nonprofits, we have outlined three important topics in this edition of our BLS Important Update. Our firm has received numerous questions on the topics below and have prepared a summary to help provide clarity. Treatment of Owners and Forgiveness of Certain Payroll Costs On 8.27.2020 … Continued

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Considerations Before Meeting with Your Estate Planner

September 01, 2020

The coronavirus pandemic has only punctuated a point that planners have been making for years. Everyone needs an estate plan. Admittingly, the process can seem overwhelming, so we’ve broken down several items you can begin to think about prior to your first meeting with your CPA or estate planning attorney. Here’s what you need to … Continued

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High-Level Multidisciplinary Teaming

August 25, 2020

Multi-disciplinary teaming, also known as collaboration, occurs whenever two or more advisors work together in a process that is “client-centric” to design, recommend, and implement specific strategies to the client. The issue at hand could be as simple as recommending a Roth conversion strategy, but also includes planning for retirement, education, portfolio management, risk management, … Continued

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Delaware Relief Grants

August 20, 2020

Originally Posted August 20, 2020 / Updated August 25, 2020 The State of Delaware and New Castle County are working together to provide further relief to Delaware nonprofits and small businesses who have been impacted by the COVID-19 pandemic. They recently announced new funding through the means of “DE Relief Grants.” Funding for this program … Continued

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COVID-19 Update: FAQ Updates for Economic Impact Payments

August 18, 2020

The IRS recently updated their FAQ page related to Economic Impact Payments (EIP), also known as Stimulus Payments. To help simplify the details of what was added to this FAQ page, the BLS Team outlined the highlights below.   EIP Update Highlights:   EIP FAQs Related to Double Payments Eligible taxpayers who filed tax returns … Continued

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