BLS Insights

Discover the depth of BLS knowledge and information.

Month: March 2020

COVID-19 Update: New Rules for Taking Hardship Distributions and Loans from Qualified Plans and IRAs

March 30, 2020

Many Americans are taking a financial beating as a result of the COVID-19 pandemic. It’s bad enough that those with a retirement plan are seeing their retirement savings take a hit as the stock market has plunged from it’s February highs, but they are also suffering due to layoffs, reduced hours and pay cuts as … Continued

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COVID-19 Update: Paycheck Protection Provisions of the CARES Act

March 27, 2020

Paycheck Protection Provisions of the Keeping Workers Paid and Employed, Health Care System Enhancement and Economic Stabilization Section – What You Need to Know After much debate, Congress passed the Coronavirus Aid, Relief and Economic Security Act (the CARES Act) with a price tag of roughly $2.2 billion! We covered Individual Taxpayer Provisions and Business … Continued

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COVID-19 Update: Business Provisions of the CARES Act

March 26, 2020

Business Provisions of the Keeping Workers Paid and Employed, Health Care System Enhancement and Economic Stabilization Section – What You Need to Know Now As we mentioned in our last blog post, Individual Taxpayer Provisions of the CARES Act, two major pieces of tax legislation in one year, let alone in a two-week span, is … Continued

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COVID-19 Update: Individual Taxpayer Provisions of the CARES Act

March 26, 2020

Individual Taxpayer Provisions of the Keeping Workers Paid and Employed, Health Care System Enhancement and Economic Stabilization Section – What You Need to Know Now We usually don’t see two major pieces of tax legislation in one year, let alone in a two-week span, but these are extraordinary times. As Congress finalizes legislation for the Coronavirus … Continued

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COVID-19 Relief: Single Audit Extension

March 26, 2020

On March 19, 2020, the U.S. Office of Management and Budget (OMB) released memorandum M-20-17, Administrative Relief for Recipients and Applicants of Federal Financial Assistance Directly Impacted by the Novel Coronavirus (COVID-19) due to Loss of Operations. The memo provides for a 6-month single audit extension beyond the normal due date. As a reminder, the … Continued

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Families First Coronavirus Response Act Eases the Burden on Nonprofit Organizations

March 25, 2020

Nonprofits, similar to their profit-oriented counterparts, are feeling the negative effects that business interruption caused by the coronavirus pandemic can have on the ability to carry out their missions. Some nonprofit agencies have been forced to temporarily close their doors in Delaware after being classified as non-essential businesses. Many nonprofits in Delaware are considered essential … Continued

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COVID-19 Tax Update: Families First Coronavirus Response Act

March 20, 2020

With non-essential type businesses shutting down (either voluntarily or state-ordered), business owners are worried and wondering whether they will be able to pay their bills and if they need (and how they can afford) to continue paying their employees. Similarly, workers who are not working because of business closure, having to take time off to … Continued

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COVID-19 Tax Relief: Extension to File

March 20, 2020

Posted by Jordon N. Rosen, CPA, AEP The BLS Team is actively monitoring the rapidly developing changes related to COVID-19 and will continue to provide updates as they apply to our clients, employees, vendors and the community. Not surprisingly, Treasury Secretary Steven Mnuchin announced this morning that the traditional Tax Filing Day of April 15 is … Continued

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COVID-19 Tax Relief: Extension to Pay

March 19, 2020

I thought I had seen it all after 42 years in practice. I was wrong. The events surrounding the Coronavirus pandemic that have changed our daily lives for the foreseeable future, will also have an impact on how we will be filing our 2019 income tax returns and making payments which are due on April … Continued

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Delaware, Maryland, and Pennsylvania Division of Revenue Alerts

March 16, 2020

As of March 16, 2020, the Delaware, Maryland, and Pennsylvania Division of Revenue posted the following alerts: Delaware: The Delaware Division of Revenue has issued an announcement that while the State of Delaware has declared a state of emergency to prepare for the spread of the coronavirus, all state offices currently remain open. Maryland: The … Continued

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