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COVID-19 Articles

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Explore CBIZ’s latest insights on the critical COVID-19 issues. Learn how you can help your company in the following areas by navigating to the below buttons: Tax and Legislation, Employees and HR, Financial Management and Risk and Operations.

 

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4 International Tax Ramifications Related to the COVID-19 Pandemic

May 22, 2020

4 International Tax Ramifications Related to the COVID-19 Pandemic

Measures taken to help with COVID-19 recovery have an impact on U.S. international tax requirements. Here are four international ramifications.

My PPP Loan Was Funded….Now What?

May 21, 2020

My PPP Loan Was Funded….Now What?

Recent forgiveness application updates and instructions provide clarity around the Paycheck Protection Program, but these questions are important to consider as well.

House Democrats Unveil $3 Trillion ‘CARES 2’ Economic Relief Package; Likely DOA in Senate

May 19, 2020

House Democrats Unveil $3 Trillion ‘CARES 2’ Economic Relief Package; Likely DOA in Senate

The so-called HEROES Act contains additional coronavirus relief measures, but it looks unlikely to pass the Senate. Here’s a summary of some of its key provisions.

3 State & Local Tax Implications from the CARES Act

May 18, 2020

3 State & Local Tax Implications from the CARES Act

Recent changes to the CARES Act resulting from the COVID-19 pandemic will have state and local tax implications for your business.

SBA Extends Paycheck Protection Program Deadline

May 14, 2020

SBA Extends Paycheck Protection Program Deadline

One day before the deadline to return Paycheck Protection Program Funds, the Small Business Administration (SBA) updated its loan program’s frequently asked questions to create a safe harbor for recipients of loans of $2 million or less. The last minute safe harbor addition provides relief, but it also raised some additional questions, particularly coming so close to a major deadline.

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FAQ - Coronavirus: Impact on Benefits and Employment

May 26, 2020

FAQ - Coronavirus: Impact on Benefits and Employment

The Families First Coronavirus Response Act hits on many aspects of benefits and employment. From mandated health coverage to emergency paid sick leave and more. Get all those details here.

COVID-19 Guidance for Section 125 Mid-year Election Change Rules

May 22, 2020

COVID-19 Guidance for Section 125 Mid-year Election Change Rules

The IRS released Notice 2020-29, which provides temporary flexibility for mid-year election changes under a Section 125 cafeteria plan during calendar year 2020. This Compliance Bulletin summarizes the additional mid-year election changes.

Considerations for Re-Opening: Creating a Safe Space for Emotions at Work

May 19, 2020

Considerations for Re-Opening: Creating a Safe Space for Emotions at Work

As stay-at-home orders are expiring in some states, employers are preparing to safely reopen workspaces. Here are some key aspects to consider pertaining to employee wellbeing as reopening begins. 

Wellbeing Support for Healthcare Professionals During COVID-19

May 14, 2020

Wellbeing Support for Healthcare Professionals During COVID-19

During these unprecedented times, healthcare professionals may find their risk for compassion fatigue, stress and burnout are at an all-time high. Here are strategies to support healthcare professionals amid COVID-19. 

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FASB Votes to Officially Delay Revenue Recognition, Leasing Standard

May 26, 2020

FASB Votes to Officially Delay Revenue Recognition, Leasing Standard

The FASB voted to move ahead with the adoption date deferral of ASC Topic 606 and the ASC 842, Leases for non-public entities.

Your Personal Finance Guide for COVID-19

May 20, 2020

Your Personal Finance Guide for COVID-19

Navigating your way through a crisis like COVID-19 starts with financial planning. While this pandemic is unique to our global economy, tried and true behaviors can help your finances from taking a drastic hit. 

Recognizing the Impact COVID-19 Has On Revenue Recognition

May 6, 2020

Recognizing the Impact COVID-19 Has On Revenue Recognition

We  identify the revenue recognition areas that could be most susceptible to impact or change, due to the pandemic, as well as evaluate the potential repercussions from these COVID-19 effects.

How to Put a COVID-19 Capital and Operating Expenditure Project Plan into Place

May 6, 2020

How to Put a COVID-19 Capital and Operating Expenditure Project Plan into Place

A game plan for capital and operating expenditures can help expedite your organization’s recovery from COVID-19 disruption. Here is how to put a COVID-19 capital and operating expenditure Project plan into place

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Business Insurance Risks & Trends in 2020

May 27, 2020

Business Insurance Risks & Trends in 2020

Insurance experts often examine how outside influences and trends affect the insurance marketplace. Businesses should follow suit to determine what factors impact their insurance coverage. For 2020, there are a number of sweeping market developments to consider.

5 Business Continuity Lessons Learned from COVID-19

May 22, 2020

5 Business Continuity Lessons Learned from COVID-19

The COVID-19 pandemic reminds us how challenging it can be to prepare for systemic risk. While not as common as other types of risk, systemic risk can trigger volatility or collapse an entire industry or economy. Certainly the 2020 pandemic qualifies as such an event.

Tackling Tax Department State and Local Impacts from COVID-19

May 20, 2020

Tackling Tax Department State and Local Impacts from COVID-19

Finance teams may want to check in how tax departments are operating, as some key functions have become more challenging as a result of the COVID-19 pandemic. Here are some key details. 

Phishing During COVID-19: What You Need to Know

May 19, 2020

Phishing During COVID-19: What You Need to Know

With a large portion of the workforce working-from-home, phishing schemes seemingly related to the COVID-19 pandemic heighten information security risks for employees and organizations alike.

Campus Is Shut Down – What Can Be Done to Maximize This Time?

May 11, 2020

Campus Is Shut Down – What Can Be Done to Maximize This Time?

Many universities closed their campuses well in advance of the end of the semester in efforts to protect students and faculty from the COVID-19 pandemic. Here are a few things you can do even if campuses are closed. 

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As we help our more than 90,000 clients across the nation solve the ways COVID-19 is impacting their organizations, we would be honored to be on your team in this uncertain time, too.

Tax & Regulatory Insights

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SEC Extends Relief for Companies Affected by COVID-19

In light of the COVID-19 pandemic disruptions, the SEC recently released some relief and guidance for public companies and SEC registrants.

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Tax: Senate Passes Phase 3 Emergency Legislation

The Coronavirus Aid, Relief, and Economic Security Act,” (CARES Act) contains tax and nontax relief measures designed to help the relieve some of the economic impact of the COVID-19 virus for businesses and individuals.

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Transfer Pricing

4 Transfer Pricing Implications from the Coronavirus

Multinational companies should be mindful that international tax reporting may need to be adjusted to account for the disruption with the COVID-19 pandemic, particularly policies related to transfer pricing among related entities in different countries.

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Group of Doctors discussing financial impact from Coronavirus.

Preparing for the Financial Impact from Coronavirus

Symptoms from the new coronavirus outbreak continue to spread, and the repercussions from the virus are affecting more than just employee health and well-being. The U.S. stock market plunged in late February as it became clear that the risks related to the COVID-19 virus would not be contained to international visitors to Wuhan, China.

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Congressional Tax Writers, Trump Administration Considering Tax Relief Measures

Congressional tax writers and the Trump administration are considering various tax relief measures in response to the current global health emergency. "While we continue to assess the economic impacts, [Senate Finance Committee] Chairman [Chuck] Grassley, [R-Iowa], is exploring the possibility of targeted tax relief measures that could provide a timely and effective response to the coronavirus," Grassley’s communications director Michael Zona said in a statement emailed to Wolters Kluwer on March 9.

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Tax Day written in block letters showcasing the April 15 extension.

April 15 Tax Payment Deadline Extended Amid Coronavirus Pandemic

On March 17, the Trump administration announced an extension to the April 15 tax payment deadline for all individual and corporate taxpayers. On March 18, the IRS issued Notice 2020-17, clarifying some of the uncertainties that remained after Treasury Secretary Steven Mnuchin’s initial announcement. The extension applies to the first $1 million of taxes owed by individuals (regardless of whether filing single, married filing joint or otherwise) and the first $10 million of taxes owed by corporations or consolidated groups.

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Two people talking over a report how COVID-19 affects financial reporting.

How COVID-19 Affects Financial Reporting

Ramifications from the COVID-19 virus will likely continue from some time. The March 11 announcement that the novel coronavirus is officially a global pandemic triggered market reactions, additional health and safety precautions, and for the accounting world, the need for some additional financial reporting considerations. Below are some of the ways the COVID-19 virus affects financial statements.

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Webinar March 23: Important Not-For-Profit Accounting and Tax Developments for 2020 and Beyond

Our webinar is designed to provide insights on how the coronavirus may impact not-for-profit organizations, from endowments to debt covenants, revenue streams, tax considerations, technology and other fiscal and operational matters. We will also discuss pending accounting and auditing standards and how organizations can address them, as well as crucial tax developments.

Sign-Up Now Here

 


 

BLue thumbnail of a virus showcasing a not-for-profit webinar.

Webinar April 15: Important Not-for-Profit Accounting and Tax Developments for 2020 and Beyond

Our webinar is designed to provide insights on how the coronavirus may impact not-for-profit organizations, from endowments to debt covenants, revenue streams, tax considerations, technology and other fiscal and operational matters. We will also discuss pending accounting and auditing standards and how organizations can address them, as well as crucial tax developments.

Register Today Here

 


COVID-19 on a screen for emergency legislation.

Trump Signs Phase 2 COVID-19 Emergency Legislation

President Trump signed into law on March 18 the Families First Coronavirus Response Act (the Act), which will provide paid sick and family leave assistance due to illness, as well as food assistance and medical testing assistance. The Senate passed the bill earlier the same afternoon, where Senate Majority Leader Mitch McConnell (R-KY) said any shortcomings the Senate saw in the bill would be addressed in the next phase of coronavirus legislation.

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Capitol Building thumbnail announcing move to tax day.

Trump Administration Announces Tax Day Moved to July 15

Treasury Secretary Steven Mnuchin announced via Twitter this morning that the April 15 tax filing deadline is extended to July 15. This supplements the tax payment extension to July 15 that was announced March 17 and published by the IRS on March 18. Secretary Mnuchin tweeted, “At @realDonaldTrump’s direction, we are moving Tax Day from April 15 to July 15. All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.”

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CBIZ Gilbraltar TipsConstructive Rent Adjustment Tips During the COVID-19 Pandemic

Our professionals at CBIZ Gibraltar Real Estate Services have had numerous conversations with tenants and landlords about the COVID-19 pandemic, its impact on businesses and how landlords and their lenders will deal with tenants' inability to pay rent.

 

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Employee Regulatory & Compliance Issues

Employee Benefits FAQ

FAQ - Coronavirus: Impacts on Benefits and Employment

The Families First Coronavirus Response Act (H.R. 6201) enacted on March 18, 2020 addresses many issues.  Specific to employee benefits, it provides for mandated health coverage for coronavirus testing and related services, emergency paid sick leave, and emergency family and medical leave.

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Employee Compensation and Benefits During Closures and Furloughs

Employee Benefits Update: Employee Compensation and Benefits During Closures and Furloughs

As business closures increase due to the COVID-19 pandemic, employers are faced with questions about compensation and health benefit coverage for their employees. Government relief measures may provide compensation for businesses and individuals in certain situations.

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Group of doctors looking at a report for Coronavirus and the workplace article.

Employment Laws & Regulations: Families First Coronavirus Response Act Notice FAQs

As part of sweeping legislation—the Families First Coronavirus Response Act (FFCRA)—signed into law by President Trump on March 18, 2020, two laws were enacted that provide workers with paid leave for reasons related to the coronavirus (COVID-19) pandemic.

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Group of doctors looking at a report for Coronavirus and the workplace article.

Coronavirus and the Workplace – Compliance Issues for Employers

Employers are obligated to maintain a safe and healthy work environment for their employees and are subject to a number of legal requirements protecting workers. As the number of reported cases of the novel coronavirus (COVID-19) continues to rise, these employer obligations are becoming more challenging to meet, and they must be met in an expedited timeframe.

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Group of doctors looking at a report for Coronavirus and the workplace article.

4 Tips for Adjusting to Work From Home

COVID-19 / Coronavirus has rapidly shifted many companies to adopt a work from home policy,and it is your duty to promote a seamless transition. Here are tips for your employeess as they shift from working in an office to their homes.

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Group of doctors looking at a report for Coronavirus and the workplace article.

Enhancing Emotional Health While Socially Distanced

Our emotional wellbeing is often impacted by what’s happening in other areas of our lives.  If stressful events are taking place in our community or if we are not feeling our best physically or if we have financial challenges, our emotional health can be negatively impacted.

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Group of doctors looking at a report for Coronavirus and the workplace article.

How to Keep Teams Thriving While Working Remotely

Aside from the technology considerations associated with telecommuting arrangements, offering employees the opportunity to work remotely comes with a chance for team leaders to create a positive virtual culture centered on employee wellbeing.

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Group of doctors looking at a report for Coronavirus and the workplace article.

Tips for Staying Active While Working from Home

Our physical health has a significant impact on our overall wellbeing. When we feel good physically, our outlook on life tends to be more positive, our food choices are healthier, our sleep habits improve, and our immune system is stronger.

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Group of doctors looking at a report for Coronavirus and the workplace article.

Remote Work with Children: Best Practices and Resources for Parents

When schools are closed for an extended period of time, parents may be challenged to adjust to working from home with their kids.

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Group of doctors looking at a report for Coronavirus and the workplace article.

UPDATE: COVID-19’s Impact on Benefits & Employment

We know you’re concerned about the impacts of COVID-19 on your employees and benefits, but there are steps you can take to mitigate those impacts . . . and CBIZ is here to guide you every step of the way. To that end, we are providing you with this summary of the most critical issues that your business must be aware of.

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Financial Market Update

Glasses on a tax document for the IAS market update.

March 2020 Market Update: Navigating Market Volatility

The recent market swings have grabbed headlines around the world, recording some of the largest daily moves in recent history. Such wild gyrations in the markets can be alarming to investors and may cause anxiety about the future of the investing environment. At CBIZ IAS, we understand the discomfort around market volatility and would like to put some context around recent events to help you navigate through turbulent times.

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Coronarivus around virus cells for the market volatility article.

Surviving Market Volatility During COVID-19

During this time, it may be somewhat comforting to remember that you are not alone. Everyone is wondering what the immediate future holds for the COVID-19 virus. Everyone else has the same fears and anxiety that you may be feeling right now.

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Risk & Insurance

COVID-19 thumbnail for the Coronavirus and cyberfraud article.

Coronavirus and Cyberfraud – Increased Reports of Scams

An unfortunate result of COVID-19 is that cybercriminals are attempting to capitalize on the public’s desire to learn more about the outbreak. There have been reports of phishing scams that attempt to steal personal information to infect devices with malware as well as ads that peddle false information or scam products.

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Blue virus cell for the article protecting your employees from Coronavirus.

Protecting Employees from Coronavirus

As concerns about the COVID-19 (coronavirus) continue to rise, many employers are left wondering what they can do to protect their workforce. Here’s some insight into what coronavirus is, how it spreads and what steps to take if your team members have symptoms.

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Two employees pointing at a tablet representing office germs during Coronavirus.

Office Germs – Cleanliness goes a long way in reducing your exposures

Get tips to keep your office workspace clean and free of the viruses and bacteria that cause colds, the fly, strep throat, pneumonia and other illnesses.

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Industry Specific Information

Our mission is to provide our clients with exceptional advisory and business services. At this unprecedented time, industry-specific content provides the focused guidance that should be particularly useful.

 

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Commercial Real Estate

Quick links to COVID-19 information and resources provided by commercial real estate organizations, industry information outlets, government agencies and other industry thought leadership.

 

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Manufacturing & Distribution

Quick links to COVID-19 resources provided by the National Association of Manufacturers, industry-specific associations and information outlets, the Federal government and State governments.

 

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