Written by Dan Chodan, CPA

UPDATE - On June 3, 2020, the Senate passed the HR 7010 - Paycheck Protection Program Flexibility Act of 2020, which, if signed by President Trump, will allow businesses to choose to extend the eight week period to 24 weeks or they can keep the original eight week period. Therefore the strategies to maximize costs in...

Organizations of all shapes and sizes have sought to take advantage of government assistance and programs to help their business persevere and maintain operations during the COVID-19 pandemic.

By Ross Forman COVID-19 has accelerated a shift in global workplace strategies that have been brewing for the past several years. The success of the shift has surprised many, even in the traditionally agile culture of technology companies. OpenText, a Canadian based software firm with more than 12,000 employees and 120 offices worldwide, has...

While the full impact of the novel Coronavirus has yet to be seen, it is clear that companies of all sizes are contending with an economic and health challenge unlike any the United States has seen in generations.

By Ross FormanIn the first piece in this series, we touched on COVID-19’s impact on finance and accounting operations, including a few immediate actions to take in order to set yourself, your team and your organization up to endure and bridge this crisis.

In mid-March, President Trump signed an executive order to invoke the Defense Production Act of 1950 (DPA), requiring private companies to prioritize government orders of essential supplies to combat the COVID-19 pandemic. Under the DPA, financial incentives are also permissible to private industry to expand production and capacity for necessary...

On April 24, 2020, U.S. Trade Representative Robert Lighthizer notified Congress that Canada and Mexico have taken measures necessary to comply with their commitments under the United States–Mexico–Canada Agreement (USMCA), and that the agreement will enter into force on July 1, 2020. USMCA will replace the 26-year-old North American Free...

Summary

On May 19, 2020, the Department of the Treasury and the Internal Revenue Service (collectively, Treasury) released Announcement 2020-06 that provides Treasury’s view on how to interpret references in U.S. income tax treaties to the North American Free Trade Agreement (NAFTA) once it is replaced by the United States-Mexico-Canada...