APMA News - May/June 2020 - A3

YOUR APMA / PAGE 3

GUIDE TO COVID-19 SMALL BUSINESS LOANS
This article, provided by Marcum LLP, is a selection from the first of a four-part series to help podiatry practice owners
understand COVID-19 resources available to small businesses and to begin planning for recovery. A link to the full article,
as well as other COVID-19-related resources for practices, can be found at www.apma.org/covid19sba.

W

ithout a doubt, the COVID-19
pandemic has severely tested
the nation's economic stability. In
response, Congress approved funding for a
$2 trillion aid package to help struggling businesses-especially small businesses ordered
to temporarily close operations.
It can be daunting for small business owners to navigate these programs, keep up with
the legislative actions, and understand which
provisions are best for their practice. The
following information provides information
about tax considerations related to participating programs created by the CARES Act.

EMPLOYEE RETENTION TAX CREDIT
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Open to businesses of all sizes.
Fully refundable tax credits equal to 50
percent of qualified wages paid in a calendar quarter.
Maximum of up to $10,000 per employee
(including qualified health plan expenses).
Maximum credit is $5,000 ($10,000
qualified wages x 50 percent per quarter
per employee).
Businesses are entitled to a credit per
quarter until receipts exceed 80 percent of
the same quarter in 2019.
Cannot be combined with the PPP loan.

COVID-19 AND RESIDENCY REQUIREMENTS AND MAVS (MARCH 30)
Recognizing the impact COVID-19 is having
on residency training programs, including
canceled rotations, decreased office visits,
postponed elective surgeries, and temporary
closures in affiliate surgery centers, CPME
decided that immediate action should be
taken to address the challenges facing
graduating residents. This action includes
notice of temporary decrease of the required
MAVs by 15 percent for all surgical categories, allowing substitution of excess volume
in some categories to be used to supplement lower volume in categories 1-3, and
waiver of the diversity requirements for
residents completing training in 2020.

DELAY OF PAYMENT OF EMPLOYER
PAYROLL TAX AND SELF-EMPLOYMENT TAX
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Allows all employers to defer payment of
the employer portion of Social Security
taxes (6.2 percent of wages) otherwise
owed for wage payments after March 12,
2020, through December 31, 2020.
Payroll tax deferral amounts to an interestfree loan where 50 percent is repaid on
December 31, 2021, with the remaining
balance deferred until December 31,
2022.
Cannot be combined with PPP loan.

ACTIVE LOSSES
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Pass-through business owners can offset
active losses against other forms of
income, such as wages and investments,
without limit.
Previous tax law limited this offset to
$250,000 a year for individuals and
$500,000 for couples.

NET OPERATING LOSSES (NOL)
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CARES Act loosens restriction on NOL
carrybacks and interest deductions, which
should boost business owners' cash flow.
Taxpayers can carry back losses incurred
during 2018-2020 for five years.

Additionally, this document outlines the
steps to petition the Residency Review
Committee to allow residents who are not
meeting MAV and/or rotational requirements despite the reduction of MAVs.

CPME AND COVID-19 GUIDANCE
TO RESIDENCY AND FELLOWSHIP
EDUCATION (MARCH 16)
This document provides CPME's initial
guidance regarding expectations of institutions sponsoring residency and fellowship
programs. These expectations relate to providing the required training while taking
appropriate measures to ensure the safety
of students, fellows, residents, and program
faculty and staff.

*	

Corporations can amend their returns to
reduce taxable profits for years prior to the
2018 tax year.

INTEREST DEDUCTIONS
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Prior to the CARES Act, interest deductions
were limited to 30 percent of earnings
before interest, taxes, depreciation, depletion, and amortization (EBITDA).
Under the CARES Act, the limit was raised
to 50 percent for 2019 and 2020.
On April 30, the IRS stated that any expenses businesses pay to qualify for COVID-19
relief loan expenses cannot be deducted.
Forgiven loans are not included in the
businesses' gross incomes.

CORONAVIRUS RESOURCE CENTER
Do you have more questions about
the impact of the coronavirus on your
business? Call Maryann Czarnota,
CPA, at 847-282-6525 or email
maryann.czarnota@marcumllp.com,
or David Mustin, MBA, at 440-4595755 or email mustin@marcumllp.com.
Visit Marcum's Coronavirus Resource
Center at www.marcumllp.com/
coronavirus for up-to-date information.
The information in this article is accurate as
of May 13, 2020, and is subject to change.
Your Marcum tax advisor will keep you
posted on updates.


http://www.apma.org/covid19sba http://www.marcumllp.com/coronavirus http://www.marcumllp.com/coronavirus

APMA News - May/June 2020

Table of Contents for the Digital Edition of APMA News - May/June 2020

Contents
APMA News - May/June 2020 - Cover1
APMA News - May/June 2020 - Cover2
APMA News - May/June 2020 - 3
APMA News - May/June 2020 - 4
APMA News - May/June 2020 - 5
APMA News - May/June 2020 - 6
APMA News - May/June 2020 - 7
APMA News - May/June 2020 - Contents
APMA News - May/June 2020 - 9
APMA News - May/June 2020 - 10
APMA News - May/June 2020 - 11
APMA News - May/June 2020 - 12
APMA News - May/June 2020 - 13
APMA News - May/June 2020 - 14
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APMA News - May/June 2020 - 16
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APMA News - May/June 2020 - 49
APMA News - May/June 2020 - 50
APMA News - May/June 2020 - Cover3
APMA News - May/June 2020 - Cover4
APMA News - May/June 2020 - A1
APMA News - May/June 2020 - A2
APMA News - May/June 2020 - A3
APMA News - May/June 2020 - A4
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