The team at Fuller Landau is personally committed to helping you and your business respond and adapt to the unprecedented developments around COVID-19. Check here regularly for the latest updates on measures the Canadian and US governments are taking to help businesses. We will be adding more tools and resources for you as the situation evolves.
Many Canadian businesses are dealing with the immediate impacts of COVID-19 on revenue, earnings and cashflow as a direct result of temporary closures and supply chain disruptions. These events will have varying accounting and financial reporting implications that will depend on the unique circumstances of your business and the industry in which yo ... Read More
The Canadian Anti-Fraud Centre (CAFC) issued a bulletin on March 18, 2020, alerting the public to fraudsters exploiting COVID-19 to facilitate fraud and cyber crime. This comes in the form of fraudulent emails sent to unsuspecting Canadians who are being inundated with information about COVID-19. It is important for your company’s employees to ... Read More
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) amended Internal Revenue Code Section 172(b)(1) to allow carryback of net operating losses (NOL) arising in tax years beginning after December 31, 2017 and before January 1, 2021 (NOL period). The “Carryback Period” includes each of the five taxable years preceding the taxable y ... Read More
On April 21, 2020, IRS issued Rev. Proc. 2020-20 setting forth relief for non-resident individuals who may have an inadvertent US income tax filing requirement (form 1040-NR) under the “substantial present test” as a result of remaining in the United States longer than anticipated due to travel disruptions caused by the COVID-19 outbreak. This ... Read More
While the impact of COVID-19 on Canadian businesses has been dramatic and widespread, none have been more affected than traditional bricks and mortar businesses not considered ‘essential’ under Canada’s COVID-19 Economic Response Plan. Many restaurants, retail stores, and service providers have been forced to close completely. Those tha ... Read More