The IRS added widely circulating promoter claims involving Employee Retention Tax Credits (ERTC) as a new entry in the annual “Dirty Dozen” list of tax scams. These promotions can be based on inaccurate information related to eligibility for and computation of the credit. Eligible taxpayers can … [Read more...] about Employee retention Tax Credit (ERTC) Scams
CARES Act
Single Audit: Covid-19 Relief Funds Received May Trigger Federal Single Audit
As a result of the Covid-19 pandemic, the U.S. government has implemented a number of programs to provide economic support to businesses. The most notable has been the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which provided $2.2 trillion of funding for individuals, Paycheck … [Read more...] about Single Audit: Covid-19 Relief Funds Received May Trigger Federal Single Audit
SBA Posts Guidance on Eligibility for Different Relief Options
The U.S. Small Business Administration (SBA) posted a new webpage titled Cross Program Eligibility on SBA Coronavirus Relief Options on their sba.gov website. The webpage includes this chart, which summarizes the criteria that must be met by applicants when considering the following Coronavirus … [Read more...] about SBA Posts Guidance on Eligibility for Different Relief Options
Employee Retention Credit Extended and Expanded
Updated March 12, 2021 The CARES Act originally created the Employee Retention Tax Credit (ERTC) when it was enacted into law in March 2020. The ERTC is designed to encourage businesses to keep employees on their payroll by providing a refundable tax credit against certain employment taxes equal … [Read more...] about Employee Retention Credit Extended and Expanded
Congress Approves New Coronavirus Stimulus Package
After months of negotiations, the U.S. House of Representatives and the U.S. Senate voted last night to approve a new stimulus package, as part of a larger $2.3 trillion appropriations bill to fund the Federal Government for fiscal year 2021. The new stimulus package will provide much-needed relief … [Read more...] about Congress Approves New Coronavirus Stimulus Package
Register Today for December Webinars!
Stay up-to-date on all the changes that took place during 2020 with our year-end accounting and tax update webinars, plus a special Covid-19-related update webinar. Register below! Covid-19 Year-End Update Year-end update on PPP, the latest on loan forgiveness, and other Covid-19 … [Read more...] about Register Today for December Webinars!