Employee Retention Credit Optimizing Payroll Tax Relief during the COVID-19 Pandemic
Revised December 29, 2021 Employers experiencing economic hardship due to COVID-19 may be eligible for payroll relief. The employee retention credit (ERC) for eligible employers can be claimed for up to $5,000 per employee in 2020 and up to $21,000 per employee in...
Unexpected Employee Retention Credit Refund Delays
The IRS is experiencing continued delays The IRS is currently backlogged with millions of unprocessed payroll tax returns due to the changes in COVID-19 safety protocols and the volume of Employee Retention Credit (ERC) refund requests. As of November 17, 2021, the...
Infrastructure Bill Terminates ERC Earlier Than Expected
On Monday, November 15th, President Biden signed into law the bipartisan Infrastructure Bill. The $1.2 trillion bill included a few tax provisions in the legislation, one significant change being the earlier end date for the Employee Retention Credit (ERC). The ERC...
The American labor market, business and the post-pandemic economy
Widespread labor shortages are hampering companies’ ability to capitalize on an expanding economy as the country recovers from a pandemic.
IRS – Wages for R&D do not include wages for Employee Retention Credit
The IRS revises Form 6765 so in 2021 taxpayers cannot use the same wages to calculate both the R&D credit and the employee retention credit.
Equity Markets Immune to Delta Variant?
Equity markets largely shrugged off headline risks — the S&P 500 Index posted its seventh straight monthly gain.
Guidance for Claiming Employee Retention Credit in 2021
The IRS has issued guidance for employers claiming the employee retention credit enacted by the American Rescue Plan Act of 2021 (ARP), which provides a credit for wages paid after June 30, 2021, and before January 1, 2022. The guidance amplifies previous notices...
HHS has announced new Provider Relief Funding. Application opens September 29, 2021
The Provider Relief Fund (PRF) is managed by the Office of the Secretary of the Department of Health and Human Services (HHS) and dollars are held within its Health Resources Services Administration (HRSA). These funds have been distributed to healthcare providers and...
HHS has announced a 60-day grace period for September 30, 2021 Reporting Deadline
On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES) was passed and signed into law. This bill included $100 billion in funding to a Provider Relief Fund (PRF) for aid during the COVID-19 pandemic. The fund is managed by the Office of the...
First Deadline for HHS PRF Funds – September 30, 2021
On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES) was passed and signed into law. This bill included $100 billion in funding to a Provider Relief Fund (PRF) for aid during the COVID-19 pandemic. The fund is managed by the Office of the...
Pandemic’s effect on workplace adds complexity to M&A valuations
Companies that have taken care of their workers, embraced technology and adjusted to a rapidly evolving marketplace have been rewarded.
IRS issues employee retention credit gross receipt exclusion procedure
Rev. Proc. 2021-33 allows exclusion of PPP, restaurant revitalization and shuttered venue operator grants from ERTC gross receipts test.
IRS enhances employee retention credit guidance for open questions
Notice 2021-49 provides answers on previously uncertain issues and addresses changes implemented in the American Rescue Plan Act.
IRS gives an update for COBRA under the American Rescue Plan Act of 2021
The IRS released a notice providing guidance for employers, plan administrators and health insurers regarding the new tax breaks available under the American Rescue Plan Act of 2021 for the continuation of health coverage under the Consolidated Omnibus Budget...
Insights on the Paycheck Protection Program and Loan Forgiveness Tips
The Paycheck Protection Program offered small businesses a rare opportunity: access to SBA-backed loans that can be fully forgiven—if you meet certain criteria. Now that lenders are opening up for forgiveness applications, it’s time to start collecting the documents...
American Rescue Plan Act of 2021 Signed Into Law by President Biden
The American Rescue Plan Act of 2021 is the latest $1.9 trillion coronavirus relief package President Biden signed into law on Wednesday, March 11, 2021 that is designed to continue to facilitate recovery from the economic and health effects of the ongoing pandemic....
Guidance issued for employers claiming the Employee Retention Credit
Notice 2021-20 clarifies retroactive changes made to ERTC and PPP interaction and incorporates several previous frequently asked questions.
Employee Retention Credit: Answers to frequently asked questions
The Employee Retention Credit provides liquidity benefits for many businesses and was significantly expanded for 2020 and 2021.
CARES Act Provider Relief Fund Reporting Update
Congress provided relief for Americans, businesses, and healthcare institutions through a record stimulus deal in response to the COVID-19 pandemic, The Coronavirus Aid, Relief, and Economic Security Act (CARES). Providers and facilities were granted financial relief...
Employee retention credit significantly expanded for 2021
The Employee Retention Tax Credit was significantly expanded by the federal relief and stimulus package finalized Dec. 27, 2020.
SBA releases guidance on PPP continued access program
SBA releases two PPP reopening guidance packages. The first for new borrowers and the second for the second-draw program.
SBA releases guidance on PPP second draw loans
SBA releases two PPP reopening guidance packages. The first for new borrowers and the second for the second draw program.
Congress passes law containing PPP tax fix; second-draw program
After negotiations go to the 11th hour, Congress passes tax fix for PPP, changes to loan forgiveness and establishes second-draw program.
Congress passes appropriations bill, containing COVID-19 relief bill
Last minute negotiations pave way for Congress to pass second major COVID-19 stimulus package with tax law changes and tax extenders.
SBA gives clarification for confusion over PPP forgiveness application due date
Many small businesses and companies have been widely affected by the Coronavirus and the financial destruction that ithas caused. Congress created the Paycheck Protection Program as part of the Coronavirus Aid, Relief and Economic Security (CARES) Act to help ease...
Phase 3 – HHS Earmarks Another $20 Billion to be Distributed to Eligible Recipients through the Provider Relief Fund
The Department of Health and Human Services (HHS) recently announced that they added $20 billion to the Provider Relief Fund (PRF) as part of phase 3 efforts to support healthcare organizations during this very trying year. Those who have previously applied for...
HHS Releases Reporting Requirements for Provider Relief Fund (PRF)
At long last, the Department of Health and Human Resources published the reporting requirements for recipients of the Provider Relief Fund (PRF). This release offers healthcare providers much-needed guidance on what kinds of documentation they need in the event of a...
SBA releases procedural guidance for PPP loans in M&A transactions
SBA procedural guidance provides answers on how to navigate PPP loan changes in ownership; deals can now move forward with certainty.
Treasury issues skinny guidance on employee payroll tax deferral
Following the President’s memo on August 8, Treasury releases very short Notice 2020-65 delaying the deadline for employee FICA tax.
Strategic Planning – Why It’s Critical Now More than Ever and How We Can Help
By: Jonny Baker, Senior Manager, Strategic Management Consulting Services Unprecedented times call for firmware evaluation. From customer, cost, and operational analysis, all of these are worthy and necessary but the starting point is strategic planning. To evaluate...