February 7, 2022
The Treasury Inspector General for Tax Administration recently released a report stating that the IRS unit that checks employee benefit plans for compliance with IRS qualification, reporting and disclosure requirements, and with excise and income tax matters, scored 23 percent lower overall on its quality reviews in fiscal years 2018 through 2020.
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February 4, 2022
The U.S. Small Business Administration recently issued a procedural notice detailing a new process that Paycheck Protection Program borrowers who received partial loan forgiveness can use to appeal their lender's decision.
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January 20, 2022
The IRS recently issued Rev. Proc. 2022-13 regarding employee status determinations under Sec. 7436.
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January 3, 2022
The IRS is reminding employers and self-employed individuals that chose to defer paying part of their 2020 Social Security tax obligation that a payment is due on Jan. 3, 2022.
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December 22, 2021
The IRS recently issued Notice 2022-03, which increases the rate by which taxpayers may compute their deductions for costs of using an automobile for business purposes for the 2022 tax year.
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December 7, 2021
The IRS recently issued guidance for employers regarding the retroactive termination of the Employee Retention Credit.
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November 19, 2021
The U.S. Small Business Administration recently released updated guidance regarding applications for loans, advances and appeal requests with the COVID-19 Economic Injury Disaster Loans program.
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November 18, 2021
The IRS recently issued three revenue procedures regarding the treatment of amounts excluded from taxpayers' gross income connected to the forgiveness of Paycheck Protection Program loans.
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November 10, 2021
The early termination of the employee retention credit and the requirement of broker reporting of cryptoasset transfers are two tax provisions of H.R. 3684, the Infrastructure Investment and Jobs Act, which passed the House of Representatives last Friday.
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September 21, 2021
The U.S. has seen historic levels of federal funding in response to the COVID-19 pandemic. Various laws, including the CARES Act and the American Rescue Plan Act of 2021, have provided billions of dollars to American businesses, state and local governments, and not-for-profits. While this funding has provided relief, especially for nonprofits, it may cause complications for many recipients.
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