IRS Provides Relief for Certain Employers Claiming the Work Opportunity Tax Credit
The IRS recently issued Notice 2021-43, which provides transition relief to certain employers claiming the Work Opportunity Tax Credit.
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Treasury, IRS Provide Gross Receipts Safe Harbor for Employers Claiming Employee Retention Credit
The U.S. Department of the Treasury and the IRS recently issued Revenue Procedure 2021-33, providing a safe harbor allowing employers to exclude certain amounts from gross receipts solely for determining eligibility for the Employee Retention Credit.
View MoreTennessee Franchise and Excise Return Extension Lengthened for Tax Years Beginning Jan. 1, 2021
Throughout the pandemic and following natural disasters, TSCPA and the AICPA worked to extend tax filing deadlines. When extensions were announced at the federal level, TSCPA worked quickly with the Tennessee Department of Revenue to make sure state tax filing deadlines were also extended accordingly. One of the extensions passed by the 112th Tennessee General Assembly was for the Tennessee franchise and excise tax.
View MoreEconomic Stimulus Spurring New Strains of Single Audits
In response to the devastating effect of the global pandemic on the U.S. economy, Congress passed several laws (the CARES Act, CAA and ARPA) that contained trillions of dollars to stimulate the economy. The funding was received by many state and local governments as well as nonprofit entities. Many of these entities have not previously received this level of funding.
View MoreTreasury, IRS Provide Additional Guidance on Employee Retention Credit
The U.S. Department of the Treasury and the IRS recently issued Notice 2021-49, providing further guidance on the employee retention credit, including guidance for employers who pay qualified wages after June 30, 2021, and before Jan. 1, 2022, and additional guidance on miscellaneous issues that apply to the credit in both 2020 and 2021.
View MoreTax Credit Available for Providing Leave to Employees Caring for Individuals Obtaining or Recovering From a COVID-19 Immunization
The IRS recently updated its FAQs on the paid sick and family leave tax credits under the American Rescue Plan Act of 2021.
View MoreSBA Streamlines Forgiveness Process for Most PPP Loans
The U.S. Small Business Administration recently published guidance to help simplify the forgiveness process for businesses and not-for-profits with Paycheck Protection Program loans of $150,000 or less.
View MoreIRS Clarifies COBRA Premium Assistance Credit in New Guidance
The IRS recently released Notice 2021-46, providing additional guidance to employers, health insurers and health plan administrators on how to provide laid-off employees temporary assistance paying for COBRA continuation coverage and claim a refundable tax credit.
View MoreSBA Awards More Than $7.5 Billion in Shuttered Venue Operator Grants, Will Offer Appeal Period
The U.S. Small Business Administration recently announced it has awarded more than $7.5 billion in Shuttered Venue Operator Grants to about 10,000 eligible entities.
View MoreSingle Audit Rules Clarified for Provider Relief Fund Recipients
The U.S. Department of Health and Human Services recently clarified rules for single audits of nonfederal entities that received pandemic-related assistance from the Provider Relief Fund.
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