Many organizations may not be aware they’re subject to a single audit. It can help to look at similar scenarios to determine compliance requirements when accepting funds greater than $750,000.
Construction contractors can use the temporary 100 percent business meals deduction for per diem expenses. Rate changes are in effect as of October 1, 2021. Contractors may want to review their expense reimbursement policies.
Many employers do not realize they could benefit from the ERC. As businesses close their books and records for 2021 and begin to work on tax compliance, it is a good opportunity to revisit the ERC to clear up any confusion that may exist.
On June 30, 2021, the IRS retroactively extended the COVID-19 leave sharing program, which allows employers to donate employees’ unused PTO to charitable organizations. In exchange, employers can take charitable or business expense deductions.
Rising lumber prices aren’t the only numbers that construction firms are closely following. Price surges across many construction inputs are creating supply and demand volatility and concerns of inflation.
Some employers can give paid leave to employees impacted by COVID in 2021 and claim a payroll tax credit per the American Rescue Plan Act.
Small Business Administration, in light of lawsuit, notifies PPP lenders that loan necessity questionnaire is withdrawn.
With preserving liquidity and slowing cash burn top of mind for hotel owners and operators, the nominal investment in technology and reimagining of staffing has been an initiative for hotels in survival mode. Hotel operators need to make strategic decisions in these areas.
Most state and local governments have been lifting COVID-19 restrictions, leaving club management wondering how and if they still qualify for the ERC, especially in the quarter that restrictions are lifted.
Health care providers continue to seek funding terms and conditions clarification related to Provider Relief Fund.