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.
Join PBMares on November 3 to discover the top 10 tax strategies businesses should consider before year-end, including traditional tax strategies, remaining COVID-19 incentives, and opportunities expiring at year-end.
Not all organizations and due dates were affected when the IRS pushed the annual tax filing deadline back to May 17. Tax-exempt organizations with calendar year-ends are thus reminded that Form 990 and other forms are still due on May 17, 2021.
The American Rescue Plan Act (the Act) s provides a number of items to help aid economic recovery out of the coronavirus pandemic. Read on for a summary of the Act's provisions.
View recording and slides. Eligible employers can take advantage of the newly extended employee retention credit, designed to make it easier for businesses that choose to keep their employees on the payroll despite challenges from COVID-19.
The American Rescue Plan Act finally gives 501(c)7 Social Clubs the opportunity to apply for Payroll Protection Program (PPP) loans. But you better act fast because the funding for the second round of the PPP loans closes on March 31, 2021.
Most of us have been solicited by a nonprofit association to take advantage of their travel tour programs. You look through any association publication and you will find advertisements for various sponsored travel tours.
At the end of last year, many clubs received the exact same form letter from the IRS, Letter 6176 (4-2019) Catalog Number 72211B. The letter appears to have been generated by the IRS and sent to many 501(c)(7) exempt organizations reporting nonmember income regardless of the nonmember percentage of gross receipts.
The IRS recently issued proposed regulations regarding separately computing UBTI for each trade or business activity that could increase a not-for-profit’s tax exposure and liability.
How could a change in the tax law passed in 2017 have a substantial impact on clubs today? Given the recent business disruptions caused by the coronavirus, unrelated business income might not seem like a big deal.