IRS Warns of Employee Retention Credit Fraud

The IRS recently warned employers to beware of advertisements and solicitations that promise tax refunds that seem too good to be true. They promise business owners lucrative tax refunds from the Employee Retention Credit through filing amended payroll tax returns.

2022-11-07T15:31:48-05:00November 7, 2022|Categories: Tax: Business|Tags: , , |

Unrelated Business Taxable Income Reporting for Partnerships

UBTI reporting for exempt organizations can be challenging. Exempt organizations investing in partnerships should ensure that the K1 reporting from the partnership provides the information necessary to ensure correct reporting.

2022-08-26T14:02:16-04:00August 24, 2022|Categories: Not-for-Profit, Tax: Exempt Organizations|Tags: |

How to Register a Charity in Virginia, Maryland, and North Carolina

Starting a nonprofit often requires registering with the state before the organization can fundraise. States like Virginia, Maryland, and North Carolina all have different rules and requirements for nonprofit registration.

2022-10-06T08:15:36-04:00August 4, 2022|Categories: Not-for-Profit, Tax: Exempt Organizations|Tags: , |

What’s Going on at the IRS? Problems and Steps to Improve Service

2021 was described as the worst year ever for the IRS. Several compounding problems, exacerbated by COVID-19, led to a historic backlog. Now, the agency is taking steps to improve service.

2022-07-19T08:34:19-04:00July 19, 2022|Categories: Employee Benefit Plans, Not-for-Profit, Tax: Business, Tax: Exempt Organizations|Tags: |

Did You Miss Out on the Employee Retention Tax Credits?

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.

2022-07-19T15:25:10-04:00December 21, 2021|Categories: PBMares COVID-19 Insights, Tax: Business|Tags: , , , |

New Schedule A for Form 990T

The IRS has overhauled the 2020 Form 990T “Exempt Organization Business Income Tax Return” and created a new Schedule A “Unrelated Business Taxable Income From an Unrelated Trade or Business” to allow reporting of separate unrelated business activities.

2021-12-15T12:47:16-05:00December 15, 2021|Categories: Not-for-Profit|Tags: , , |

American Rescue Plan: What Does It Mean?

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.

Social Clubs Now Eligible for PPP Loans

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.

2022-10-11T11:56:39-04:00March 16, 2021|Categories: Hospitality, PBMares COVID-19 News|Tags: , , , |
Go to Top

As Internet Explorer will discontinue browser security updates by August of 2021, this site is best viewed using Google Chrome, Safari or Microsoft Edge.

Click to Continue