IRS Expected to Audit 50% More Small Businesses in 2021 After years of low examination rates, the IRS announced it will increase audits of small businesses by 50 percent. This news comes during a time when complex tax law changes…
Cooperatives Eligible for Funding Under SECURE Act COVID-19 Business Update Under the SECURE Act, cooperative housing corporations (but not condominium associations) may be eligible to receive forgivable loans. In order to be eligible, a cooperative: Must certify that it has…
SBA Issues Guidance on Reapplying or Requesting an Increase for a First-Draw PPP Loan COVID-19 Business Update The U.S. Small Business Administration (SBA) recently released procedural guidance on the procedures for reapplying or requesting an increase for a first-draw Paycheck…
SECURE Act Extends the Deadline for Establishing New 2020 Qualified Retirement Plans Into 2021 COVID-19 Business Update Business use a variety of retirement plans to both mitigate their business taxes, and personal taxes if they are equity holders in a…
$15 Billion in Grants Provided for Shuttered Venue Operators through Current Stimulus Package COVID-19 Business Update As part of the latest COVID-19 Relief package, there is funding of up to $15 billion being provided as grants to shuttered venue operators.…
Revisions to Existing Paycheck Protection Program and Information on Second Round of PPP Funding (PPP II) COVID-19 Business Update Tax Group The recently signed stimulus bill includes the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act (“Act”) that…
New Guidelines on Single Audits New guidance on single audits was issued Tuesday by the Office of Management and Budget (OMB) in the form of an addendum to the 2020 OMB Compliance Supplement. Due to the late issuance of audit…
Earned Retention Credit (ERC) Under Latest COVID-19 Relief Package COVID-19 Business Update Tax Group The original CARES Act also included the Earned Retention Credit (ERC) for business that were not eligible for the Payroll Protection Program (PPP). The new stimulus…
Business Tax Provisions of the Corona Virus Relief Package COVID-19 Business Update Tax Group Consolidated Appropriations Act, 2021, H.R. 133, includes multiple important business tax provisions. Below are some of the key tax changes applicable to businesses: Deductibility of PPP-funded…
The Business Provisions of the Pending Emergency COVID Relief Act of 2020 Bill COVID-19 Business Update The Emergency Coronavirus Relief Act, which is a recently released proposed bill, includes over $900 billion in relief, and includes funds to support small businesses,…