New IRS FAQs for Paid Leave Provisions Under the American Rescue Plan Act
June 14, 2021 - The IRS has released FAQs addressing paid sick and family leave taken between April 1 and September 30, 2021.
Webcast for Higher Education: HEERF Update – Where are the “Gotchas”?
July 15, 2021 - The American Rescue Plan Act of 2021 provided institutions of higher education with their third round of pandemic emergency relief funding through the Higher Education Emergency Relief Fund (HEERF). This recorded webcast reviews the lessons learned from the administration and audits of HEERF I and II and explore the potential impact on HEERF III.
IRS Provides Guidance on Reporting Student Assistance Grants on Form 1098-T
April 15, 2021 - The IRS has updated its Higher Education Emergency Grants FAQs with information on reporting student grants provided with HEERF I or HEERF II funding on Form 1098-T, Tuition Statement.
IRS Releases Employee Retention Credit Guidance for 1Q and 2Q 2021
April 5, 2021 - New guidance from the IRS covers qualified wages paid after December 31, 2020 and before July 1, 2021. This expands on previous guidance related to claiming the credit in 2020.
Paycheck Protection Program Application Deadline Extended to May 31, 2021
March 31, 2021 - The PPP Extension Act of 2021 has extended the Paycheck Protection Program deadline by two months. The program had been set to expire on March 31.
Education Department Provides New Guidance on the Use of HEERF II Funds
March 19, 2021 - The guidance addresses changes in the Education Department’s prior position. Grantees will now have the flexibility to charge costs back to March 13, 2020, the date the pandemic was declared a national emergency.
SBA Provides New Paycheck Protection Loan FAQs
March 4, 2021 - The Small Business Administration has released several new Paycheck Protection Program (PPP) Loan FAQs covering a variety of First Draw and Second Draw PPP loan details.
IRS Releases Guidance on the Employee Retention Credit for 2020 Wages
March 2, 2021 - The IRS has provided additional guidance on claiming the employee retention credit for qualified wages paid from March 13, 2020, through December 31, 2020. Here are the key points for employers to know.
Paid Sick and Family Leave Credits Change; Extended Filing Date for Texas Nonprofits
February 24, 2021 - Wages paid to student employees and ministers are now eligible for paid sick and family leave credits, and the IRS has extended the filing deadline for Texas nonprofits.
Planning for Higher Education Emergency Relief Fund II (HEERF II)
February 22, 2021 - Similar to the first round of the Higher Education Emergency Relief Fund (HEERF I) provided under the CARES Act, HEERF II provides portions for student financial aid grants and institutional grants. However, there are key differences between the two rounds of funding. Here’s what institutions should know.