IRS Releases Guidance on Reporting 2021 Qualified Sick and Family Leave Wages
September 9, 2021 - The IRS has released guidance on reporting qualified sick leave and family leave wages provided in 2021. The IRS also released its annual update of per diem rates applicable to travel, effective October 1, 2021.
New Resources to Help Your Nonprofit with the Employee Retention Credit
August 25, 2021 - While the Employee Retention Credit (ERC) helped bring relief to nonprofit organizations affected by COVID-19, it also raised a lot of questions. Here are two new resources to help.
Key Takeaways About the 2021 Compliance Supplement
August 23, 2021 - The U.S. Office of Management and Budget (OMB) released the 2021 Compliance Supplement on August 12, 2021. It is effective for audits of fiscal years beginning after June 30, 2020. Here are some key takeaways to be aware of.
IRS Releases Employee Retention Credit Guidance for 3Q and 4Q 2021
August 5, 2021 - The IRS released guidance on claiming the ERC for qualified wages paid after June 30, 2021, and before January 1, 2022, along with further guidance for various ERC issues in 2020 and 2021.
Entities with EINs Must Update Responsible Party Information
August 2, 2021 - The IRS has issued a call for entities with an Employer Identification Number (EIN) to ensure the IRS has the entity’s current “responsible party” on file.
SBA Simplifies Forgiveness Process for PPP Loans of $150,000 or Less
July 30, 2021 - A new SBA PPP Direct Forgiveness Portal will allow borrowers with Paycheck Protection Program (PPP) loans of $150,000 or less through participating lenders to apply for forgiveness directly with the SBA.
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.
CalSavers Deadlines for Organizations with California-Based Employees
May 21, 2021 - Learn about about upcoming deadlines for organizations that have CA-based employees and do not offer an employee retirement plan.
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.