COVID-19

IRS Provides Clarification Related to Employee Retention Credits

The Internal Revenue Service (IRS) has provided guidance to clarify uncertainties related to the Employee Retention Credit (ERC), which was originally set to expire on Jan. 1, 2022, but was later amended to apply only to wages paid prior to Oct. 1, 2021, except in the case of recovery start-up business employers. Taxpayers and their […]

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8 Tips for Single Audit Requirements

Many organizations received or are receiving federal funding due to COVID-19 and are subject to single audit rules for the first time. The GAQC has also developed a great checklist, Tips for Organizations Subject to Single Audit Requirements, to provide eight tips for organizations newly subject to single audit rules. This document may also be […]

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IRS Information Letter 6419 for Advance Child Tax Credit May Contain Incorrect Information

The IRS announced Monday that recipients of Letter 6419, which addresses 2021 advance Child Tax Credit (CTC) payments, should double-check the information it contains, as some letters may provide outdated information.  To ensure they have correct information, taxpayers should login to the recently updated IRS website for the advance CTC and use the payment information […]

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Save Your IRS Information Letters: Advance Child Tax Credit and Third Economic Impact Payments

The IRS is issuing information letters to recipients of the Advance Child Tax Credit (CTC) and the third round of the Economic Impact Payments (EIP). Our accountants are encouraging recipients of both letters to retain them for their tax records, as they should be used when preparing 2021 tax returns to reduce errors and delays. […]

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