BOI Reporting Update & SCAM Alert!
Most small businesses in the US must now report information about their beneficial owners to the Financial Crimes Enforcement Network (FinCen), or face noncompliance penalties. Those who have an ownership […]
Category: Federal
New Reporting Requirement for Businesses
Attention business owners! Effective 1/1/2024, many businesses are now subject to a new requirement to file a report of Beneficial Ownership Information (BOI) with the Financial Crimes Enforcement Network (FinCEN). […]
Taxpayers Affected by Hurricane Ian Receive Tax Relief
The IRS announced that hurricane-impacted taxpayers in Florida, North Carolina, and South Carolina will receive tax relief as part of the disaster declaration issued by the Federal Emergency Management Agency […]
Improperly Forgiven Paycheck Protection Program Loans Are Taxable
The Internal Revenue Service recently issued guidance addressing improper forgiveness of a Paycheck Protection Program loan (PPP loan). The guidance confirms that, when a taxpayer’s loan is forgiven based upon […]
Only Three Weeks Remaining Until PRF Reporting Period 3 Deadline!
If you received more than $10,000 in PRF funds between 1/1/2021 and 6/30/2021, you must report by 9/30/2022. Generally, this will be providers who received Phase 3 PRF payments and/or […]
Only Two Weeks Remaining Until PRF Reporting Period 2 Deadline!
All providers who received more than $10,000 in PRF funds between 7/1/2020 and 12/31/2020 are required to report their use of funds by 3/31/2022. The Provider Relief Fund (PRF) Reporting […]
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advance Child Tax Credit (CTC) payments, should double-check the information it contains, as some letters may provide outdated […]
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 […]
PRF Phase 4 Payments and Other Updates
Phase 4 Payments On December 14, 2021, the Health Resources and Services Administration (HRSA) announced the distribution of approximately $9 billion in Provider Relief Fund (PRF) Phase 4 payments to […]
IRS Issues Guidance on Penalty Relief of Retroactive Termination of the Employee Retention Credit
On Dec. 6, 2021, the Internal Revenue Service (IRS) issued guidance that provides penalty relief for employers that received an advance payment or reduced their employment tax deposits regarding the […]
American Rescue Plan (ARP) Rural Payments Begin
On November 23, 2021, the Health Resources and Services Administration (HRSA) began distributing American Rescue Plan (ARP) Rural payments. The $8.5 billion ARP Rural distribution is based on the number […]
Infrastructure Law Sunsets Employee Retention Credit (ERC) Early
The Employee Retention Credit (ERC) was a valuable tax credit that helped employers survive the COVID-19 pandemic. A new law has retroactively terminated it before it was scheduled to end. […]
