IRS Dirty Dozen Part 3 – Tax Refund Scams & Unemployment Fraud Today, we present the next two scams from the 2022 IRS Dirty Dozen – its annual list of top tax scams. These next two schemes have been on the rise […]
IRS Provides Clarification Related to Employee Retention Credits By: Tony LaNasa 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 […]
Only Two Weeks Remaining Until PRF Reporting Period 2 Deadline! By: Paula Reape CPA LNHA 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 […]
8 Tips for Single Audit Requirements By: Rachel Smathers CPA 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, […]
Only Three Weeks Remaining Until PRF Reporting Period 1 Deadline! By: Miranda Bowden CPA All providers who received more than $10,000 in PRF funds between April 10 and June 30, 2020 are required to report their use of funds by November 30, 2021. The […]
60-Day Grace Period for PRF Reporting & $25.5 Billion New PRF Funding Available By: Paula Reape CPA LNHA Announcing 60-Day Grace Period – PRF Reporting Period 1 The September 30, 2021 Reporting Period 1 deadline has not changed; however, in response to challenges providers are facing given the […]
AICPA releases guidance on SVOG & RRF accounting questions The AICPA released a Technical Question & Answer (TQA) on August 10th addressing how a recipient should account for a Shuttered Venue Operators Grant (SVOG) or a Restaurant Revitalization Fund […]
IRS provides additional guidance to employers claiming the ERC The IRS issued further guidance on the employee retention credit (ERC) on August 4th. It includes guidance for employers who pay qualified wages after June 30, 2021, and before January […]
SBA streamlines forgiveness process for most PPP loans The U.S. Small Business Administration (SBA) published new guidance on July 28, 2021, designed to simplify and speed up the forgiveness process for businesses and not-for-profits with Paycheck Protection Program […]
New PRF Single Audit Guidance PRF Background Our last 2 updates Provider Relief Fund (PRF) Reporting Portal is Now Open and Revised PRF Reporting Requirements including Extended Time to Expend Some Funds provide some important […]
SBA officially drops PPP Loan Necessity Questionnaire requirement By: Tony LaNasa The U.S. Small Business Administration (SBA) has informed lenders that it is eliminating the loan necessity review for Paycheck Protection Program (PPP) loans of $2 million or greater. In a […]
Provider Relief Fund Reporting Portal is Now Open By: Paula Reape CPA LNHA The long-awaited Provider Relief Fund (PRF) Reporting Portal is now open for reporting on the use of PRF funds received. The HW&Co. article, Revised PRF Reporting Requirements including Extended Time to […]