IRS Provides Guidance on Claiming the Employee Retention Credit
The IRS issued Notice 2021-49 last week. The notice provides guidance on the Employee Retention Credit (ERC) for wages paid…
5 Steps for Performing Single Audits in a COVID Environment
Early in my career, when making the transition from auditing large public companies to auditing nonprofit organizations, I thought, “this…
Taxability of COVID-19 Financial Assistance
The Coronavirus Aid, Relief and Economic Security (CARES) Act provided direct payments to eligible Americans, expanded unemployment benefits, provided over…
SBA Paycheck Protection Program Funding Update
The SBA and the US Treasury Department announced yesterday that they will re-open the Paycheck Protection Program loan portal to…
SBA Issues Guidance for the Reconstituted PPP Under the Economic Aid Act
Second Draw PPP Loans are generally subject to the same terms, conditions and requirements as First Draw PPP Loans. Following…
Congress Passes New Coronavirus Relief Bill
Last night, Congress passed the Consolidated Appropriations Act of 2021 (CAA). President Trump is expected to sign the $900 billion…
IRS Issues Guidance on Deductibility of PPP Related Expenses
The Internal Revenue Service issued Revenue Ruling 2020-27 and Revenue Procedure 2020-51 on November 18th. Both provide guidance on the…
Survival Guide to Auditing During a Pandemic
It’s a new world out there; a COVID-19 world. While the masses are fighting the virus, accounting professionals are embracing…
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