Paid leave for employees impacted by COVID-19 in 2021
(authored by RSM US LLP) Some employers can give paid leave to employees impacted by COVID in 2021 and claim a payroll tax credit per the American Rescue Plan Act.
SBA formally withdraws loan necessity questionnaire
(authored by RSM US LLP) Small Business Administration, in light of lawsuit, notifies PPP lenders that loan necessity questionnaire is withdrawn.
Businesses Required to Subsidize COBRA Premiums Will Be Reimbursed with Payroll Tax Credits
To help Americans struggling with job loss, the American Rescue Plan Act of 2021 (ARPA) will subsidize the costs of COBRA insurance premiums effective April
The IRS provides further guidance on the Employee Retention Tax Credit
(authored by RSM US LLP) The Relief Act made changes on how the Employee Retention Tax Credit works during the first two quarters of 2021.
Guidance issued for employers claiming the Employee Retention Credit
(authored by RSM US LLP) Notice 2021-20 clarifies retroactive changes made to ERTC and PPP interaction and incorporates several previous frequently asked questions.
Highlights of the Consolidated Appropriations Act 2021
Congress extended and expanded certain provisions of the original CARES Act by passing The Consolidated Appropriations Act of 2021 (the 2021 Appropriations Act) in late
Employee retention credit significantly expanded for 2021
(authored by RSM US LLP) The Employee Retention Tax Credit was significantly expanded by the federal relief and stimulus package finalized Dec. 27, 2020.
Employee Retention Tax Credit Extended and Expanded by Consolidation Appropriations Act, 2021
The Consolidation Appropriations Act, 2021, has extended the Employee Retention Credit (ERC) through July 1, 2021. In addition, the new regulations change which businesses can
Game-changing updates to the Employee Retention Tax Credit
(authored by RSM US LLP) Paycheck Protection Program (PPP) loan recipients may now qualify for the employee retention tax credit based on new legislation signed.
Proposed accounting for acquired revenue contracts with customers
(authored by RSM US LLP) A recent proposed ASU addresses the accounting for revenue contracts with customers acquired in a business combination.
IRS Introduces New Form 1099-NEC for 2020 Tax Year Reporting
Beginning in January of 2021, the IRS will require businesses to report non-employee compensation using a new Form 1099-NEC. Amounts formerly reported on Form 1099-MISC
Accounting Solutions for CARES Act Program Proceeds
When Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act on March 27, 2020, they sanctioned much-needed relief payments to healthcare providers across