Claiming the Employee Retention Tax Credit? Received a PPP Loan? Know Your Accounting!
The Employee Retention Tax Credit (ERTC) and the Paycheck Protection Program (PPP) were created to incentivize businesses to keep workers employed through the worst parts
Operating nonqualified deferred compensation plans FAQs for employers
(authored by RSM US LLP) Throughout a plan’s life cycle, employers should consider whether their plans remain compliant and aligned with the organization’s goals.
Updates to SBA’s PPP loan FAQ for borrowers and lenders
(authored by RSM US LLP) We have updated two of our white papers to reflect an update in the SBA’s PPP loan FAQ for borrowers and lenders.
IRS issues employee retention credit gross receipt exclusion procedure
(authored by RSM US LLP) Rev. Proc. 2021-33 allows exclusion of PPP, restaurant revitalization and shuttered venue operator grants from ERTC gross receipts test.
Withdrawal of SBA loan necessity questionnaire for PPP loans
(authored by RSM US LLP) The SBA has formally notified PPP lenders that it no longer will require submission of loan necessity questionnaires. Learn more.
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US LLP) Small Business Administration, in light of lawsuit, notifies PPP lenders that loan necessity questionnaire is withdrawn.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.