By Aaron Blackburn, CPA, and Amy Sandlin, CPA, Senior Tax Manager On Wednesday, August 24th, 2022, President Biden announced the broadest student loan forgiveness plan to date. The plan included forgiving up to $10,000 in Federal Student Loans for individuals and families making under $125,000 and $250,000, respectively. If the borrower was a recipient of […]
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By: Alaina Fischer and Damien Strohmier, CPA, CCIFP ERC Refunds Did you file an Employer’s Quarterly Federal Tax Return or a Tentative Refund form and are waiting on a refund? According to a recent IRS update, you could be waiting longer. As of May 6, 2021, the IRS reported having about 1.9 million Employer Quarterly […]
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The Employee Retention Credit (ERC) is a refundable payroll tax credit that your tax-exempt organization may be eligible for. The credit was originally enacted with the CARES Act in March of 2020 and was extended and expanded with the Taxpayer Certainty and Disaster Tax Relief Act of 2020, which passed in December 2020. An additional […]
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Note: You will see in the article below allowable entities now include 501(c)(7) organizations. There remains many specific requirements for the PPP program and each organization will need to consider the totality of the program and their situation to see if they qualify. However, the deadline to apply for funding has not been moved and […]
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By: Justin Gubser, CPA, and Aimee Reavling, CPA The Employee Retention Credit (ERC) is one of the most significant taxpayer relief provisions of the Coronavirus Aid, Relief, and Economic Security (CARES) Act but has flown under the radar for most of the past 12 months due to its initial limitations related to the first round […]
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By: Stephen Mann, CPA, ABV, and Jarit Loughmiller, CPA/ABV/CFF, ASA, CVA, CFE On Monday, February 22, 2021, the Biden-Harris administration announced changes to the Paycheck Protection Program (PPP) to “provide equitable relief” and increase the availability of the PPP funds to the smallest employers and sole proprietors. Since the program reopened in January 2021, about […]
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By: Damien Strohmier, CPA, CCIFP Eligibility criteria for the second draw loans includes terminology that misled several companies to believe they were not eligible to apply. This article will review the eligibility requirements and specifically review the 25% reduction in gross receipts test that has been frequently misinterpreted. Employee Threshold For a borrower to be […]
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At the end of December 2020, the second round of the Paycheck Protection Program (PPP) funding passed under the Economic Aid Act which provides additional relief to not-for-profit organizations. In addition to the expansion of the program to include 501(c)(6) organizations, not-for-profit organizations that received the first PPP loan are now eligible to receive […]
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By Damien Strohmier, CPA, Senior Manager As many companies are receiving Paycheck Protection Program (PPP) debt forgiveness and loan payoffs, the question of how to record forgiveness has resurfaced. This article will revisit accounting for PPP loans as debt or government grants and provide guidance on recording forgiveness. Accounting for PPP Loans as Debt Debt […]
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At the close of 2020, new legislation provided some relief for not-for-profit organizations. Here are the highlights. Charitable Deduction: The $300 ($600 for married filing jointly) charitable deduction for non-itemizers provided under the CARES Act is extended through 2021. Further, the corporate charitable deduction limit will continue to be 25% of taxable income, instead of […]
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The Centers for Medicare & Medicaid Services (CMS) operates within a budget neutral approach. This occurs at the same time the healthcare community continues to try and find balance between reducing administrative burdens, accurately recognizing and recording services provided, and upholding the highest quality care possible. Over the last three years, there have been significant […]
Carmel, Ind. (November 23, 2022) – The accounting and consulting firms of Alerding CPA Group (Indianapolis, Ind.) and Blue & Co., LLC (Carmel, Ind.) have announced their merger. The combined firm will operate as Blue & Co., LLC (Blue & Co.), effective December 1, 2022. This acquisition will provide Blue & Co. with greater market […]
By: Holly Fields, CPA, Senior Manager Not-for-profit organizations (NFPs) that receive federal financial assistance over certain levels, either directly from a federal agency or indirectly through state or local agencies, may be required to have a single audit performed under Federal Uniform Guidance. Single Audit Requirements A single audit includes not only an audit of […]
