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Navigating multistate unemployment tax reporting and remittance
Businesses with multistate employees should understand the reporting and remittance nuances of a complex unemployment taxing regime.
Audited financial statements and climate-related risk considerations
The CAQ has issued a publication that describes how accounting and auditing standards apply to climate-related risks.
Security Summit warns of identity theft and unemployment fraud
The Internal Revenue Service Security Summit discusses the common warning signs of identity theft and unemployment benefits theft.
Updates to SBA’s PPP loan FAQ for borrowers and lenders
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
Rev. Proc. 2021-33 allows exclusion of PPP, restaurant revitalization and shuttered venue operator grants from ERTC gross receipts test.
IRS enhances employee retention credit guidance for open questions
Notice 2021-49 provides answers on previously uncertain issues and addresses changes implemented in the American Rescue Plan Act.
Ohio enacts budget with many individual and business tax changes
Individual income tax rate reductions and bracket changes will benefit taxpayers as well as favorable withholding changes.
Tax-free student loan payments
COVID-19 legislation permits taxpayers to provide tax-free payments for certain student loan payments through 2025.
President Biden unveils his American Families Plan
Biden’s plan to grow the middle class, expand economic growth to all Americans and leave the US more competitive funded with tax changes.
Detecting and preventing fraud for PPP loans
With the extension of the PPP application, lenders should continue to be vigilant about the increased risk of fraud.
Tax aspects of President Biden’s American Job’s Plan
Washington National Tax summarizes key tax aspects of President Biden’s American Jobs Plan and the Made in America Tax Plan.
The IRS provides further guidance on the Employee Retention Tax Credit
The Relief Act made changes on how the Employee Retention Tax Credit works during the first two quarters of 2021.
Senate passes extension of Paycheck Protection Program to May 31
PPP extension clears Senate. Program to be extended to May 31, with 30 days provided after May 31 for SBA to process pending applications.
Accounting considerations for PPP loans and Employee Retention Credit
Our white papers have been updated with more information regarding the accounting for PPP loans and the Employee Retention Credit.
9 important tax topics for individuals and business owners in 2021
Managing significant tax changes will ensure individuals and businesses are positioned for success for the remainder of 2021 and beyond.