Brinker Simpson

Employee Retention Credit (ERC)

Our previous newsletter indicated the potential early termination of the Employee Retention Credit (ERC) due to a provision in the Infrastructure bill passed by the Senate in August. The House of Representatives passed the Infrastructure Investment and Jobs Act on November 5, 2021, accepting the amendments the Senate had made to the bill. The President is expected to sign the bill.

The legislation makes wages paid after Sept. 30, 2021, ineligible for the credit (except for wages paid by an eligible recovery startup business).

Recovery startup businesses would remain eligible through December 31, 2021.

If you have not determined if you are eligible for the ERC, you still have time. … Read More

Philadelphia Launches New City Tax Site

By Lauren Contino

On October 29, 2021

In Financial Resources, Pennsylvania, State/Local

In fall 2021, Philadelphia taxpayers will start using a new website, the Philadelphia Tax Center, to file and pay City taxes electronically. This change is part of a two-phase process to replace their tax system of record. The new system will allow the Department of Revenue to provide individuals with better customer service.

Starting in November, you can start using the new website. The site is the best way to pay, file, and amend business taxes for 2015 and later. Eventually, you will find all our taxes and online services on the site.

In phase one (Nov. 2021), you can:

File and pay Philadelphia’s central business taxes.

Pennsylvania Opens Up $655 Million In Grants for Child Care Providers

By Lauren Contino

On October 15, 2021

In Financial Resources, Pennsylvania, State/Local

The Pennsylvania Department of Human Services is distributing $655 million in American Rescue Plan Act Stabilization Grants to child care providers in the commonwealth.

Licensed child care providers can apply for grants to cover almost any expense needed to continue operations and fight the impacts of COVID-19. Directors, owners, administrators and/or designated fiscal staff members can access the application for their program under the Keystone STARS/Grants tab in their organization’s profile.

The funding is available for child care providers with a good standing license that has been open since March 11, 2021, or will reopen by the end of September.

The total grant amount is based on

Current enrollment
Infant/toddler care
Keystone STAR designation
Reduced Child Care Works (CCW) enrollments
The geographic location of a provider.

Brinker Simpson COVID Relief Brief – Wednesday, October 13, 2021

By Lauren Contino

On October 13, 2021

In Uncategorized

Employee Retention Credit (ERC)

Our previous newsletter indicated the potential early termination of the Employee Retention Credit (ERC) due to a provision in the Infrastructure bill passed by the Senate in August. If the bill passes the House with no amending provisions, wages paid after 9/30/21 would be ineligible for the credit. Recovery startup businesses would remain eligible through December 31, 2021.

Last month, a group of former lawmakers released an open letter expressing bipartisan opposition to proposals to retroactively end the Employee Retention Credit before the end of the fourth quarter of 2021. We are following the legislation closely and will provide updates on any changes to the status and content of the bill.… Read More

In Case You Missed It: Brinker Simpson Single Audit Update Webinar 10/5

By Lauren Contino

On October 6, 2021

In Federal, Financial Resources, Webinars

As a result of funding received through the various government programs, there will be at least 10,000 first-time single audits. With that said, each program funded through the CARES Act, Secure Act, CRRSA Act, and ARPA has unique guidance and compliance requirements.

In a webinar on Tuesday, October 5, 2021, Brinker Simpson’s Audit Manager James Trubenbach-Byrne, CPA, walked us through the major COVID-19 funded programs and guidance on the reporting and compliance requirements. James also offered an in-depth review of each compliance attribute. Linda Scafiro, CPA, a partner at the Firm, joined James to answer questions and help address various concerns.… Read More

IRS: New contracts awarded to private collection agencies; taxpayers may be contacted by one of three groups

By Lauren Contino

On September 23, 2021

In Federal, Financial Resources

The Internal Revenue Service has awarded new contracts to three private-sector collection agencies for the collection of overdue tax debts. The new contracts begin Thursday following September 22nd’s expiration of the old contracts.

Beginning Thursday, Sept. 23, 2021, taxpayers with unpaid tax bills may be contacted by one of the following three agencies:

CBE Group, Inc.
PO Box 2217
Waterloo, IA 50704
800-910-5837

Coast Professional, Inc.
PO Box 526
Albion, NY 14411
888-928-0510

ConServe
PO Box 307
Fairport, NY 14450
844-853-4875

Notification by IRS and the private collection agencies
The IRS will always notify a taxpayer before transferring their account to a private collection agency (PCA).… Read More

Brinker Simpson COVID Relief Brief – Wednesday, September 15, 2021

By Lauren Contino

On September 15, 2021

In Uncategorized

COVID-19 EIDL limit increase to $2 million

The U.S. Small Business Administration (SBA) announced several updates to the COVID-19 Economic Injury Disaster Loans (EIDL) program, including raising the loan cap from $500,000 to $2 million. All changes are effective immediately. In addition to the expanded cap, the most important changes are outlined below:

Implementation of a deferred payment period

Payments are deferred for the first two years (during which interest will accrue). Previously, the SBA had indicated an 18-month deferment period for loans made during 2021.

Establishment of a 30-day exclusivity window

SBA said it is implementing a 30-day exclusivity window of approving and disbursing funds for loans of $500,000 or less.

Tax Relief Now Available to Ida Victims in Pennsylvania; Oct. 15 Deadline, Other Dates Extended to Jan. 3

By Lauren Contino

On September 14, 2021

In Federal, Financial Resources, Ways to Help Others in Need

Victims of Hurricane Ida in parts of Pennsylvania now have until Jan. 3, 2022, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today. The IRS has also provided relief to Ida victims in Louisiana, Mississippi, New Jersey, and New York.

The IRS is offering relief to any area designated by the Federal Emergency Management Agency (FEMA) as qualifying for individual or public assistance. Currently, this includes Bucks, Chester, Delaware, Montgomery, Philadelphia, and York counties, but taxpayers in Ida-impacted localities in other parts of Pennsylvania, subsequently designated by FEMA, will automatically receive the same filing and payment relief.… Read More

UPCOMING WEBINAR – Single Audit Update 10/5

By Lauren Contino

On September 13, 2021

In Federal, Financial Resources, Webinars

Join us for a webinar at 11 a.m. on Tuesday, October 5, 2021. Brinker Simpson’s Audit Manager James Trubenbach-Byrne, CPA, will review the major COVID-19 funded programs and current guidance on the reporting and compliance requirements. For those subject to a compliance audit, we will review in depth each compliance attribute.

CLICK HERE TO REGISTER

The single audit and compliance requirements will apply to all types of organizations, including not-for-profit entities, for-profit entities, and governmental organizations.… Read More

Improvements Announced for COVID EIDL Program

By Lauren Contino

On September 13, 2021

In Federal, Financial Resources

The National Restaurant Association has taken an “all of the above” approach to federal recovery efforts. From the Paycheck Protection Program, the Employee Retention Tax Credit, to the Restaurant Revitalization Fund – they are focused on providing relief through every possible measure.

The National Restaurant Association has been actively engaged with the Small Business Administration (SBA) to improve the COVID Emergency Injury Disaster Loan (EIDL) program to make it more usable for restaurants. Last week, the SBA unveiled a new expansion of the program – increasing the loan limit and improving the range of uses, all while retaining the same very low federal interest rate.… Read More