Category: Federal Page 1 of 13

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

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

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.

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.


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

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

HHS Announces the Availability of $25.5 Billion in COVID-19 Provider Funding

The Biden-Harris Administration announced today that the U.S. Department of Health and Human Services (HHS), through the Health Resources and Services Administration (HRSA), is making $25.5 billion in new funding available for health care providers affected by the COVID-19 pandemic. This funding includes $8.5 billion in American Rescue Plan (ARP) resources for providers who serve rural Medicaid, Children’s Health Insurance Program (CHIP), or Medicare patients, and an additional $17 billion for Provider Relief Fund (PRF) Phase 4 for a broad range of providers who can document revenue loss and expenses associated with the pandemic.

Consistent with the requirements included in the Coronavirus Response and Relief Supplemental Appropriations Act of 2020, PRF Phase 4 payments will be based on providers’ lost revenues and expenditures between July 1, 2020, and March 31, 2021.… Read More

Upcoming Webinar: Navigating Provider Relief Fund Reporting

If your healthcare organization received funding from the Provider Relief Fund, there are new reporting requirements and deadlines set forth by the U.S. Department of Health and Human Services and the Office of Management and Budget that you must follow.

Join us for a webinar at 2 p.m. on Wednesday, August 25, 2021. Brinker Simpson’s Audit Manager James Trubenbach-Byrne, CPA, will walk us through the nuances of the reporting portal, Single Audit implications, information toolkitreporting workbook, and much more. Click here for Provider Relief Fund General Information and an FAQ from the U.S. Department of Health & Human Services.… Read More

SBA Announces Opening of Paycheck Protection Program Direct Forgiveness Portal

The U.S. Small Business Administration (SBA) is launching a streamlined application portal to allow borrowers with Paycheck Protection Program (PPP) loans of $150,000 or less through participating lenders to apply for forgiveness directly through the SBA.

“The SBA’s new streamlined application portal will simplify forgiveness for millions of our smallest businesses — including many sole proprietors — who used funds from our Paycheck Protection Program loans to survive the pandemic,” said Administrator Isabel Casillas Guzman. “The vast majority of businesses waiting for forgiveness have loans under $150,000. These entrepreneurs are busy running their businesses and are challenged by an overly complicated forgiveness process.… Read More

Next Steps Guide for the Restaurant Revitalization Fund Grant

On March 11, the American Rescue Plan Act of 2021 created the $28.6 billion Restaurant Revitalization Fund to provide grants for restaurants sustaining financial losses due to the COVID-19 pandemic.

On April 17, the U.S. Small Business Administration (SBA) issued the necessary federal rules, regulations, and a sample application to distribute the grant funds.

The SBA was able to process approximately 72,000 priority applications, totaling $18 billion. Following the priority period, the SBA distributed funding for an additional 28,000 restaurants from both priority and nonpriority groups, leaving approximately $1.1 billion in funds left, and will continue processing grants for nonpriority groups until the funding runs dry.… Read More

A Closer Look at the President’s Proposed Budget

On May 28, 2021, President Biden’s administration unveiled its proposed budget for fiscal year 2022. The administration’s budget recommendations are, of course, only recommendations. Congress can accept, reject or modify them as part of the legislative process, as well as add other proposals. It can also choose to offset all or only a part of any spending programs it approves. As a result, we want you to be aware of the following tax proposals from the President’s budget. More information will be released as we gain clarity on these items.

Increase the Top Individual Rate on Ordinary Income

Increase the top ordinary income tax rate from 37% to 39.6%, effective for tax years beginning after 2021.… Read More

SBA Administrator Issues Statement on the Closure of Paycheck Protection Program

Today, U.S. Small Business Administrator Isabella Casillas Guzman issued the following statement on the closure of the Paycheck Protection Program (PPP) to new loan guaranty applications, which has provided over $798 billion in economic relief to small businesses and nonprofits across the nation, keeping employees employed and helping businesses come back stronger than ever.

“The Paycheck Protection Program provided over 8.5 million small businesses and nonprofits the lifeline they needed to survive during a once-in-generation economic crisis. I’ve heard story after story from small business owners across the country about how PPP funds helped them keep the lights on, pay their employees — and gave them hope,” said SBA Administrator Isabella Casillas Guzman.… Read More

Payments for the New $3,000 Child Tax Credit Start July 15. Here’s What You Should Know.

The IRS is set to begin advanced payments of the enhanced child tax credit (CTC) on July 15, and 88% of families with children in the U.S. will get the benefit automatically, the agency recently announced.

The enhanced credit, a component of President Joe Biden’s American Rescue Plan (ARP), increases the existing tax benefit eligible families can receive from $2,000 up to $3,000 for kids between the ages of 6 and 17 and up to $3,600 for kids under 6.

The Biden administration says these credits and other parts of the ARP will help lift more than 5 million children out of poverty this year, reducing child poverty by half.… Read More

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