Category: Federal Page 1 of 14

Relief for Employee Retention Tax Credit Penalties

The Employee Retention Tax Credit (ERTC) helped employers bolster cash flow and avoided layoffs during the most uncertain periods of COVID. The confluence of state-issued forced business closures and stay-at-home orders created adverse conditions for many companies. The program provided a desperately needed capital infusion to struggling businesses. By the time it ended for most taxpayers on September 30, 2021, it was one of the most valuable tax credits at employers’ disposal, allowing businesses to recoup thousands of dollars per year, per employee.

As the rules changed for who could take the credit, and for what amounts, millions of companies applied for the ERTC retroactively.Read More

SBA Announces Additional COVID Economic Injury Disaster Loan Program Deferment

On March 15, Administrator Isabella Casillas Guzman, head of the U.S. Small Business Administration (SBA), directed the Agency to provide additional deferment of principal and interest payments for existing COVID Economic Injury Disaster Loan (EIDL) program Borrowers for a total of 30 months deferment from inception on all approved COVID EIDL loans. The extended deferment period will provide additional flexibility to small business owners impacted by the pandemic, especially those in hard-hit sectors managing disruption with recent variants, as well as recent supply chain and inflation challenges amid a growing economic recovery.

Since its inception, the COVID EIDL program, a federal disaster relief loan, has allocated more than $351 billion in relief aid to 3.9 million borrowers, including to the smallest of small businesses from historically underserved, disadvantaged communities.… Read More

SBA Details Process to Appeal Partial PPP Loan Forgiveness Decisions

Paycheck Protection Program (PPP) borrowers that received only partial loan forgiveness from their lenders have a new process for appealing the lender’s decision to the U.S. Small Business Administration (SBA).

In a procedural notice published Jan. 27, the SBA said the new appeals process was created after the agency received inquiries by borrowers that received partial forgiveness of their PPP loans because (1) their lender issued a partial approval decision to the SBA on the borrower’s loan forgiveness application, or (2) their lender required the borrower to apply for forgiveness in an amount less than the full amount of the PPP loan.… Read More

SBA Announces Updated Guidance Regarding Deadline for Targeted EIDL Advance Program Reevaluations

On Monday, the U.S. Small Business Administration (SBA) announced updated guidance for those small businesses that have already applied for the Targeted EIDL Advance program, received a decline, and are interested in applying for reevaluation. Specifically, the following updated guidance is being provided:

Current Targeted EIDL Advance applicants:

  • Those interested in being considered for reevaluation can submit their reevaluation requests until February 15. The SBA is no longer accepting new Targeted EIDL Advance applications as of December 31, 2021.
  • This opportunity is for small businesses that were declined for the Targeted Advance program and can provide additional information to demonstrate their eligibility.
Read More

Restaurant Revitalization Fund Recipients: Important Reporting Deadline Approaching

The Restaurant Revitalization Fund (RRF) was a lifeline for food and beverage providers, helping them rebuild from the effects of pandemic-related revenue loss. The RRF, established under the American Rescue Plan Act (ARPA), became public law on March 11, 2021. ARPA appropriated $28.6 billion for RRF, authorizing the U.S. Small Business Administration (SBA) to award funds.

Eligible entities were businesses that were not permanently closed, where the public or patrons assembled for the primary purpose of being served food or drink.

Generally, awards were equal to the decline in gross receipts in 2020 compared to 2019. They were limited to $5 million per location, not to exceed $10 million total for the applicant and any affiliated businesses.… Read More

In Case You Missed It: Brinker Simpson Single Audit Update Webinar 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.

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

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

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.

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

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

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