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

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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

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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

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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.
… Read More

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

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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

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On September 13, 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.

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

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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

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

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On September 10, 2021

In Federal, Financial Resources

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

In Case You Missed It: Brinker Simpson Provider Relief Fund Webinar 8/25

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On August 25, 2021

In Financial Resources, Webinars

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.

In a webinar on Wednesday, August 25, 2021, Brinker Simpson’s Audit Manager James Trubenbach-Byrne, CPA, walked us through the nuances of the reporting portal, Single Audit implications, information toolkit, reporting workbook, and much more. Linda Scafiro, CPA, a partner at the Firm, joined James to answer questions and help address various concerns.

  • A recording of the presentation and Q&A can be viewed HERE.
… Read More

Upcoming Webinar: Navigating Provider Relief Fund Reporting

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On August 24, 2021

In Federal, Financial Resources, Webinars

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 toolkit, reporting 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

Brinker Simpson COVID Relief Brief – Tuesday, August 17, 2021

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On August 17, 2021

In Uncategorized

Employee Retention Credit

The Infrastructure Investment and Jobs Act, (H.R. 3684) passed the Senate by a vote of 69–30 and now goes to the House of Representatives for consideration. The infrastructure bill would end the employee retention credit (ERC) early, making wages paid after Sept. 30, 2021, ineligible for the credit (except for wages paid by an eligible recovery startup business). Additionally, the IRS issued Notice 2021-49 Wednesday providing additional guidance regarding claiming the Employee Retention Credit (ERC) for employers who pay qualified wages after June 30, 2021, and before January 1, 2022.  Some important updates from the Notice are below:

Recovery startup businesses 

  • Are businesses that began operations after February 15, 2020, whose average annual gross receipts for a three-taxable-year period ending with the taxable year which precedes such quarter does not exceed $1,000,000, and
  • Experiences a full or partial suspension of operations due to a governmental order or experiences significant gross receipts decline.
… Read More

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