2021 IRS Top 10 Crime List
The IRS compiled a list of its most famous and high-profile investigations of 2021. The most prominent case was a family sentenced to prison for fraudulently receiving millions of dollars in COVID money.
The IRS compiled a list of its most famous and high-profile investigations of 2021. The most prominent case was a family sentenced to prison for fraudulently receiving millions of dollars in COVID money.
Managing supply chains in uncertain times means understanding the risks and finding ways to mitigate them. How do you manage some of the most common supply chain risks?
COVID-19 and its variants continue to disrupt the way we live, work, and play. The population disagrees on whether to wear masks or be vaccinated. One of the most pressing issues is whether businesses can — or should — issue a vaccine mandate for their employees.
The American Rescue Plan Act established the Restaurant Revitalization Fund to provide funding to help pandemic-affected restaurants. Recipients are not required to repay the funding as long as funds are used for eligible uses no later than March 11, 2023.
How does the American Rescue Plan Act of 2021 impact Arizona businesses, schools, and families? Here is a summary of the main provisions of the 600-page bill.
Many Arizona businesses received SBA Paycheck Protection Program (PPP) loans. Our SBA Paycheck Protection Program (PPP) task force helps businesses and nonprofits navigate the forgiveness process. They are familiar with the PPP Loan Forgiveness Application, which is complex and complicated, and can answer your questions.
The Internal Revenue Service (IRS) urges employers to take advantage of the newly-extended Employee Retention Credit (ERC), designed to make it easier for businesses that, despite challenges posed by COVID-19, choose to keep their employees on the payroll. The ERC is one of the more popular relief items for businesses and recent legislation has made it even more attractive.
The adverse economic impact of COVID-19 has bolstered employers’ interest in supplemental unemployment benefits (SUB) plans. which is an employer-sponsored benefit that provides severance pay to employees who involuntarily lose their jobs such as through layoff, reduction in force, or plant closing.
Like earlier business crises, Covid-19 has forced many businesses to make hard choices regarding their future. Learn about restructuring debt and whether it is an option to consider.
As more banks start accepting forgiveness applications, PPP borrowers need to know what to do to obtain maximum forgiveness, including required documentation for forgiveness application forms.
Strategizing for an uncertain future is not easy and Arizona businesses are taking a closer look at their response to COVID-19. Learn more about strategic planning in today’s environment.
The applicability of workers’ compensation programs to COVID-19 is one of the great legal and financial issues. Does workers’ compensation cover COVID-19? There are no firm answers.
While many companies offered options to work from home before COVID-19, few had policies and procedures in place for managing employees. What are some best practices for managing employees working from home?
The IRS is experiencing delays in processing paper tax returns due to limited staffing. Taxpayers are strongly encouraged to file electronically through a CPA or accountant or tax software provider. Paper returns are processed in the order they are received.
The DOL released additional guidance for workers and employers on how protections and requirements will affect the workplace as companies reopen. Additional guidance will help everyone understand workplace rights and responsibilities.
In March 2020, due to COVID-19, the IRS automatically extended the filing deadline for tax returns from April 15 to July 15, 2020. The extension applied to all individual returns, trusts, and corporations. The Arizona tax filing deadline was also extended to July 15, 2020.
The SBA and Treasury agreed with U.S. Senate Small Business Committee bipartisan leadership to make public additional data regarding the Paycheck Protection Program (PPP).
According to retirement professionals and researchers, the pandemic will affect Social Security benefits for those born in 1960, due to the complicated formula the Social Security Administration uses to calculate benefits.
Join Stephen J. Rodis, CPA and Mark R. Dreher, CPA in an ASCPA live online webcast on June 20, 2020, about current PPP tax issues and status of forgiveness portion of the PPP loan program, including financial reporting options.
President Trump signed the Paycheck Protection Program Flexibility Act of 2020 modifying certain provisions related to PPP loan forgiveness. One important modification allows recipients of loan forgiveness to defer payroll taxes.
The SBA issued PPP loan guidance that businesses can exclude laid-off employees from loan forgiveness reduction calculations if employees reject a written offer to be rehired.
COVID-19 may have created tax complications for companies with employees working from home in another state. To prevent tax surprises for you and your employees, understanding how to classify wages will avoid penalties and amending tax filings.
The CDC has given guidance for reopening certain businesses under specific circumstances. Businesses should start developing their reopening plans with these guidelines.
Arizona Governor Ducey announced retail, including retailers in indoor shopping malls, pools, gyms, fitness providers, spas, massage therapists, and personal services may open on May 13, 2020, with physical distancing and enhanced sanitation.
The Trump Administration extended the deadline for companies to repay PPP loans from May 7, 2020 to May 14, 2020. The decision comes after many groups and organizations requested the administration provide additional time for companies to determine if they would return the funds.
The U.S. Chamber Institute for Legal Reform released a poll showing that Americans across the political spectrum believe that employers must have protections from COVID-related lawsuits. The poll shows more than 6-in-10 Americans say Congress should extend liability protections to employers.
Are companies required to offer COBRA to employees that lose coverage under a group health plan due to a furlough relating to COVID-19?
According to HHS, a portion of the $100 billion Provider Relief Fund will be used to reimburse healthcare providers, at Medicare rates, for COVID-related treatment of the uninsured. As a condition, providers are obligated to abstain from “balance billing” any patient for COVID-related treatment.
Many Arizona small businesses received Paycheck Protection Program (PPP) funding to maintain payroll levels from loss of revenue. The Small Business Administration (SBA) released an Interim Final Rule addressing eligibility issues and requirements for certain pledges. The CARES Act requires the SBA to issue additional guidance on rules for loan forgiveness by April 27, 2020.
Governor Ducey issued an Executive Order temporarily suspending commercial tenant evictions, including lock out, notice to vacate, or any other attempt to inhibit the operations of a business associated with inability to pay rent caused by COVID-19. The Executive Order expires on May 31, 2020.
According to Eric Stevenson, President, Nationwide Retirement Plans, advisors to retirement plans will play a critical role, stating “This is the time they have to be more visible than they have ever been,” said Stevenson. “They have to be in constant communication with plan sponsors, even if from a distance.”
On March 30, 2020, Arizona Governor Doug Ducey announced Arizona’s version of a stay-at-home executive order. Unique to Arizona, the Governor’s order includes a strong focus on mental health and encourages Arizonans to participate in outdoor activities in accordance with social distancing measures.
The SBA strongly encouraged its lending partners to offer deferment relief to existing borrowers that have been adversely affected by COVID-19-related economic disruptions.
Congress is proposing a stimulus bill, which is expected to become law in the next few days. Here are some of the major provisions and potential impacts.
Governor Ducey declared most Arizona counties, including Maricopa, a disaster area. This means business owners can apply for low-interest loans online through the U.S. Small Business Administration (SBA) Disaster Loan Application Portal.