ERTC (rough timeline of events)  Video Overview: https://youtu.be/5itRX5-mvLk ERTC program came out March 2020   ERTC program updated December 2020   IRS provides guidance in August 2021 – 16 months after the program started guidance was issued.   Most business returns which has these credits have already been filed.   As of 10-16-2021 the IRS is currently taking about 8 months to process these refunds.  This 8 month period was prior to them receiving an additional 284,000 plus requests since February of 2021……, ie in mid August they had a back log of about 1.9 mi ..read more

 New Funding for Health Care Providers Now open: Combined application for Provider Relief Fund (PRF) Phase 4 and American Rescue Plan (ARP) Rural funding. Application submission deadline: Oct. 26, 2021 11:59 pm ET Apply Here! PRF Phase 4 $17 Billion ARP Rural $8.5 Billion Base payments - changes in operating revenues and expenses from Jul. 1, 2020 through Mar. 31, 2021 with smaller providers reimbursed for a higher percentage of changes in their operating revenues and expenses. Bonus payments - based on amount and type of Medicare, Medicaid, and Children’s Health Insurance Program (CHIP ..read more

IRS Is Backlogged   As noted many times over the past 12-18 months, - the government has a back log   IRS – is understaffed – only about 5 of every 100 calls gets through   They have had to issue out stimulus checks, which means staff is moved away from tax returns   IRS has been manually processing personal returns, even if e-filed to check them – they are running about 2-6 months behind on this   IRS is getting pressure to do more audits and collect funds – they are underway   ------------------------------------------------------------------------------   ..read more

Reasonable Compensation to Officer of a Company (The rules apply even if losing money)   This is a new requirement (IRS sent out the notice on 12-29-2020 for all business tax returns, effective 2021 filings.   1.     IRS trained 2,500 employees out of Austin Texas in 2018 to perform Reasonable Audit Compensation Audits.  Of course, these exams were delayed from 2020, since nearly all exams were halted for about a year.   2.     If all small businesses paid in reasonable compensation – social security would be solvent, it was stated 20 years ago ..read more

Additional Vaccine Credit for Family Members ..read more

IRS DATA BREACH 2021 ..read more

SBA RAISES COVID19 EIDL LOAN LIMIT TO $500,000 ..read more

SBA status update 04-05-2021 PPP 2   SBA anticipates based upon the number and amounts of applications that they have received / amounts that the lenders have in the portals to come – they expect that funds will run out by the end of April If we have received your approval, we have been uploading the applications and submitting to the lender. The lender we are using have been working on Saturday’s to continue processing applications. The process is still slow – fraud is a major concern. IRS issued a letter out, along with a link for anyone who wants to report fraud. SBA also came out with ..read more

Business starting after February 15, 2020 could get up to $100,000 under the employee retention credit rules. General Rules: ·       Average annual gross receipts of $1 million or less ·       Do not have to show a reduction of revenue ·       Do not have to show or have been subject to a government shutdown order ·       Credit up to $50,000 qtr 3 2021 ·       Credit up to $50,000 qtr 4 2021 ·       The Credit is refundable check Rules not found: ·        ..read more

SBA RAISES COVID19 EIDL LOAN LIMIT TO $500,000 ..read more