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OMB Extends Due Date for Certain Single Audits
The Office of Management and Budget (OMB) issued a memorandum on March 19th, which announced a six-month extension of the due date for certain single
Congress Passes the PPP Extension Act of 2021
Update as of March 30, 2021 On March 30, 2021, President Biden signed the PPP Extension Act of 2021. The Paycheck Protection Program (PPP) loan
American Rescue Plan Act of 2021 Expands Nonprofit PPP Eligibility
On March 11, 2021, President Biden signed the American Rescue Plan Act of 2021 (ARP) into law, providing several tax relief provisions for individuals, businesses,
State of Maine to Conform to Federal Treatment of PPP Loans & Other Tax Relief Provisions
On March 18, 2021, Maine Governor Janet Mills signed the fiscal year 2020-2021 supplemental budget into law. The supplemental budget includes legislation ruling that the
Treasury & IRS Extend Federal Individual Income Tax Due Date for 2020 Tax Year; State of Maine Follows Suit
The Treasury Department and IRS extended the federal income tax filing due date for individuals for the 2020 tax year to May 17, 2021. The State of Maine also extended the due date for 2020 Maine income tax returns to May 17, 2021.
American Rescue Plan Act of 2021: What Business Taxpayers Need to Know
On March 11, 2021, President Biden signed the American Rescue Plan Act of 2021 (ARP) into law. “This legislation is about giving the backbone of
Why Your Nonprofit Needs a Gift Acceptance Policy
It’s hard to imagine a world without nonprofit organizations to help those in need, which is why, when they’re able, so many individuals and businesses
Why Compensation Planning Matters for Professional Services Firms
All employers need a compensation plan that sets compensation policies, guidelines, and incentives that ensure equity, competitiveness, and legal compliance. But, in the professional services
Manufacturing M&A: 2021 May Be the Right Time for Manufacturing Company Owners to Sell
In 2020, manufacturing merger and acquisition activity fluctuated like a transverse wave, alternating from crest to trough with each passing quarter. Fear that COVID-19 would
Employee Retention Credit: How Recent & Pending Legislation Affects the ERC
The employee retention credit (ERC) is a tax credit available for eligible employers to claim against qualified wages paid after March 12, 2020, through December
Massachusetts Enacts Elective Excise Tax for Pass-Through Entities
Massachusetts passed budget legislation that allows eligible pass-through entities, including S corporations, partnerships, and limited liability companies (LLCs), to pay an elective excise tax on