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IRS Guidance & Resources for Claiming the Employee Retention Credit
Update as of March 11, 2021: President Biden signed the American Rescue Plan Act of 2021 (ARP) on March 11, 2021. The ARP extends the
Biden Administration Changes the PPP
Since the Paycheck Protection Program (PPP) reopened in December 2020, nearly $135 billion of the $284 billion of allocated funding has been lent to small
Is Your Organization Subject to a Single Audit This Year?
Government funding has provided for-profit businesses and nonprofit organizations with a lifeline during the coronavirus pandemic. Those funds kept many doors open for business and
Are You Eligible for Maine’s Educational Opportunity Tax Credit?
Maine’s Educational Opportunity Tax Credit (EOTC) is an incentive program that may benefit Maine-resident taxpayers paying off student loans and working in the State of
Governor Mills Proposes Solution to Maine’s PPP Tax Conformity Issue
The Mills Administration proposed a compromise to lawmakers to solve the Maine’s issues with conformity to federal tax treatment of Paycheck Protection Program (PPP) funds.
Partnership Tax Capital Reporting Requirements & Penalty Relief for 2020
In a continued joint effort to streamline the Tax Capital Reporting Requirement for partnerships, The U.S. Treasury and IRS recently provided additional penalty relief for
Optimizing Bookkeeping Practices To Benefit Your Dealership
The final quarter of the year signals a few things for auto dealership owners, management, and their accounting departments. Unfortunately, for many reasons, the summer
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