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IRS Guidance & Resources for Claiming the Employee Retention Credit

The Employee Retention Credit (ERC) was established under the CARES Act legislation enacted in March of 2020. Since its inception, the ERC has continued to evolve. While there’s a significant amount of information out there for businesses to digest, it’s worth the effort because the savings can be significant.  For qualified wages paid in 2020,

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 business owners, leaving roughly $149 billion of the PPP funds allocated at that time in play through the program’s end on March 31, 2021. The stimulus proposal currently making its

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 allowed scores of workers to keep their jobs, but federal aid comes with distinct, intricate compliance and reporting requirements. If your business or nonprofit received funding provided by relief programs

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 Maine. The credit was created to promote economic opportunity for Mainers by ensuring access to the training and higher education that higher‐paying jobs require.  The incentive is separate from the

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. Because Maine’s estimated cost to fully conform to federal treatment of PPP loans is $100 million, the supplemental budget Mills submitted for fiscal year 2021 originally proposed the State of

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 the transition to reporting requirements effective for taxable years ending on or after December 31, 2020. The agencies are working to reduce filing complexities and increase transparency and compliance for

Governor Mills Submits Budget Proposal: What Changes for Maine Taxpayers?

On January 25th, Maine Governor Janet Mills submitted a budget proposal to the Legislature that included a supplemental budget for fiscal year 2021 and a biennial budget for fiscal years 2022-2023. The budget proposal aims to help Maine families and businesses weather the pandemic and help the state stay ahead of projected revenue shortfalls. Combined

SBA’s Shuttered Venue Operators Grant Program

  The Shuttered Venue Operators Grant (SVOG), a program established by the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act, makes $15 billion in grants available to eligible shuttered venues through the SBA.   Eligible entities in operation on January 1, 2019, may qualify for grants equal to the lesser of 45% of their

SBA’s Payments Toward Certain 7(a) Loans, 504 Loans & Microloans Are Nontaxable

Section 1112 of the CARES Act required the SBA to make payments for a period of 6 months to cover principal, interest, and any associated fees owed by small businesses on certain 7(a) loans, 504 loans, and Microloans.  The SBA recently issued guidance in response to a provision in the COVID-related Tax Relief Act of