COVID-19 news and information for CPAs

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December 6, 2021

Early sunset of the employee retention credit gets penalty relief

The IRS describes how employers may avoid failure-to-pay and failure-to-deposit penalties for ERC claimed or anticipated in the fourth quarter but eliminated by the Infrastructure Act.

December 1, 2021

Qualified sick and family leave wage reporting

The IRS provides guidelines to employers for showing these wages on Form W-2.

December 1, 2021

Persevering through supply chain disturbances

Lumber prices skyrocketed as a result of the pandemic. One homebuilder’s CFO explains how the company navigated those tough and unpredictable waters.

November 19, 2021

SBA clarifies COVID-19 EIDL application deadlines

The US SBA provided updated guidance Friday on various COVID-19 Economic Injury Disaster Loan program application deadlines.

November 18, 2021

Further guidance issued on tax treatment of PPP loan forgiveness

Forgiveness amounts are excluded from gross income but included in gross receipts for purposes including determining “small business taxpayer” status under Sec. 448(c).

November 12, 2021

Rethinking real estate: The benefits of workforce segmentation

Balancing business goals with employee experience can provide the best path forward as hybrid working becomes commonplace.

November 10, 2021

Companies embrace unusual new strategies to survive a labor crunch

With millions of jobs vacant, company leaders are being tested. Here are some ways smaller businesses are coping with multiple openings and trying to recruit new talent.

November 9, 2021

Tax treatment of COVID-19 homeowner relief payments clarified

A revenue procedure clarifies Homeowner Assistance Fund payments are excluded from gross income and gives a safe harbor for computing certain itemized deductions.

November 1, 2021

What organizations need to know about unemployment fraud

Employers should be alert for fake claims amid a boom in fraudulent schemes.

November 1, 2021

Safe harbor for ERC gross-receipts test

The IRS issued a safe harbor that allows an employer to exclude certain amounts received from other coronavirus economic relief programs in determining whether it qualifies for the employee retention credit based on a decline in gross receipts