The COVID-19 pandemic is still adversely affecting many businesses and not-for-profit organizations, but the effects vary, depending on the nature of operations and geographic location. Has your organization factored the effects of the pandemic into its 2021 financial statements? [...]
The Employee Retention Tax Credit (ERTC) is a valuable tax break that was extended and modified by the American Rescue Plan Act (ARPA), enacted in March of 2021. Here’s a rundown of the rules. Background Back in March of [...]
California workers seeking paid sick leave can check their eligibility themselves. The CA Dept. of Industrial Relations has created a tool that workers can use to determine if they qualify for 2021 COVID-19 supplemental paid sick leave under CA [...]
Liabilities for unused time off mount as pandemic lingers During the pandemic, many employees have postponed using their allotted paid time off until COVID-related restrictions are lifted and safety concerns subside. This situation has caused an increase in accruals [...]
President Biden details his tax proposals for individuals President Biden’s proposals for individual taxpayers were outlined in an April 28 address to Congress and in an 18-page fact sheet released by the White House. The “American Families Plan” contains [...]
Updated guidance for impairment testing: When to consider triggering events On March 30, the Financial Accounting Standards Board (FASB) published an updated accounting standard on events that trigger an impairment test under U.S. Generally Accepted Accounting Principles (GAAP). This [...]
Extended tax filing deadline provides relief to individual taxpayers and the IRS. The IRS has announced that the federal income tax filing deadline for individuals for the 2020 tax year is extended from April 15, 2021, until Monday, May [...]
Due to the ever-evolving financial state, the IRS and California FTB have decided to give taxpayers a month-long respite. This change only applies to individuals and does not impact other taxpayers like corporations and trusts due on April 15. [...]
President Biden signed the $1.9 trillion American Rescue Plan Act (ARPA) on March 11. While the new law is best known for the provisions providing relief to individuals, there are also several tax breaks and financial benefits for businesses. [...]
The latest on COVID-related deadline extensions for health care benefits The U.S. Department of Labor (DOL) recently issued EBSA Disaster Relief Notice 2021-01, which is of interest to employers. It clarifies the duration of certain COVID-19-related deadline extensions that apply [...]
