Out with the old……. in with the new!
2020 left us with many memorable moments, many we would all like to forget. However, it’s a fresh start and many opportunities will appear.
We all know, as opportunities arise so do challenges. At HW&Co., our experts are always available to assist you every step of the way guiding you through your next opportunity!
We will be on the forefront of changes during what always seems to be like an ever-changing regulatory environment. Our eblasts, webinars and COVID-19 Resource Center will assist you as you work through these changes and challenges.
Please reach out to your engagement principal, or any HW&Co. advisor, as needs arise. Wishing you all the best and many success stories in 2021!
Brandon Miller, CPA, CGMA
President and CEO, HW&Co.
The U.S. Small Business Administration (SBA) published new guidance on July 28, 2021, designed to simplify and speed up the forgiveness process for businesses and not-for-profits with Paycheck Protection Program (PPP) loans of $150,000 or less. In a new interim final rule (IFR), the SBA introduced a COVID Revenue Reduction Score that can be used […]
Read the full articleThe Small Business Administration (SBA) has officially launched a streamlined Paycheck Protection Program (PPP) loan forgiveness portal. The portal will allow small-business owners with loans of $150,000 or less to apply for forgiveness directly with the SBA. The SBA’s portal was announced earlier in July, as well as its efforts to allow small-business owners to […]
Read the full articlePRF Background Our last 2 updates Provider Relief Fund (PRF) Reporting Portal is Now Open and Revised PRF Reporting Requirements including Extended Time to Expend Some Funds provide some important background. In this article, we have an update to Single Audit Requirements based on recent HHS updates to the Provider Relief Funds Frequently Asked Questions (FAQs) […]
Read the full articleThe U.S. Small Business Administration (SBA) has informed lenders that it is eliminating the loan necessity review for Paycheck Protection Program (PPP) loans of $2 million or greater. In a notice sent July 9, the SBA said it would no longer request either version of the Loan Necessity Questionnaire: SBA Form 3509 for for-profit borrowers […]
Read the full articleThe 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 In March of 2020, Congress originally enacted the ERTC in the CARES Act to encourage employers to hire and retain […]
Read the full articleUPDATE: The SBA has officially dropped the PPP Loan Necessity Questionnaire from the forgiveness process. Read the updated article. There are recent reports that the Small Business Administration intends to withdraw the use of a controversial Paycheck Protection Program loan questionnaire ( SBA Form 3509, Paycheck Protection Program Loan Necessity Questionnaire (For-Profit Borrowers), and SBA Form 3510, Paycheck Protection […]
Read the full articleBreaking News: HHS has just provided more guidance on Provider Relief Fund (PRF) reporting and revised the Reporting Requirements. This new version supersedes all previous versions of the Post-Payment Notice of Reporting Requirements documents. Key updates include: The period of availability of funds is based on the date the payment is received (rather than requiring […]
Read the full articleAs the June 30, 2021 deadline to expend Provider Relief Fund (PRF) draws near, there is still conflicting guidance and no reporting mechanism deadline. In addition, there are still billions of dollars in the PRF yet to be distributed. Hopefully, good news is on the horizon. On May 11, 2021, 79 Members of Congress wrote […]
Read the full articleThe American Rescue Plan Act of 2021 (ARPA) allows businesses (including tax-exempt organizations), with fewer than 500 employees, to claim refundable tax credits for the cost of providing paid sick and family leave to their employees due to COVID-19, including leave taken by employees to receive or recover from COVID-19 vaccinations. The tax credits are […]
Read the full articleThe Restaurant Revitalization Fund (RRF) relief program application portal will be tested in a week-long trial ahead of the application launch. Following the pilot, the application portal will be opened to the public. However, the official launch date won’t be announced until a later date by the Small Business Association (SBA). All eligible applicants will […]
Read the full articleA little-reported provision of the American Rescue Plan Act of 2021 (ARPA) – Unemployment Benefits Received in 2020 May Be Partially Excluded from Income for Some Taxpayers Many Americans found themselves collecting unemployment as the pandemic took hold in early 2020. Those taxpayers are now in the process of filing their income tax returns for […]
Read the full articleThe Paycheck Protection Program (PPP) application deadline formally changed from March 31 to May 31, 2021, when the PPP Extension Act of 2021 was signed into law this week. The PPP Extension Act does not provide any additional funding for the current round of the PPP, which Congress provided with more than $290 billion to […]
Read the full articleThe IRS announced the next batch of Economic Impact Payments will be issued this week. Many of these are coming by paper check or a prepaid debit card. How will I get the Economic Impact Payment? For taxpayers receiving direct deposit, payments began processing on Friday, March 19th, and will have an official pay date […]
Read the full articleNo one needs to tell nonprofit organizations how tough the past year has been. According to the John Hopkins Center for Civil Society Studies, 7.7% of not-for-profit workers — nearly one million people — lost their jobs between February 2020 and January 2021. An even higher percentage of arts and education organizations lost jobs last […]
Read the full articleThe American Rescue Plan Act, 2021 (ARPA) was signed by President Biden on March 11, 2021 to help businesses, nonprofits and individuals affected by COVID-19. The legislation extends and expands provisions found in the Families First Coronavirus Relief Act (FFCRA), Coronavirus Aid, Relief and Economic Security (CARES) Act, and the Consolidated Appropriations Act, 2021 (CAA, […]
Read the full articleOn March 2, 2021, the U.S. Department of the Treasury (Treasury) and IRS released Notice 2021-20 (Notice), which provides guidance on the Employee Retention Credit (ERC) under the Coronavirus Aid, Relief, and Economic Security Act (CARES). The ERC is a refundable payroll tax credit for employers who experienced either the full or partial suspension of […]
Read the full articleIn February, several changes were made to the Paycheck Protection Program (PPP). On March 3, 2021, the Small Business Administration (SBA) released an interim final rule (IFR) providing guidance on those changes. They also issued new/updated application forms and updated the frequently asked questions (FAQs) on their site. This new guidance addresses borrowers who file […]
Read the full articleDid your facility apply for and receive Medicare Advanced Payments in March or April, 2020? If you answered “YES”, your Medicare Remittance advices will begin to show the recoupments one year from the date the advance payment was made. Example: […]
Read the full articleThe Small Business Administration (SBA) has established an exclusive PPP loan application period for businesses and nonprofits with fewer than 20 employees. This will give lenders and community partners more time to work with the smallest businesses and nonprofits to submit their applications. The SBA also announced four additional changes to open the PPP to more underserved […]
Read the full articleUnder current generally accepted accounting principles (GAAP), goodwill must be tested for impairment when a triggering event occurs. Companies and organizations are required to monitor and evaluate goodwill impairment triggering events, as they occur throughout the year. This presents challenges for entities with goodwill on their balance sheets, if they were shut down or incurred […]
Read the full articleNew PPP Loan Forgiveness Application The US Small Business Administration (SBA) and Treasury updated their loan forgiveness forms on January 19, 2021. Among these is the PPP Loan Forgiveness Application Form 3508S, for those whose PPP loan was $150,000 or less. Form 3508S requires info on the borrower’s loan amount, disbursement date, employee totals, covered […]
Read the full articleToday the U.S. Department of Health and Human Services (HHS), through the Health Resources and Services Administration (HRSA) issued a news release announcing a delay to the February 15, 2021 reporting deadline for the Provider Relief Fund Program (PRF) due to the recent passage of the Coronavirus Response and Relief Supplemental Appropriations Act. Beginning today, […]
Read the full articleThe Office of Management and Budget (OMB) released an addendum to the 2020 Compliance Supplement on December 22, 2020. This addendum provides important updates to COVID-19 related federal funding and the impact to Single Audits. This addendum is effective for fiscal years beginning after June 30, 2019 (i.e. June 30, 2020 fiscal years and later). […]
Read the full articleCOVID-19 has shut down many businesses, causing widespread furloughs and layoffs. Fortunately, employers that keep workers on their payrolls are eligible for a refundable Employee Retention Tax Credit, which was extended and enhanced in the latest law. Background on Employee Retention Tax Credit The CARES Act, enacted in March of 2020, created the Employee Retention […]
Read the full articleThe COVID-19 relief bill, known as the Consolidated Appropriations Act of 2021 (CAA), signed into law on December 27, 2020, contains numerous favorable tax breaks for businesses. Here are some highlights of the new law, which also includes several other provisions. Business meal deduction increased The CAA includes a provision that removes the 50% limit […]
Read the full articleThe new $900 billion stimulus bill, the Consolidated Appropriations Act, provides a variety of financial stimulus measures, including $284 billion for a second round of Paycheck Protection Program loans (PPP2) to an expanded group of businesses facing difficulties during COVID-19. Here are details about who qualifies for PPP2 and the application process as […]
Read the full articleSome good news as we approach the end of 2020. President Trump signed the $900 billion pandemic relief bill into law on December 27, 2020. Following is a summary of the healthcare provisions affecting our clients. Deadline to expend Ohio CRF Extended The stimulus bill gives providers an additional year to expend Ohio Coronavirus Funds […]
Read the full articleThe U.S. Senate and House of Representatives passed a $900 billion COVID-19 relief bill 12/21, that provides $600 stimulus payments to individuals, adds $300 to extended weekly unemployment benefits, and provides more than $300 billion in aid for small businesses. The bill now goes to President Trump, who is expected to sign it into law. The […]
Read the full articleCongress is set to vote on a $900 billion pandemic relief package, finally delivering long-sought cash to businesses and individuals. The package includes a new round of Paycheck Protection Program loans, tax relief and other measures for small businesses. Among other things, the spending bill will include stimulus checks of $600 per individual, an extended […]
Read the full articleHealth Resources and Services Administration (HRSA) has completed review of Phase 3 applications from the Provider Relief Fund (PRF) program and has begun to distribute $24.5 billion to over 70,000 providers, which is up from the $20 billion originally planned. The addition of another $4.5 billion in funding is being used so that each applicant receives […]
Read the full articleOn December 1, 2020, The U.S. Small Business Administration (SBA) released detailed information about borrowers who had received Paycheck Protection Program (PPP) loans. U.S. District Judge James Boasberg ordered the SBA to release the “names, addresses, and precise loan amounts of all individuals and entities that obtained COVID-related loans pursuant to the PPP and Economic […]
Read the full articleThe simple answer is, we’re not sure yet. This week, the IRS issued Revenue Ruling 2020-27 which provides additional guidance on the non-deductibility of expenses paid with PPP loan proceeds for tax purposes. The IRS has clarified the amounts paid in 2020 will be nondeductible in 2020, even if the taxpayer has not yet filed […]
Read the full articleThe IRS recently posted guidance on how to report the deferral of withholding, depositing, and paying of certain payroll tax obligations, as authorized by the Aug. 8, 2020, presidential memorandum directing Treasury to defer taxes under Sec. 7508A. The IRS has also updated Form 941, Employer’s Quarterly Federal Tax Return, to allow for reporting the […]
Read the full articleThe Small Business Administration (SBA) has begun issuing loan necessity questionnaires to Paycheck Protection Program (PPP) borrowers with loans over $2 million. SBA will use the questionnaire as they review PPP borrower’s good-faith certifications. There are two versions of the questionnaire, one for-profit borrowers, and one for non-profit borrowers. After a borrower’s lender has submitted […]
Read the full articleOn October 22, 2020, the Department of Health and Human Services (HHS) issued a policy memo revising its guidance for reporting on Provider Relief Funds received by healthcare providers over the previous six months. In response to concerns voiced by various provider associations and members of Congress, HHS updated its guidance on lost revenues attributable […]
Read the full articleThe Treasury and U.S. Small Business Administration (SBA) released a new, simplified application this week, for Paycheck Protection Program (PPP) borrowers who took loans of $50,000 or less. A new interim final rule (IFR) provides guidance concerning forgiveness and loan review processes for PPP loans of $50,000 or less. Under the IFR, PPP borrowers of […]
Read the full articleOn October 1, 2020, the U.S. Department of Health and Human Services (HHS), through the Health Resources and Services Administration (HRSA), announced $20 billion in new funding for providers on the frontlines of the coronavirus pandemic. This HW&Co. article has the basic details of the Phase 3 General Distribution. Providers will have from October 5, […]
Read the full articleDuring any economic downturn, companies may be looking to merge or sell their businesses. There have been questions about how a merger or sale would affect outstanding Paycheck Protection Program (PPP) loans. The SBA released new guidance outlining the necessary procedures when there is change in ownership of an entity that has received PPP funds. […]
Read the full articleOn October 1, 2020, the U.S. Department of Health and Human Services (HHS), through the Health Resources and Services Administration (HRSA), announced $20 billion in new funding for providers on the frontlines of the coronavirus pandemic. Under this Phase 3 General Distribution allocation, providers that have already received Provider Relief Fund payments will be invited […]
Read the full articleOn September 18, the Department of Health and Human Services (HHS) released a six-page document detailing some of the reporting requirements for the Provider Relief Funding paid out over the last six months. As we have previously communicated, all providers will be required to report 2020 COVID-19 related expenses and lost revenues by February 15, […]
Read the full articleThe Department of Health and Human Services’ (HHS) Health Resources and Services Administration (HRSA) previously announced the distribution of $5 billion in Provider Relief Fund (PRF) payments to eligible skilled nursing facilities to protect residents from the impact of COVID-19. On August 27,2020, HHS distributed the initial $2.5 billion of this funding to support facilities’ […]
Read the full articleThe IRS has provided guidance to employers regarding the recent presidential action to allow employers to defer the withholding, deposit and payment of certain payroll tax obligations, social security taxes. The three-page guidance in Notice 2020-65 was issued to implement President Trump’s executive memorandum signed on August 8. Private employers still have questions and concerns […]
Read the full articleOhio providers are beginning to see payments from the Ohio Coronavirus Relief Fund (CRF). Please contact us if you would like to know how much to expect from the CRF. Some payments have been made via paper checks despite having Electronic Funds Transfer (EFT) setup. According to the Office of Budget and Management (OBM), there […]
Read the full articleThe Department of Health and Human Services’ (HHS) Health Resources and Services Administration (HRSA) previously announced the distribution of $5 billion in PRF payments to eligible skilled nursing facilities to protect residents from the impact of COVID-19. On August 27,2020, HHS distributed the initial $2.5 billion of this funding to support facilities’ COVID-19 infection control […]
Read the full articleThe Government Audit Quality Center (GAQC) created a summary of Uniform Guidance (UG) applicability for new COVID-19 related Federal Programs. This matrix provides information on the federal programs and what do and do not qualify for Uniform Guidance and therefore single audit requirements. Click Here to View the Full Summary
Read the full articleThe American Institute of CPAs (AICPA) has released a new set of Technical Questions and Answers (TQAs) which includes 10 pages of nonauthoritative health care accounting guidance. These TQAs were developed by the AICPA Health Care Expert Panel and address questions regarding CARES Act provisions and other COVID-related funding specific to nongovernmental health care entities, […]
Read the full articleThe Department of Treasury and Internal Revenue Service have issued guidance implementing the Presidential Memorandum issued on Aug. 8, 2020. This allows employers to defer withholding and payment of the employee’s portion of the Social Security tax if the employee’s wages are below a certain amount. In short, employers can defer withholding Social Security tax […]
Read the full articleAs a follow up to an article we posted earlier in the spring, the CARES Act made changes to excess business losses. This includes some changes that are retroactive and there may be opportunities for some businesses to file amended tax returns. If you hold an interest in a business, or may do so in […]
Read the full articleThe IRS announced it will reopen the registration period for federal beneficiaries who didn’t receive $500 per child Economic Impact Payments earlier this year. The IRS urges certain federal benefit recipients to use the Non-Filers tool Aug. 15 through Sept. 30 to enter information on qualifying children to receive the supplemental $500 payments. Those eligible […]
Read the full articleOn August 8, President Trump signed four executive actions, including a Presidential Memorandum to defer the employee’s portion of Social Security taxes for some people. These actions were taken in an effort to offer more relief due to the COVID-19 pandemic. The action only defers the taxes, which means they’ll have to be paid in the future. […]
Read the full articleThe U.S. Small Business Administration (SBA) and the US Treasury answered additional questions this week, related to forgiveness of Paycheck Protection Program (PPP) loans and Economic Injury Disaster Loans (EIDL). An interim final rule was also issued, that deals with the process if borrowers want to appeal certain SBA loan decisions. The new FAQs: Permit […]
Read the full articleIf your business was fortunate enough to get a Paycheck Protection Program (PPP) loan taken out in connection with the COVID-19 crisis, you should be aware of the potential tax implications. PPP basics The Coronavirus Aid, Relief and Economic Security (CARES) Act, which was enacted on March 27, 2020, is designed to provide financial assistance […]
Read the full articleOn July 31, 2020, the Department of Health and Human Services (HHS) announced an extension of the application deadline for Phase 2 general distribution to Medicaid, Children’s Health Insurance Program (CHIP), and dental providers. This extension is included as a part of an ongoing effort to provide financial relief to healthcare providers impacted by COVID-19. HHS […]
Read the full articleWith the July 15 tax deadline now past, the Internal Revenue Service reminds all taxpayers that there is no secret way to find out when your tax refund will be issued. Key facts to help understand the refund process better: Taxpayers who file electronically and use direct deposit can expect their refund faster than those […]
Read the full articleWhen Congress authorized an additional $600 in monthly unemployment benefits as part of the CARES Act, out-of-work Americans weren’t the only ones it helped. Criminals have descended like locusts on state unemployment insurance agencies, using stolen identities to fraudulently claim both standard benefits and the additional funds administered by the Pandemic Unemployment Assistance (PUA) program. […]
Read the full articleTake Your Time Although Paycheck Protection Program (PPP) Loan forgiveness is a hot topic on the minds of borrowers and the CPAs who advise them, experts are saying borrowers should not rush to apply for forgiveness. Many are still waiting for the U.S. Small Business Administration (SBA) and Treasury to provide many FAQs about the […]
Read the full articleThis week’s Provider Relief Fund updates include: Provider Relief Fund First Reporting Deadline February 15, 2021 New $5 billion for Nursing Facilities that Participate in COVID-19 Training Provider Relief Fund Payments Subject to Single Audit Requirements Medicaid Targeted Distribution Updates Deadline Extended Provider Relief Fund First Reporting Deadline February 15, 2021 The Department of Health […]
Read the full articleOn July 17, 2020, the Federal Reserve (Fed) finalized details for two new Main Street loan programs created for not-for-profits (NFP): Nonprofit Organization New Loan Facility and Nonprofit Organization Expanded Loan Facility. Lenders will assess NFPs for a Main Street loan based on meeting the program terms and the lenders’ own underwriting standards. […]
Read the full articleThe Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was passed and signed into law on March 27th, 2020 in response to the impact of the COVID-19 pandemic. The CARES Act provided substantial funding in the form of Paycheck Protection Program (PPP) loans, Provider Relief Fund grants, and Coronavirus Relief Fund grants to for-profit […]
Read the full articleOn July 4th, President Donald Trump signed a bill which re-opened the application window for the Paycheck Protection Program (PPP) until August 8. The five-week extension had been passed by The U.S. House of Representatives and the Senate with unanimous consent. The extension keeps a source of funding open to struggling small businesses, while Congress […]
Read the full articleThe U.S. Senate unanimously passed a five-week extension of the Paycheck Protection Program (PPP) on June 30, 2020, only a few hours before the application window on the program was scheduled to close. The House of Representatives still has to pass the measure and President Donald Trump would have to sign it before the […]
Read the full articleThe AICPA recently updated a technical accounting guide that provides accounting options to borrowers of the Paycheck Protection Program (PPP) Loan. The guide is in the form of a Technical Question and Answers (TQAs) (TQA 3200.18). A TQA is nonauthoritative but they can be helpful in answering questions that arise in certain areas of accounting. […]
Read the full articleThe extended federal income tax deadline is coming up fast. As you know, the IRS postponed until July 15 the payment and filing deadlines that otherwise would have fallen on or after April 1, 2020, and before July 15. Retroactive COVID-19 business relief The Coronavirus Aid, Relief and Economic Security (CARES) Act, which passed earlier […]
Read the full articleThe U.S. Small Business Administration (SBA) released a new Interim Final Rule (IFR) which revises two previously-released IFRs. These IFRs deal with Paycheck Protection Program loan forgiveness and SBA loan procedures. The changes are due to the recent amendments to the PPP Flexibility Act (PPPFA). The new IFR is inline with previous rules reflecting PPPFA […]
Read the full articleAt the time of initial publication, the enhanced provider relief portal was only for the Medicaid, CHIP and Dental providers but it has since been expanded to include the “second chance” providers and private pay assisted living facilities . Since the article, the application has been simplified slightly but the process remains the same. Our June 11, […]
Read the full articleIn this CMS memo dated June 25, 2020, CMS addressed changes to staffing information and quality measures posted on the Nursing Home Compare Website and Five Star Quality Rating System due to the COVID-19 Public Health Emergency. Payroll Based Journal (PBJ) Waiver Ended; 2nd quarter due August 14, 2020 CMS ended the PBJ emergency blanket […]
Read the full articleAs part of the CARES Act, Congress waived the Required Minimum Distribution (RDM) requirements for 2020. Under existing law, taxpayers have 60 days from the date of distribution to roll back the RMD into the plan. The timing of the law change meant that taxpayers who took distributions in January had already exceeded the 60 […]
Read the full articleThe U.S. Small Business Administration (SBA) has released a revised Paycheck Protection Program (PPP) loan forgiveness application. In addition, there’s now a new EZ application for forgiveness of PPP loans as well. This revised application reflects changes as a result of the PPP Flexibility Act (PPPFA), which was signed into law June 5, 2020. The […]
Read the full articleMedicaid only providers, including Intermediate Care Facilities for the Intellectually Disabled (ICF-IID), Assisted Living, and Waiver, finally received some long awaited good news. On June 9, 2020, the Department of Health and Human Services (HHS) announced additional distributions from the Provider Relief Fund to eligible Medicaid only providers that participate in state Medicaid and Children’s Health […]
Read the full articleThe Main Street Lending Program (Program) was established by the Federal Reserve to support lending to small and medium-sized businesses impacted by the COVID-19 pandemic. The Program operates through three facilities: the Main Street New Loan Facility (MSNLF), the Main Street Priority Loan Facility (MSPLF), and the Main Street Expanded Loan Facility […]
Read the full articlePresident Trump has signed the Paycheck Protection Program (PPP) legislation known as the PPP Flexibility Act (PPPFA). The bipartisan bill makes several changes to the PPP loan program: Extension of the “covered period” from 8 weeks to 24 weeks or December 31, 2020 — whichever comes first. This allows companies more time to spend funds […]
Read the full articleEvery two years, the Association of Certified Fraud Examiners (ACFE) publishes what has become the definitive guide for preventing and detecting workplace fraud. The recently released Report to the Nations: 2020 Global Study on Occupational Fraud and Abuse draws conclusions from more than 2,500 fraud incidents — including 191 in not-for-profit organizations. In fact, this […]
Read the full articleThe Department of Health and Human Services (HHS) continues to make payments to healthcare providers from its Provider Relief Fund. At the same time, HHS continues to issue new guidance and refine existing guidance on an almost daily basis. In order to keep you informed, we are pleased to provide you with the following updates. […]
Read the full articleOn Friday, May 22, 2020, the SBA issued a long-overdue interim final rule providing guidance on how forgiveness will work for PPP loans. Below is a summary of how the new rule addresses or, in some cases, do not address, the top concerns of borrowers about how the forgiveness process will work. These concerns cover […]
Read the full articleThe IRS has issued guidance clarifying that certain deductions aren’t allowed if a business has received a Paycheck Protection Program (PPP) loan. Specifically, an expense isn’t deductible if both: The payment of the expense results in forgiveness of a loan made under the PPP, and The income associated with the forgiveness is excluded from gross […]
Read the full articleThe long awaited PPP Loan Forgiveness Application including instructions was issued by the SBA and US Treasury over the weekend and can be found on the SBA and U.S. Treasury web-sites and at this link PPP Loan Forgiveness Application To request forgiveness of PPP loan proceeds, a borrower must file SBA Form 3508, Paycheck Protection Program Loan Forgiveness […]
Read the full articleThe U.S. Small Business Administration (SBA) issued a new interim final rule 5/13/2020, which allows lenders to increase existing Paycheck Protection Program (PPP) loans to partnerships and seasonal employers. This new interim final rule addresses situations where a partnership completed their loan application before guidance was released April 14. The April 14 interim rule prohibited […]
Read the full articleOne of the most frequently discussed aspects of the Paycheck Protection Program (PPP) loans has been the economic necessity certification. The date for borrowers that may lack adequate certification and be able to return the funds in good faith was extended to May 14, 2020 by the SBA. As promised the SBA updated its FAQ […]
Read the full articleIn light of theCOVID-19 pandemic, many businesses are interested in donating to charity. In order to incentivize charitable giving, the Coronavirus Aid, Relief and Economic Security (CARES) Act made some liberalizations to the rules governing charitable deductions. Here are two changes that affect businesses: The limit on charitable deductions for corporations has increased. Before the […]
Read the full articleThe IRS recently addressed a question regarding an Economic Impact Payment being sent to someone who was deceased. From the IRS Economic Impact Payment Information Center: Q: Does someone who has died qualify for the payment? A: No. A Payment made to someone who died before receipt of the Payment should be returned to the […]
Read the full articleFor nonprofit organizations, federal funds can be subject to single audit requirements under the OMB Uniform Grant Guidance. The SBA recently provided the following guidance for nonprofits receiving SBA funds under the CARES Act, whether they are from PPP (Paycheck Protection Program) or EIDL (Emergency Injury Disaster Loan) programs. SBA PPP loans given to Non […]
Read the full articleIf you tuned into our CARES Act Provider Relief Funds: What We Know webinar this morning, you learned that HHS would most likely extend the Attestation deadline. Below is an excerpt from the recent press release extending the deadline from 30 to 45 days after receipt of payment. In yet another example of changing guidance, […]
Read the full articleBackground Information: The Coronavirus Aid, Relief, and Economic Security Act (CARES) Act that was signed by the President on March 27, 2020 included a Provider Relief Fund Payment provision of $100 billion to go to health care providers affected by COVID-19. By now, most of you have received two rounds of distributions, and it goes […]
Read the full articleThe IRS issued guidance on April 30th stating expenses paid with a forgiven PPP loan are NOT deductible. Notice 2020-32 states that “no deduction is allowed for an expense that is otherwise deductible, if the payment of the expense results in forgiveness of a covered loan.” In other words, payroll expense is not deductible, if […]
Read the full articleAs a result of the coronavirus (COVID-19) crisis, your business may be using independent contractors to keep costs low. But you should be careful that these workers are properly classified for federal tax purposes. If the IRS reclassifies them as employees, it can be an expensive mistake. The question of whether a worker is an […]
Read the full articleOn April 24, President Trump signed a new bill, providing $484 billion to replenish the Paycheck Protection Program (PPP) lending program and the Economic Emergency Injury Disaster Loan (EIDL) program. There is also funding for hospitals and COVID-19 testing. Specifically: $310 billion for PPP, with $60 billion set aside for smaller lending institutions $60 billion […]
Read the full articleAs unemployment and financial insecurity become widespread during the novel coronavirus (COVID-19) crisis, many not-for-profit donors find themselves unable to provide monetary support to favorite charities. Instead, your organization may receive offers of gifts in kind (GIK) or donated services. Although you likely welcome these gifts, you may be unsure about how to record and […]
Read the full articlePaying workers “under the table” or with cash can save businesses a bundle in taxes. But the potential consequences are grave. Not only is this practice illegal and could result in severe financial penalties, but it also shortchanges employees. The novel coronavirus (COVID-19) pandemic has made this abundantly clear. As many laid-off workers who were […]
Read the full articleThe law providing relief due to the coronavirus (COVID-19) pandemic contains a beneficial change in the tax rules for many improvements to interior parts of nonresidential buildings. This is referred to as qualified improvement property (QIP). You may recall that under the Tax Cuts and Jobs Act (TCJA), any QIP placed in service after December […]
Read the full articleThe SBA recently (4/14/2020) issued a new Interim Final Rule that supplements the guidance for the Paycheck Protection Program (PPP) included in the first interim final rule issued on April 2. This new rule focuses on two areas that may come into play when making a PPP application: Self-employment income of partners in a partnership […]
Read the full articleA few weeks ago, the IRS postponed tax filing deadlines until July 15th, but seemed to have left nonprofits out. Tax-exempt organizations now have an extra two months to file their federal Form 990 due to coronavirus (COVID-19). The Internal Revenue Service (IRS) has extended the April 15 deadline for nonprofits, giving them until July […]
Read the full articleOne of the many challenges of operating a not-for-profit organization during the coronavirus (COVID-19) pandemic is that just when you desperately need financial support, many donors are unable to help. Widespread unemployment, stock market volatility and general uncertainty make even dependable donors reluctant to part with their money. Then there’s the fact that donors are […]
Read the full articleDuring this challenging time, we know that everyone’s highest priority continues to be the health and well-being of their families, friends, neighbors and co-workers. At the same time, we’re focused on trying to maintain as much of a business-as-usual environment as possible. Despite our best efforts, it’s a given that some businesses will experience losses […]
Read the full articleThe IRS has issued guidance providing relief from failure to make employment tax deposits for employers that are entitled to the refundable tax credits provided under two laws passed in response to the coronavirus (COVID-19) pandemic. The two laws are the Families First Coronavirus Response Act, which was signed on March 18, 2020, and the […]
Read the full articleIn response to COVID-19, and in an effort to encourage more charitable giving in 2020, the recently enacted government stimulus bill (the “CARES Act”) provides some additional tax relief for donors. Hopefully, this makes it easier to give and save at the same time. $300 Above-the-line Charitable Deduction for Those Who Take a Standard Deduction […]
Read the full articleA question was recently posed regarding an employer’s ability to defer payment of Social Security taxes, if they receive a Payroll Protection Program (PPP) loan. According to the IRS, employers who have a received a PPP loan, but whose loan has not yet been forgiven, may defer deposit and payment of the employer’s share of […]
Read the full articleThe coronavirus (COVID-19) pandemic may pose a double whammy for seniors. The elderly are considered the most vulnerable population for medical complications associated with the virus. They’re also prime targets for COVID-19 scams. If you’re a senior — or have elderly relatives and friends — read and share the following information. Everyone a potential victim […]
Read the full articleCMS Releases First Payments From CARES Act Provider Relief Fund The Centers for Medicare and Medicaid Services (CMS) released the first $30 billion of the $100 billion Provider Relief Fund created by the CARES Act. The funding was included in the Act to support healthcare-related expenses or lost revenue because of COVID-19. All Medicare fee-for-service […]
Read the full articleFASB met on April 8, 2020, to address pressing issues stemming from the COVID-19 pandemic. Specifically: Accounting Standards Codification (ASC) 842: Leases – One-year delay proposed for private companies and not-for-profit (NFP) entities ASC 606, Revenue from Contracts with Customers – Delay proposed only for franchisors that are not public business entities (PBE) Proposed […]
Read the full articleIn an effort to address questions and concerns about HUD-insured facilities (FHA’s Section 232 and 242 mortgage insurance programs) and the COVID-19 pandemic, HUD (Office of Healthcare Programs) has provided guidance, and possibly some relief, for borrowers. On April 6th, HUD published this list of FAQs for External Stakeholders. Of specific note is question five […]
Read the full articleIf you’re like most employers, your head is swimming with all of the information that’s been coming out of Washington D.C. these past few weeks. Thankfully, on April 6th, Treasury and the U.S. Small Business Administration (SBA) released FAQs on PPP (the $349 billion small business relief program that is a key part of the […]
Read the full articleThe recently enacted Coronavirus Aid, Relief, and Economic Security (CARES) Act provides a refundable payroll tax credit for 50% of wages paid by eligible employers to certain employees during the COVID-19 pandemic. The employee retention credit is available to employers, including nonprofit organizations, with operations that have been fully or partially suspended as a result […]
Read the full articleLike the coronavirus (COVID-19) pathogen itself, incidents of COVID-19 fraud are surging and financial losses are piling up. The Federal Trade Commission (FTC) reports that the number of 2020 COVID-19-related complaints doubled in just one recent week. As of March 31, losses attributed to the outbreak stood at $5.9 million. Here are some of the […]
Read the full articleInformation is changing daily, if not hourly, and it is increasing hard to keep up especially for healthcare providers who are on the frontlines of the COVID-19 pandemic. It is a delicate balance dealing with constant changes from federal, state, and local authorities while juggling the needs of your facility such as increased staffing challenges, […]
Read the full articleThe Small Business Administration (SBA) has released the interim final rule, which provides additional guidance and requirements for the $349 billion Paycheck Protection Program (PPP.) This final rule includes some changes including doubling of loans’ interest rate to 1%, from 0.5% There seems to be so much information out there about all of the COVID-19 […]
Read the full articleAt HW&Co., we understand that COVID-19 is creating unique revenue cycle challenges. Below, we have compiled some important updates to help you make sense of recent changes. Rest assured, we are keeping up with all the COVID-19 news and pronouncements, both federally and locally, and will keep you updated. Please reach out with any questions […]
Read the full articleThe IRS reminds retirees, who don’t normally have a requirement to file a tax return, that no action on their part is needed to receive their $1,200 economic impact payment. Seniors should be especially careful during this period, as they can be the target of scammers. The IRS reminds retirees – including recipients of Forms […]
Read the full articleThe IRS has issued a warning to taxpayers about calls and email phishing attempts dealing with COVID-19 or the Coronavirus. Main concerns center around identity theft and tax-related fraud. Taxpayers should watch for emails, text messages, websites and social media attempts that request money or any personal information. According to IRS Commissioner Chuck Rettig, “The […]
Read the full articleOn March 27, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law. How is this massive $2 trillion recovery package poised to help your not-for-profit organization? It depends on your group’s size, financial condition and other factors. But most nonprofits affected by the coronavirus (COVID-19) outbreak are eligible for some relief under […]
Read the full articleOn March 27, President Trump signed into law another coronavirus (COVID-19) law, which provides extensive relief for businesses and employers. Here are some of the tax-related provisions in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Employee retention credit The new law provides a refundable payroll tax credit for 50% of wages paid […]
Read the full articleYou’ve been reading and hearing about The Coronavirus Aid, Relief and Economic Security Act, known as the CARES Act (the Act.) This historic $2 trillion stimulus bill includes a $349 billion relief program for small businesses and nonprofit organizations, available through the Small Business Administration’s (SBA) existing §7(a) Paycheck Protection Program. Structured as forgivable loans, […]
Read the full articleScam artists know how anxious business owners are during the current coronavirus (COVID-19) crisis. They know that as you struggle to meet customer demands and pay employees and stay solvent, you’re more likely to drop your guard and fall for a fraud scheme. The last thing your business needs right now is to suffer additional […]
Read the full articleThe Coronavirus Aid, Relief, and Economic Security Act (CARES,) (H.R.748),contains a host of tax measures as part of a $2 trillion aid package designed to help the economy as it suffers from the effects of the COVID-19 pandemic. While the focus of the legislation is not tax, a large number of tax provisions are included […]
Read the full articleThe Coronavirus Aid, Relief and Economic Security Act, known as the CARES Act (the Act,) is a historic $2 trillion stimulus bill signed by President Trump today. It includes a $349 billion relief program for small businesses, available through the Small Business Administration’s (SBA) existing §7(a) Paycheck Protection Program. Structured as forgivable loans, the program […]
Read the full articleHW&Co. understands that as Long Term Care providers, your team is facing new challenges on a daily basis. If you need more support, our Revenue Cycle department can assist with billing services and business office functions. Waiver of 3-Day Hospital Stay and Additional Skilled Coverage Skilled Nursing Facility (SNF) care without a 3-day inpatient hospital […]
Read the full articleThe U.S. Senate passed a third stimulus bill, late Wednesday night, 3/25/2020. The bill, titled the Coronavirus Aid, Relief and Economic Security Act (CARES Act) is designed to provide further relief to individual and business taxpayers in the wake of the continuing COVID-19 outbreak. While the House has not yet voted on the CARES Act, […]
Read the full articleWhether your not-for-profit is newly deluged with demand for services or you’ve closed doors temporarily, it’s important to keep up with legislation responding to the coronavirus (COVID-19) crisis. On March 18, the Families First Coronavirus Response Act was signed into law to provide American workers affected by the pandemic with extended sick and family leave […]
Read the full articleOn March 18, 2020, President Trump signed the Families First Coronavirus Response Act (“the Act”) into law. While the legislation has many provisions, there are four key areas that address the unprecedented impact of COVID-19 on our companies, organizations and our workforce: Emergency Family and Medical Leave Expansion Act (EFMLEA) Emergency Paid Sick Leave Act […]
Read the full articleBusinesses across the country are being affected by the coronavirus (COVID-19). Fortunately, Congress recently passed a law that provides at least some relief. In a separate development, the IRS has issued guidance allowing taxpayers to defer any amount of federal income tax payments due on April 15, 2020, until July 15, 2020, without penalties or […]
Read the full articlePart of the electronic filing process of individual returns is setting up automatic withdrawals to pay taxes that were due on April 15th. If your personal 2019 return was already electronically filed, we (HW&Co.) do not have the ability to change the date on the return. In order to delay payment until July 15th, you […]
Read the full articleAn SBA Section 7(b) Economic Injury Disaster Loan (EIDL) Program provides up to $2 million to help business with fewer than 500 employees pay fixed debts, payroll, accounts payable, and other bills that can’t be paid due to the loss of revenue caused by a declared disaster. The loans cannot be used to cover lost […]
Read the full articleOn Friday, the IRS officially announced that, because of COVID-19, tax returns due April 15 will not have to be filed until July 15 this year. The notice applies to any person with Federal Income tax payment or Federal income tax return due 4/15/2020. The term “person” includes individual, trust, estate, partnership, association, company or […]
Read the full articleThis follow up is to keep you as up to date as possible on tax changes emerging as a result of COVID-19. IRS issued Notice 2020-17 clarifying Secretary Mnuchin’s comments. The IRS is allowing taxpayers to postpone income tax payments due on April 15th until July 15th. Here are the important points: Eligible payments would include […]
Read the full articleDear valued clients and friends of the firm: HW&Co.’s number one priority is the safety and well-being of our people, clients, families and the communities in which we live and work. Accordingly, here is an update on how we are doing our part to prevent the spread of COVID-19, while doing our best to provide […]
Read the full articleAdditional Relief Payment Approved The Ohio Department of Medicaid (ODM) and the Ohio Department of Developmental Disabilities (DODD), with financial support from Ohio’s county boards of developmental disabilities, have received federal approval for an additional relief payment to eligible DODD waiver providers. The amount of each eligible provider’s payment will be calculated as a […]
Read the full articleBig tax news out of Columbus on March 24th. Ohio Legislature approved a tax conformity bill and voted to move the tax deadline to May 17th. Both items await Governor DeWine’s signature. Senate Bill 18 will conform Ohio’s tax laws to changes in federal tax laws. Highlights of the bill include: Incorporates into Ohio income […]
Read the full articleThe Ohio Bureau of Workers Compensation (BWC) is offering $28 million in federal Coronavirus Aid, Relief, and Economic Security (CARES) Act funding as reimbursement for eligible applicants to help improve air quality and cover the costs of inspections, maintenance, and improvements to indoor HVAC systems. The program is designed to assist in controlling the spread […]
Read the full articleOn Wednesday, October 28, Gov. Mike DeWine requested the Ohio Bureau of Workers’ Compensation (BWC) Board of Directors approve a $5 billion dividend that would provide relief to Ohio businesses. The $5 billion dividend would be BWC’s third dividend of more than $1 billion this year. The BWC distributed $1.54 billion in April and $1.34 […]
Read the full articleIn an announcement on Friday October 23rd, Governor DeWine stated nearly half of Ohio’s $900 million in Coronavirus Aid, Relief, and Economic Security (CARES) Act funding will be dispersed to people, businesses and organizations with “needs that are great”. DeWine and Lt. Gov. Jon Husted also announced the creation of the Small Business Relief Grant […]
Read the full articleNonprofits in need of financial support, to help them deal with the effects of the pandemic, can now apply for phase two of the Greater Cleveland COVID-19 Rapid Response Fund. The money “will continue to support nonprofit organizations dealing directly with the ongoing effects of the pandemic” in Cuyahoga, Lake and Geauga counties, according to […]
Read the full articleThis week, the Ohio legislature passed House Bill 606,which would provide civil immunity for businesses and healthcare entities for actions taken during this COVID-19 pandemic. Governor DeWine is expected to sign the bill soon. It will then become law, 90 days after his signature, and will apply retroactively from the date of the State of […]
Read the full articleIn conjunction with various state agencies, the Ohio Office of Budget and Management (OBM) has opened the portal for certain Ohio healthcare providers to apply for additional COVID funding. The State of Ohio has recognized the need to assist healthcare providers during the ongoing pandemic, noting providers have incurred significant losses and continue to incur […]
Read the full articleThe State of Ohio has joined other states in excluding forgiven Paycheck Protection Program (PPP) Loans from taxation. The Coronavirus Aid, Relief, and Economic Security (CARES) Act, passed by Congress, provides federal assistance to small businesses, including forgivable PPP loan. The amount of a PPP loan and any amount of the loan that is forgiven […]
Read the full articleDue to the COVID-19 pandemic, the Ohio Bureau of Workers’ Compensation (BWC) has implemented changes in payroll reporting requirements. This is done in an effort to help ease the economic impact of the state of emergency on Ohio businesses. The changes address the fact that many employees have been working from home or furloughed. Additionally, […]
Read the full articleOhio Governor Mike DeWine has signed three new funding opportunities for small and medium-sized businesses in Ohio. Two of the programs offer grants to businesses that either manufacture personal protective equipment (PPE), or are owned and operated by minorities or women. The third will make loans available to businesses in Ohio’s Appalachian region, which covers […]
Read the full articleDuring the COVID-19 pandemic, real property owners have had concerns on due dates for the payment of real property taxes and assessments for the second half of Tax Year 2019. The Ohio Department of Taxation has extended deadlines for the collection of real property tax for the following Ohio counties: Belmont (from July 20, 2020 […]
Read the full articleThe Ohio Bureau of Workers’ Compensation (BWC) Board of Directors approved a request from Gov. Mike DeWine to distribute $1.6 billion to state businesses in response to economic disruption from the COVID-19 outbreak. The BWC board held a virtual emergency session, Friday, April 10, and voted to permit the remittal of dividends equal to nearly […]
Read the full articleOhio Tax Commissioner Jeff McClain confirmed that Ohio will follow the lead of the federal government. Ohio is extending the deadline to file and pay state income tax to July 15th, which is an extension of three months from the original deadline of April 15th. As with the IRS extension, Ohio will waive penalty on […]
Read the full articleAn update for healthcare providers. As a healthcare provider, you’re on the frontlines of the COVID-19 pandemic. You’re dealing with constant changes from federal, state, and local authorities. You’re juggling the needs of your facility such as increased staffing challenges, and supply shortages, with the needs of your residents and their families. Amid it all, […]
Read the full articleThe Ohio Legislature unanimously voted to give Ohio Tax Commissioner, Jeff McClain, authority to extend the state tax filing deadline to July 15th. This would keep the Ohio tax deadline aligned with the federal filing date. Governor DeWine has indicated he would sign the bill. Members of the Ohio Society of CPAs (OSCPA) were instrumental […]
Read the full articleOn March 9, 2020, Governor Mike DeWine, declared a state of emergency in Ohio to protect the well-being of Ohioans from the dangerous effects of COVID-19, and directed state agencies to develop and implement procedures consistent with recommendations from the Department of Health, designed to prevent or alleviate the public health threat. One such order […]
Read the full articleDear valued clients and friends of the firm: On Sunday the state of Ohio issued a Stay at Home Order effective 11:59 p.m. on March 23, 2020, until 11:59 p.m. on April 6, 2020. Only those businesses designated as an essential business are allowed to remain open. The Governor included accounting services as an essential […]
Read the full articlePRF Background Our last 2 updates Provider Relief Fund (PRF) Reporting Portal is Now Open and Revised PRF Reporting Requirements including Extended Time to Expend Some Funds provide some important background. In this article, we have an update to Single Audit Requirements based on recent HHS updates to the Provider Relief Funds Frequently Asked Questions (FAQs) […]
Read the full articleUnder current generally accepted accounting principles (GAAP), goodwill must be tested for impairment when a triggering event occurs. Companies and organizations are required to monitor and evaluate goodwill impairment triggering events, as they occur throughout the year. This presents challenges for entities with goodwill on their balance sheets, if they were shut down or incurred […]
Read the full articleThe Office of Management and Budget (OMB) released an addendum to the 2020 Compliance Supplement on December 22, 2020. This addendum provides important updates to COVID-19 related federal funding and the impact to Single Audits. This addendum is effective for fiscal years beginning after June 30, 2019 (i.e. June 30, 2020 fiscal years and later). […]
Read the full articleThe SBA recently (4/14/2020) issued a new Interim Final Rule that supplements the guidance for the Paycheck Protection Program (PPP) included in the first interim final rule issued on April 2. This new rule focuses on two areas that may come into play when making a PPP application: Self-employment income of partners in a partnership […]
Read the full articleFASB met on April 8, 2020, to address pressing issues stemming from the COVID-19 pandemic. Specifically: Accounting Standards Codification (ASC) 842: Leases – One-year delay proposed for private companies and not-for-profit (NFP) entities ASC 606, Revenue from Contracts with Customers – Delay proposed only for franchisors that are not public business entities (PBE) Proposed […]
Read the full articleIn an effort to address questions and concerns about HUD-insured facilities (FHA’s Section 232 and 242 mortgage insurance programs) and the COVID-19 pandemic, HUD (Office of Healthcare Programs) has provided guidance, and possibly some relief, for borrowers. On April 6th, HUD published this list of FAQs for External Stakeholders. Of specific note is question five […]
Read the full articleOn March 27, President Trump signed into law another coronavirus (COVID-19) law, which provides extensive relief for businesses and employers. Here are some of the tax-related provisions in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Employee retention credit The new law provides a refundable payroll tax credit for 50% of wages paid […]
Read the full articleScam artists know how anxious business owners are during the current coronavirus (COVID-19) crisis. They know that as you struggle to meet customer demands and pay employees and stay solvent, you’re more likely to drop your guard and fall for a fraud scheme. The last thing your business needs right now is to suffer additional […]
Read the full articleAn SBA Section 7(b) Economic Injury Disaster Loan (EIDL) Program provides up to $2 million to help business with fewer than 500 employees pay fixed debts, payroll, accounts payable, and other bills that can’t be paid due to the loss of revenue caused by a declared disaster. The loans cannot be used to cover lost […]
Read the full articleWhew, you made it through 2020! But don’t rest easy yet. Unfortunately, fraud perpetrators enjoyed a profitable year, and there are signs they may continue to feed off Americans as long as the pandemic is active. Here are several scams and fraud to watch for in 2021. PPP fraud Struggling small-business owners have welcomed last […]
Read the full articleThese days, many offices and other workspaces are nearly empty as employees work from home. This can make companies that don’t safeguard their computers, printers and other equipment vulnerable to theft from outsiders. Even during normal times, businesses often lose assets because crooked employees walk out with them. Here’s how to protect valuable property — […]
Read the full articleThe COVID-19 pandemic has put enormous pressure on medical practices and healthcare workers. The last thing they need right now is to worry about financial losses and other negative repercussions of occupational fraud. So that physicians and their employees can focus on patient care, they should take a little time now to ensure strong internal […]
Read the full articleFraud tends to flourish during periods of prosperity. The reason is simple: When companies experience fast-growing revenues and rising net profits, they may lack a strong incentive to divert resources to preventing and detecting fraud. Fraud schemes can go undetected for months, even years. Furthermore, the sheer volume of legitimate transactions during thriving economic times […]
Read the full articleWhen Congress authorized an additional $600 in monthly unemployment benefits as part of the CARES Act, out-of-work Americans weren’t the only ones it helped. Criminals have descended like locusts on state unemployment insurance agencies, using stolen identities to fraudulently claim both standard benefits and the additional funds administered by the Pandemic Unemployment Assistance (PUA) program. […]
Read the full articleUnlike some legitimate businesses, organized crime enterprises can be expected to weather the current COVID-19 crisis. In fact, with millions of Americans now working from home, organized crime-related cyber fraud — including phishing schemes and ransomware attacks — has grown exponentially. If you haven’t done so recently, it’s important to review and possibly upgrade your […]
Read the full articleSeveral major companies have already filed for bankruptcy during the novel coronavirus (COVID-19) crisis and many more large and small businesses are expected to follow suit. If you’re a creditor of a company that’s liquidating, it may be challenging to get back what you’re owed. That’s where a solvency opinion can help. An expert determines […]
Read the full articleThe COVID-19 pandemic has opened the floodgates to scam artists attempting to profit from sick, anxious and financially vulnerable Americans. On the frontlines fighting fraud are the Federal Trade Commission (FTC), U.S. Justice Department (DOJ) and other government agencies. Here are some of the fraud schemes they’re actively investigating — and the perpetrators they’ve rounded […]
Read the full articleBefore the novel coronavirus (COVID-19) pandemic struck, employees who suspected occupational fraud in their organizations had multiple options for notifying their employers. For example, they could use interoffice mail to send information anonymously or meet with HR personnel in person. Reporting options for employees working from home are more limited — particularly if they wish […]
Read the full articleMany businesses were unprepared when the novel coronavirus (COVID-19) pandemic required them to close their physical offices and shift to remote operations. Your company, for example, may have had to scramble to set up a virtual private network (VPN) or move files to the cloud. And while adapting to working from home, employees may […]
Read the full articlePaying workers “under the table” or with cash can save businesses a bundle in taxes. But the potential consequences are grave. Not only is this practice illegal and could result in severe financial penalties, but it also shortchanges employees. The novel coronavirus (COVID-19) pandemic has made this abundantly clear. As many laid-off workers who were […]
Read the full articleThe coronavirus (COVID-19) pandemic may pose a double whammy for seniors. The elderly are considered the most vulnerable population for medical complications associated with the virus. They’re also prime targets for COVID-19 scams. If you’re a senior — or have elderly relatives and friends — read and share the following information. Everyone a potential victim […]
Read the full articleLike the coronavirus (COVID-19) pathogen itself, incidents of COVID-19 fraud are surging and financial losses are piling up. The Federal Trade Commission (FTC) reports that the number of 2020 COVID-19-related complaints doubled in just one recent week. As of March 31, losses attributed to the outbreak stood at $5.9 million. Here are some of the […]
Read the full articleThe IRS has issued a warning to taxpayers about calls and email phishing attempts dealing with COVID-19 or the Coronavirus. Main concerns center around identity theft and tax-related fraud. Taxpayers should watch for emails, text messages, websites and social media attempts that request money or any personal information. According to IRS Commissioner Chuck Rettig, “The […]
Read the full articleScam artists know how anxious business owners are during the current coronavirus (COVID-19) crisis. They know that as you struggle to meet customer demands and pay employees and stay solvent, you’re more likely to drop your guard and fall for a fraud scheme. The last thing your business needs right now is to suffer additional […]
Read the full articleAs governments around the globe mobilize to defend their populations from the novel coronavirus (COVID-19), criminals are also mobilizing — to fleece people. These opportunists have already found ways to use the fear and chaos associated with the pandemic to enrich themselves. But you can protect yourself and your business. Ripe opportunity Phishing emails that […]
Read the full articlePRF Background Our last 2 updates Provider Relief Fund (PRF) Reporting Portal is Now Open and Revised PRF Reporting Requirements including Extended Time to Expend Some Funds provide some important background. In this article, we have an update to Single Audit Requirements based on recent HHS updates to the Provider Relief Funds Frequently Asked Questions (FAQs) […]
Read the full articleThe long-awaited Provider Relief Fund (PRF) Reporting Portal is now open for reporting on the use of PRF funds received. The HW&Co. article, Revised PRF Reporting Requirements including Extended Time to Expend Some Funds, has more details on reporting periods and requirements. The first report is due by September 30, 2021 for providers receiving payments exceeding […]
Read the full articleBreaking News: HHS has just provided more guidance on Provider Relief Fund (PRF) reporting and revised the Reporting Requirements. This new version supersedes all previous versions of the Post-Payment Notice of Reporting Requirements documents. Key updates include: The period of availability of funds is based on the date the payment is received (rather than requiring […]
Read the full articleAs the June 30, 2021 deadline to expend Provider Relief Fund (PRF) draws near, there is still conflicting guidance and no reporting mechanism deadline. In addition, there are still billions of dollars in the PRF yet to be distributed. Hopefully, good news is on the horizon. On May 11, 2021, 79 Members of Congress wrote […]
Read the full articleAdditional Relief Payment Approved The Ohio Department of Medicaid (ODM) and the Ohio Department of Developmental Disabilities (DODD), with financial support from Ohio’s county boards of developmental disabilities, have received federal approval for an additional relief payment to eligible DODD waiver providers. The amount of each eligible provider’s payment will be calculated as a […]
Read the full articleDid your facility apply for and receive Medicare Advanced Payments in March or April, 2020? If you answered “YES”, your Medicare Remittance advices will begin to show the recoupments one year from the date the advance payment was made. Example: […]
Read the full articleToday the U.S. Department of Health and Human Services (HHS), through the Health Resources and Services Administration (HRSA) issued a news release announcing a delay to the February 15, 2021 reporting deadline for the Provider Relief Fund Program (PRF) due to the recent passage of the Coronavirus Response and Relief Supplemental Appropriations Act. Beginning today, […]
Read the full articleSome good news as we approach the end of 2020. President Trump signed the $900 billion pandemic relief bill into law on December 27, 2020. Following is a summary of the healthcare provisions affecting our clients. Deadline to expend Ohio CRF Extended The stimulus bill gives providers an additional year to expend Ohio Coronavirus Funds […]
Read the full articleHealth Resources and Services Administration (HRSA) has completed review of Phase 3 applications from the Provider Relief Fund (PRF) program and has begun to distribute $24.5 billion to over 70,000 providers, which is up from the $20 billion originally planned. The addition of another $4.5 billion in funding is being used so that each applicant receives […]
Read the full articleThe Ohio Bureau of Workers Compensation (BWC) is offering $28 million in federal Coronavirus Aid, Relief, and Economic Security (CARES) Act funding as reimbursement for eligible applicants to help improve air quality and cover the costs of inspections, maintenance, and improvements to indoor HVAC systems. The program is designed to assist in controlling the spread […]
Read the full articleOn October 22, 2020, the Department of Health and Human Services (HHS) issued a policy memo revising its guidance for reporting on Provider Relief Funds received by healthcare providers over the previous six months. In response to concerns voiced by various provider associations and members of Congress, HHS updated its guidance on lost revenues attributable […]
Read the full articleEarly in the pandemic many providers took advantage of an expansion of the Medicare Accelerated and Advance Payment (AAP) program and applied for advance payments of up to 100% of their Medicare receipts for a three-month period due to COVID-19 impact on business. After 120 days, the funds were to be recouped from the provider’s […]
Read the full articleOn October 1, 2020, the U.S. Department of Health and Human Services (HHS), through the Health Resources and Services Administration (HRSA), announced $20 billion in new funding for providers on the frontlines of the coronavirus pandemic. This HW&Co. article has the basic details of the Phase 3 General Distribution. Providers will have from October 5, […]
Read the full articleThe Revenue Cycle process is constantly changing at warp speed, or so it seems. We work hard to monitor all developments and news to keep you informed. Here are some of the most recent items you need to know. Livanta Documentation Submission Update Livanta, the Quality Improvement Organization (QIO) for Ohio regarding appeals made by […]
Read the full articleOn October 1, 2020, the U.S. Department of Health and Human Services (HHS), through the Health Resources and Services Administration (HRSA), announced $20 billion in new funding for providers on the frontlines of the coronavirus pandemic. Under this Phase 3 General Distribution allocation, providers that have already received Provider Relief Fund payments will be invited […]
Read the full articleOn September 18, the Department of Health and Human Services (HHS) released a six-page document detailing some of the reporting requirements for the Provider Relief Funding paid out over the last six months. As we have previously communicated, all providers will be required to report 2020 COVID-19 related expenses and lost revenues by February 15, […]
Read the full articleThe Department of Health and Human Services’ (HHS) Health Resources and Services Administration (HRSA) previously announced the distribution of $5 billion in Provider Relief Fund (PRF) payments to eligible skilled nursing facilities to protect residents from the impact of COVID-19. On August 27,2020, HHS distributed the initial $2.5 billion of this funding to support facilities’ […]
Read the full articleOhio providers are beginning to see payments from the Ohio Coronavirus Relief Fund (CRF). Please contact us if you would like to know how much to expect from the CRF. Some payments have been made via paper checks despite having Electronic Funds Transfer (EFT) setup. According to the Office of Budget and Management (OBM), there […]
Read the full articleThe Department of Health and Human Services’ (HHS) Health Resources and Services Administration (HRSA) previously announced the distribution of $5 billion in PRF payments to eligible skilled nursing facilities to protect residents from the impact of COVID-19. On August 27,2020, HHS distributed the initial $2.5 billion of this funding to support facilities’ COVID-19 infection control […]
Read the full articleThe American Institute of CPAs (AICPA) has released a new set of Technical Questions and Answers (TQAs) which includes 10 pages of nonauthoritative health care accounting guidance. These TQAs were developed by the AICPA Health Care Expert Panel and address questions regarding CARES Act provisions and other COVID-related funding specific to nongovernmental health care entities, […]
Read the full articleOn September 1, 2020, HHS announced that private pay assisted living facilities (ALF) are now eligible to apply for the Provider Relief Fund (PRF) Phase 2 General Distribution. Like other providers applying for Phase 2 funding, ALFs will receive 2 percent net patient care revenue from their most recently filed tax return. No additional funding […]
Read the full articleIf you’re confused by all of the emails you’re getting from HHS regarding the Provider Relief Funds, you’re not alone! Since the CARES Act was signed into law in late March, there have been scores of questions regarding its implementation and reporting requirements, and the answers seem to change on a regular basis. We are […]
Read the full articleOn July 31, 2020, the Department of Health and Human Services (HHS) announced an extension of the application deadline for Phase 2 general distribution to Medicaid, Children’s Health Insurance Program (CHIP), and dental providers. This extension is included as a part of an ongoing effort to provide financial relief to healthcare providers impacted by COVID-19. HHS […]
Read the full articleIn conjunction with various state agencies, the Ohio Office of Budget and Management (OBM) has opened the portal for certain Ohio healthcare providers to apply for additional COVID funding. The State of Ohio has recognized the need to assist healthcare providers during the ongoing pandemic, noting providers have incurred significant losses and continue to incur […]
Read the full articleThis week’s Provider Relief Fund updates include: Provider Relief Fund First Reporting Deadline February 15, 2021 New $5 billion for Nursing Facilities that Participate in COVID-19 Training Provider Relief Fund Payments Subject to Single Audit Requirements Medicaid Targeted Distribution Updates Deadline Extended Provider Relief Fund First Reporting Deadline February 15, 2021 The Department of Health […]
Read the full articleAt the time of initial publication, the enhanced provider relief portal was only for the Medicaid, CHIP and Dental providers but it has since been expanded to include the “second chance” providers and private pay assisted living facilities . Since the article, the application has been simplified slightly but the process remains the same. Our June 11, […]
Read the full articleIn this CMS memo dated June 25, 2020, CMS addressed changes to staffing information and quality measures posted on the Nursing Home Compare Website and Five Star Quality Rating System due to the COVID-19 Public Health Emergency. Payroll Based Journal (PBJ) Waiver Ended; 2nd quarter due August 14, 2020 CMS ended the PBJ emergency blanket […]
Read the full articleMedicaid only providers, including Intermediate Care Facilities for the Intellectually Disabled (ICF-IID), Assisted Living, and Waiver, finally received some long awaited good news. On June 9, 2020, the Department of Health and Human Services (HHS) announced additional distributions from the Provider Relief Fund to eligible Medicaid only providers that participate in state Medicaid and Children’s Health […]
Read the full articleThe Department of Health and Human Services (HHS) continues to make payments to healthcare providers from its Provider Relief Fund. At the same time, HHS continues to issue new guidance and refine existing guidance on an almost daily basis. In order to keep you informed, we are pleased to provide you with the following updates. […]
Read the full articleIf you tuned into our CARES Act Provider Relief Funds: What We Know webinar this morning, you learned that HHS would most likely extend the Attestation deadline. Below is an excerpt from the recent press release extending the deadline from 30 to 45 days after receipt of payment. In yet another example of changing guidance, […]
Read the full articleBackground Information: The Coronavirus Aid, Relief, and Economic Security Act (CARES) Act that was signed by the President on March 27, 2020 included a Provider Relief Fund Payment provision of $100 billion to go to health care providers affected by COVID-19. By now, most of you have received two rounds of distributions, and it goes […]
Read the full articleCMS Releases First Payments From CARES Act Provider Relief Fund The Centers for Medicare and Medicaid Services (CMS) released the first $30 billion of the $100 billion Provider Relief Fund created by the CARES Act. The funding was included in the Act to support healthcare-related expenses or lost revenue because of COVID-19. All Medicare fee-for-service […]
Read the full articleInformation is changing daily, if not hourly, and it is increasing hard to keep up especially for healthcare providers who are on the frontlines of the COVID-19 pandemic. It is a delicate balance dealing with constant changes from federal, state, and local authorities while juggling the needs of your facility such as increased staffing challenges, […]
Read the full articleAt HW&Co., we understand that COVID-19 is creating unique revenue cycle challenges. Below, we have compiled some important updates to help you make sense of recent changes. Rest assured, we are keeping up with all the COVID-19 news and pronouncements, both federally and locally, and will keep you updated. Please reach out with any questions […]
Read the full articleHW&Co. understands that as Long Term Care providers, your team is facing new challenges on a daily basis. If you need more support, our Revenue Cycle department can assist with billing services and business office functions. Waiver of 3-Day Hospital Stay and Additional Skilled Coverage Skilled Nursing Facility (SNF) care without a 3-day inpatient hospital […]
Read the full articleAn update for healthcare providers. As a healthcare provider, you’re on the frontlines of the COVID-19 pandemic. You’re dealing with constant changes from federal, state, and local authorities. You’re juggling the needs of your facility such as increased staffing challenges, and supply shortages, with the needs of your residents and their families. Amid it all, […]
Read the full articleNo one needs to tell nonprofit organizations how tough the past year has been. According to the John Hopkins Center for Civil Society Studies, 7.7% of not-for-profit workers — nearly one million people — lost their jobs between February 2020 and January 2021. An even higher percentage of arts and education organizations lost jobs last […]
Read the full articleNonprofits in need of financial support, to help them deal with the effects of the pandemic, can now apply for phase two of the Greater Cleveland COVID-19 Rapid Response Fund. The money “will continue to support nonprofit organizations dealing directly with the ongoing effects of the pandemic” in Cuyahoga, Lake and Geauga counties, according to […]
Read the full articleOn July 17, 2020, the Federal Reserve (Fed) finalized details for two new Main Street loan programs created for not-for-profits (NFP): Nonprofit Organization New Loan Facility and Nonprofit Organization Expanded Loan Facility. Lenders will assess NFPs for a Main Street loan based on meeting the program terms and the lenders’ own underwriting standards. […]
Read the full articleFactors such as wealth level, education and even whether people volunteer, probably will tell you more about potential donors than their generation. But some broad generalizations about age can help not-for-profits target particular groups for support. The newest generation of adults belong to what’s being called Generation Z, and it’s possible to draw some conclusions […]
Read the full articleEvery two years, the Association of Certified Fraud Examiners (ACFE) publishes what has become the definitive guide for preventing and detecting workplace fraud. The recently released Report to the Nations: 2020 Global Study on Occupational Fraud and Abuse draws conclusions from more than 2,500 fraud incidents — including 191 in not-for-profit organizations. In fact, this […]
Read the full articleOne of the strongest predictors of a not-for-profit’s long-term survival is multiple revenue streams. Many organizations with only one or two found that out that the hard way when they failed during the 2008 recession. The same is likely to be true for nonprofits that do — or don’t — survive the current novel coronavirus […]
Read the full articleFor nonprofit organizations, federal funds can be subject to single audit requirements under the OMB Uniform Grant Guidance. The SBA recently provided the following guidance for nonprofits receiving SBA funds under the CARES Act, whether they are from PPP (Paycheck Protection Program) or EIDL (Emergency Injury Disaster Loan) programs. SBA PPP loans given to Non […]
Read the full articleAs unemployment and financial insecurity become widespread during the novel coronavirus (COVID-19) crisis, many not-for-profit donors find themselves unable to provide monetary support to favorite charities. Instead, your organization may receive offers of gifts in kind (GIK) or donated services. Although you likely welcome these gifts, you may be unsure about how to record and […]
Read the full articleA few weeks ago, the IRS postponed tax filing deadlines until July 15th, but seemed to have left nonprofits out. Tax-exempt organizations now have an extra two months to file their federal Form 990 due to coronavirus (COVID-19). The Internal Revenue Service (IRS) has extended the April 15 deadline for nonprofits, giving them until July […]
Read the full articleOne of the many challenges of operating a not-for-profit organization during the coronavirus (COVID-19) pandemic is that just when you desperately need financial support, many donors are unable to help. Widespread unemployment, stock market volatility and general uncertainty make even dependable donors reluctant to part with their money. Then there’s the fact that donors are […]
Read the full articleIn response to COVID-19, and in an effort to encourage more charitable giving in 2020, the recently enacted government stimulus bill (the “CARES Act”) provides some additional tax relief for donors. Hopefully, this makes it easier to give and save at the same time. $300 Above-the-line Charitable Deduction for Those Who Take a Standard Deduction […]
Read the full articleThe recently enacted Coronavirus Aid, Relief, and Economic Security (CARES) Act provides a refundable payroll tax credit for 50% of wages paid by eligible employers to certain employees during the COVID-19 pandemic. The employee retention credit is available to employers, including nonprofit organizations, with operations that have been fully or partially suspended as a result […]
Read the full articleOn March 27, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law. How is this massive $2 trillion recovery package poised to help your not-for-profit organization? It depends on your group’s size, financial condition and other factors. But most nonprofits affected by the coronavirus (COVID-19) outbreak are eligible for some relief under […]
Read the full articleYou’ve been reading and hearing about The Coronavirus Aid, Relief and Economic Security Act, known as the CARES Act (the Act.) This historic $2 trillion stimulus bill includes a $349 billion relief program for small businesses and nonprofit organizations, available through the Small Business Administration’s (SBA) existing §7(a) Paycheck Protection Program. Structured as forgivable loans, […]
Read the full articleWhether your not-for-profit is newly deluged with demand for services or you’ve closed doors temporarily, it’s important to keep up with legislation responding to the coronavirus (COVID-19) crisis. On March 18, the Families First Coronavirus Response Act was signed into law to provide American workers affected by the pandemic with extended sick and family leave […]
Read the full articleThe 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 In March of 2020, Congress originally enacted the ERTC in the CARES Act to encourage employers to hire and retain […]
Read the full articleThe American Rescue Plan Act of 2021 (ARPA) allows businesses (including tax-exempt organizations), with fewer than 500 employees, to claim refundable tax credits for the cost of providing paid sick and family leave to their employees due to COVID-19, including leave taken by employees to receive or recover from COVID-19 vaccinations. The tax credits are […]
Read the full articleA little-reported provision of the American Rescue Plan Act of 2021 (ARPA) – Unemployment Benefits Received in 2020 May Be Partially Excluded from Income for Some Taxpayers Many Americans found themselves collecting unemployment as the pandemic took hold in early 2020. Those taxpayers are now in the process of filing their income tax returns for […]
Read the full articleBig tax news out of Columbus on March 24th. Ohio Legislature approved a tax conformity bill and voted to move the tax deadline to May 17th. Both items await Governor DeWine’s signature. Senate Bill 18 will conform Ohio’s tax laws to changes in federal tax laws. Highlights of the bill include: Incorporates into Ohio income […]
Read the full articlePresident 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. Here are some of the tax highlights of the ARPA. The Employee Retention Credit (ERC) This […]
Read the full articleThe Small Business Administration (SBA) announced that the Paycheck Protection Program (PPP) reopened the week of January 11. If you’re fortunate to get a PPP loan to help during the COVID-19 crisis (or you received one last year), you may wonder about the tax consequences. Background on the PPP loans In March of 2020, the CARES […]
Read the full articleCOVID-19 has shut down many businesses, causing widespread furloughs and layoffs. Fortunately, employers that keep workers on their payrolls are eligible for a refundable Employee Retention Tax Credit, which was extended and enhanced in the latest law. Background on Employee Retention Tax Credit The CARES Act, enacted in March of 2020, created the Employee Retention […]
Read the full articleThe COVID-19 relief bill, known as the Consolidated Appropriations Act of 2021 (CAA), signed into law on December 27, 2020, contains numerous favorable tax breaks for businesses. Here are some highlights of the new law, which also includes several other provisions. Business meal deduction increased The CAA includes a provision that removes the 50% limit […]
Read the full articleNow that we’re coming up on the end of the year, many employers may be wondering about filing for the FFCRA tax credit. They may have employees who took the time off to care for children or family members during the COVID-19 pandemic. This act, signed into law in March 2020, made it financially possible […]
Read the full articleUnfortunately, the COVID-19 pandemic has forced many businesses to shut down. If this is your situation, we’re here to assist you in any way we can, including taking care of the various tax obligations that must be met. Of course, a business must file a final income tax return and some other related forms for […]
Read the full articleThe IRS recently posted guidance on how to report the deferral of withholding, depositing, and paying of certain payroll tax obligations, as authorized by the Aug. 8, 2020, presidential memorandum directing Treasury to defer taxes under Sec. 7508A. The IRS has also updated Form 941, Employer’s Quarterly Federal Tax Return, to allow for reporting the […]
Read the full articleThe IRS has provided guidance to employers regarding the recent presidential action to allow employers to defer the withholding, deposit and payment of certain payroll tax obligations, social security taxes. The three-page guidance in Notice 2020-65 was issued to implement President Trump’s executive memorandum signed on August 8. Private employers still have questions and concerns […]
Read the full articleThe Department of Treasury and Internal Revenue Service have issued guidance implementing the Presidential Memorandum issued on Aug. 8, 2020. This allows employers to defer withholding and payment of the employee’s portion of the Social Security tax if the employee’s wages are below a certain amount. In short, employers can defer withholding Social Security tax […]
Read the full articleAs a follow up to an article we posted earlier in the spring, the CARES Act made changes to excess business losses. This includes some changes that are retroactive and there may be opportunities for some businesses to file amended tax returns. If you hold an interest in a business, or may do so in […]
Read the full articleOn August 8, President Trump signed four executive actions, including a Presidential Memorandum to defer the employee’s portion of Social Security taxes for some people. These actions were taken in an effort to offer more relief due to the COVID-19 pandemic. The action only defers the taxes, which means they’ll have to be paid in the future. […]
Read the full articleIf your business was fortunate enough to get a Paycheck Protection Program (PPP) loan taken out in connection with the COVID-19 crisis, you should be aware of the potential tax implications. PPP basics The Coronavirus Aid, Relief and Economic Security (CARES) Act, which was enacted on March 27, 2020, is designed to provide financial assistance […]
Read the full articleWith the July 15 tax deadline now past, the Internal Revenue Service reminds all taxpayers that there is no secret way to find out when your tax refund will be issued. Key facts to help understand the refund process better: Taxpayers who file electronically and use direct deposit can expect their refund faster than those […]
Read the full articleDuring the COVID-19 pandemic, many small businesses are strapped for cash. They may find it beneficial to barter for goods and services instead of paying cash for them. If your business gets involved in bartering, remember that the fair market value of goods that you receive in bartering is taxable income. And if you exchange […]
Read the full articleThe extended federal income tax deadline is coming up fast. As you know, the IRS postponed until July 15 the payment and filing deadlines that otherwise would have fallen on or after April 1, 2020, and before July 15. Retroactive COVID-19 business relief The Coronavirus Aid, Relief and Economic Security (CARES) Act, which passed earlier […]
Read the full articleAs part of the CARES Act, Congress waived the Required Minimum Distribution (RDM) requirements for 2020. Under existing law, taxpayers have 60 days from the date of distribution to roll back the RMD into the plan. The timing of the law change meant that taxpayers who took distributions in January had already exceeded the 60 […]
Read the full articleWhile the COVID-19 crisis has devastated many existing businesses, the pandemic has also created opportunities for entrepreneurs to launch new businesses. For example, some businesses are being launched online to provide products and services to people staying at home. Entrepreneurs often don’t know that many expenses incurred by start-ups can’t be currently deducted. You should […]
Read the full articleThe IRS has issued guidance clarifying that certain deductions aren’t allowed if a business has received a Paycheck Protection Program (PPP) loan. Specifically, an expense isn’t deductible if both: The payment of the expense results in forgiveness of a loan made under the PPP, and The income associated with the forgiveness is excluded from gross […]
Read the full articleDuring the COVID-19 pandemic, real property owners have had concerns on due dates for the payment of real property taxes and assessments for the second half of Tax Year 2019. The Ohio Department of Taxation has extended deadlines for the collection of real property tax for the following Ohio counties: Belmont (from July 20, 2020 […]
Read the full articleOne of the most frequently discussed aspects of the Paycheck Protection Program (PPP) loans has been the economic necessity certification. The date for borrowers that may lack adequate certification and be able to return the funds in good faith was extended to May 14, 2020 by the SBA. As promised the SBA updated its FAQ […]
Read the full articleIn light of theCOVID-19 pandemic, many businesses are interested in donating to charity. In order to incentivize charitable giving, the Coronavirus Aid, Relief and Economic Security (CARES) Act made some liberalizations to the rules governing charitable deductions. Here are two changes that affect businesses: The limit on charitable deductions for corporations has increased. Before the […]
Read the full articleThe IRS recently addressed a question regarding an Economic Impact Payment being sent to someone who was deceased. From the IRS Economic Impact Payment Information Center: Q: Does someone who has died qualify for the payment? A: No. A Payment made to someone who died before receipt of the Payment should be returned to the […]
Read the full articleThe IRS issued guidance on April 30th stating expenses paid with a forgiven PPP loan are NOT deductible. Notice 2020-32 states that “no deduction is allowed for an expense that is otherwise deductible, if the payment of the expense results in forgiveness of a covered loan.” In other words, payroll expense is not deductible, if […]
Read the full articlePaying workers “under the table” or with cash can save businesses a bundle in taxes. But the potential consequences are grave. Not only is this practice illegal and could result in severe financial penalties, but it also shortchanges employees. The novel coronavirus (COVID-19) pandemic has made this abundantly clear. As many laid-off workers who were […]
Read the full articleThe law providing relief due to the coronavirus (COVID-19) pandemic contains a beneficial change in the tax rules for many improvements to interior parts of nonresidential buildings. This is referred to as qualified improvement property (QIP). You may recall that under the Tax Cuts and Jobs Act (TCJA), any QIP placed in service after December […]
Read the full articleThe SBA recently (4/14/2020) issued a new Interim Final Rule that supplements the guidance for the Paycheck Protection Program (PPP) included in the first interim final rule issued on April 2. This new rule focuses on two areas that may come into play when making a PPP application: Self-employment income of partners in a partnership […]
Read the full articleA few weeks ago, the IRS postponed tax filing deadlines until July 15th, but seemed to have left nonprofits out. Tax-exempt organizations now have an extra two months to file their federal Form 990 due to coronavirus (COVID-19). The Internal Revenue Service (IRS) has extended the April 15 deadline for nonprofits, giving them until July […]
Read the full articleOne of the many challenges of operating a not-for-profit organization during the coronavirus (COVID-19) pandemic is that just when you desperately need financial support, many donors are unable to help. Widespread unemployment, stock market volatility and general uncertainty make even dependable donors reluctant to part with their money. Then there’s the fact that donors are […]
Read the full articleDuring this challenging time, we know that everyone’s highest priority continues to be the health and well-being of their families, friends, neighbors and co-workers. At the same time, we’re focused on trying to maintain as much of a business-as-usual environment as possible. Despite our best efforts, it’s a given that some businesses will experience losses […]
Read the full articleThe IRS has issued guidance providing relief from failure to make employment tax deposits for employers that are entitled to the refundable tax credits provided under two laws passed in response to the coronavirus (COVID-19) pandemic. The two laws are the Families First Coronavirus Response Act, which was signed on March 18, 2020, and the […]
Read the full articleIn response to COVID-19, and in an effort to encourage more charitable giving in 2020, the recently enacted government stimulus bill (the “CARES Act”) provides some additional tax relief for donors. Hopefully, this makes it easier to give and save at the same time. $300 Above-the-line Charitable Deduction for Those Who Take a Standard Deduction […]
Read the full articleA question was recently posed regarding an employer’s ability to defer payment of Social Security taxes, if they receive a Payroll Protection Program (PPP) loan. According to the IRS, employers who have a received a PPP loan, but whose loan has not yet been forgiven, may defer deposit and payment of the employer’s share of […]
Read the full articleIf you’re like most employers, your head is swimming with all of the information that’s been coming out of Washington D.C. these past few weeks. Thankfully, on April 6th, Treasury and the U.S. Small Business Administration (SBA) released FAQs on PPP (the $349 billion small business relief program that is a key part of the […]
Read the full articleThe recently enacted Coronavirus Aid, Relief, and Economic Security (CARES) Act provides a refundable payroll tax credit for 50% of wages paid by eligible employers to certain employees during the COVID-19 pandemic. The employee retention credit is available to employers, including nonprofit organizations, with operations that have been fully or partially suspended as a result […]
Read the full articleThe IRS has issued a warning to taxpayers about calls and email phishing attempts dealing with COVID-19 or the Coronavirus. Main concerns center around identity theft and tax-related fraud. Taxpayers should watch for emails, text messages, websites and social media attempts that request money or any personal information. According to IRS Commissioner Chuck Rettig, “The […]
Read the full articleOn March 27, President Trump signed into law another coronavirus (COVID-19) law, which provides extensive relief for businesses and employers. Here are some of the tax-related provisions in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Employee retention credit The new law provides a refundable payroll tax credit for 50% of wages paid […]
Read the full articleOhio Tax Commissioner Jeff McClain confirmed that Ohio will follow the lead of the federal government. Ohio is extending the deadline to file and pay state income tax to July 15th, which is an extension of three months from the original deadline of April 15th. As with the IRS extension, Ohio will waive penalty on […]
Read the full articleThe Ohio Legislature unanimously voted to give Ohio Tax Commissioner, Jeff McClain, authority to extend the state tax filing deadline to July 15th. This would keep the Ohio tax deadline aligned with the federal filing date. Governor DeWine has indicated he would sign the bill. Members of the Ohio Society of CPAs (OSCPA) were instrumental […]
Read the full articleOn March 18, 2020, President Trump signed the Families First Coronavirus Response Act (“the Act”) into law. While the legislation has many provisions, there are four key areas that address the unprecedented impact of COVID-19 on our companies, organizations and our workforce: Emergency Family and Medical Leave Expansion Act (EFMLEA) Emergency Paid Sick Leave Act […]
Read the full articleBusinesses across the country are being affected by the coronavirus (COVID-19). Fortunately, Congress recently passed a law that provides at least some relief. In a separate development, the IRS has issued guidance allowing taxpayers to defer any amount of federal income tax payments due on April 15, 2020, until July 15, 2020, without penalties or […]
Read the full articlePart of the electronic filing process of individual returns is setting up automatic withdrawals to pay taxes that were due on April 15th. If your personal 2019 return was already electronically filed, we (HW&Co.) do not have the ability to change the date on the return. In order to delay payment until July 15th, you […]
Read the full articleOn Friday, the IRS officially announced that, because of COVID-19, tax returns due April 15 will not have to be filed until July 15 this year. The notice applies to any person with Federal Income tax payment or Federal income tax return due 4/15/2020. The term “person” includes individual, trust, estate, partnership, association, company or […]
Read the full articleThis follow up is to keep you as up to date as possible on tax changes emerging as a result of COVID-19. IRS issued Notice 2020-17 clarifying Secretary Mnuchin’s comments. The IRS is allowing taxpayers to postpone income tax payments due on April 15th until July 15th. Here are the important points: Eligible payments would include […]
Read the full articleDear valued clients and friends of the firm: HW&Co.’s number one priority is the safety and well-being of our people, clients, families and the communities in which we live and work. Accordingly, here is an update on how we are doing our part to prevent the spread of COVID-19, while doing our best to provide […]
Read the full articleThese days, many offices and other workspaces are nearly empty as employees work from home. This can make companies that don’t safeguard their computers, printers and other equipment vulnerable to theft from outsiders. Even during normal times, businesses often lose assets because crooked employees walk out with them. Here’s how to protect valuable property — […]
Read the full articleUnfortunately, the COVID-19 pandemic has forced many businesses to shut down. If this is your situation, we’re here to assist you in any way we can, including taking care of the various tax obligations that must be met. Of course, a business must file a final income tax return and some other related forms for […]
Read the full articleFraud tends to flourish during periods of prosperity. The reason is simple: When companies experience fast-growing revenues and rising net profits, they may lack a strong incentive to divert resources to preventing and detecting fraud. Fraud schemes can go undetected for months, even years. Furthermore, the sheer volume of legitimate transactions during thriving economic times […]
Read the full articleUnlike some legitimate businesses, organized crime enterprises can be expected to weather the current COVID-19 crisis. In fact, with millions of Americans now working from home, organized crime-related cyber fraud — including phishing schemes and ransomware attacks — has grown exponentially. If you haven’t done so recently, it’s important to review and possibly upgrade your […]
Read the full articleDuring the COVID-19 pandemic, many small businesses are strapped for cash. They may find it beneficial to barter for goods and services instead of paying cash for them. If your business gets involved in bartering, remember that the fair market value of goods that you receive in bartering is taxable income. And if you exchange […]
Read the full articleWith COVID-19 still raging in much of the country, the opioid crisis may not be the top public health challenge on most Americans’ minds. But according to the American Medical Association, the pandemic has led to an increased number of opioid-related deaths in 35 states. It’s not just drug dealers, street gang members and […]
Read the full articleFactors such as wealth level, education and even whether people volunteer, probably will tell you more about potential donors than their generation. But some broad generalizations about age can help not-for-profits target particular groups for support. The newest generation of adults belong to what’s being called Generation Z, and it’s possible to draw some conclusions […]
Read the full articleWhile the COVID-19 crisis has devastated many existing businesses, the pandemic has also created opportunities for entrepreneurs to launch new businesses. For example, some businesses are being launched online to provide products and services to people staying at home. Entrepreneurs often don’t know that many expenses incurred by start-ups can’t be currently deducted. You should […]
Read the full articleSeveral major companies have already filed for bankruptcy during the novel coronavirus (COVID-19) crisis and many more large and small businesses are expected to follow suit. If you’re a creditor of a company that’s liquidating, it may be challenging to get back what you’re owed. That’s where a solvency opinion can help. An expert determines […]
Read the full articleThe COVID-19 pandemic has opened the floodgates to scam artists attempting to profit from sick, anxious and financially vulnerable Americans. On the frontlines fighting fraud are the Federal Trade Commission (FTC), U.S. Justice Department (DOJ) and other government agencies. Here are some of the fraud schemes they’re actively investigating — and the perpetrators they’ve rounded […]
Read the full articleBefore the novel coronavirus (COVID-19) pandemic struck, employees who suspected occupational fraud in their organizations had multiple options for notifying their employers. For example, they could use interoffice mail to send information anonymously or meet with HR personnel in person. Reporting options for employees working from home are more limited — particularly if they wish […]
Read the full articleBackground Information: The Coronavirus Aid, Relief, and Economic Security Act (CARES) Act that was signed by the President on March 27, 2020 included a Provider Relief Fund Payment provision of $100 billion to go to health care providers affected by COVID-19. By now, most of you have received two rounds of distributions, and it goes […]
Read the full articleMany businesses were unprepared when the novel coronavirus (COVID-19) pandemic required them to close their physical offices and shift to remote operations. Your company, for example, may have had to scramble to set up a virtual private network (VPN) or move files to the cloud. And while adapting to working from home, employees may […]
Read the full articleAs a result of the coronavirus (COVID-19) crisis, your business may be using independent contractors to keep costs low. But you should be careful that these workers are properly classified for federal tax purposes. If the IRS reclassifies them as employees, it can be an expensive mistake. The question of whether a worker is an […]
Read the full articleAs unemployment and financial insecurity become widespread during the novel coronavirus (COVID-19) crisis, many not-for-profit donors find themselves unable to provide monetary support to favorite charities. Instead, your organization may receive offers of gifts in kind (GIK) or donated services. Although you likely welcome these gifts, you may be unsure about how to record and […]
Read the full articleThe coronavirus (COVID-19) pandemic may pose a double whammy for seniors. The elderly are considered the most vulnerable population for medical complications associated with the virus. They’re also prime targets for COVID-19 scams. If you’re a senior — or have elderly relatives and friends — read and share the following information. Everyone a potential victim […]
Read the full articleThe IRS reminds retirees, who don’t normally have a requirement to file a tax return, that no action on their part is needed to receive their $1,200 economic impact payment. Seniors should be especially careful during this period, as they can be the target of scammers. The IRS reminds retirees – including recipients of Forms […]
Read the full articleThe IRS has issued a warning to taxpayers about calls and email phishing attempts dealing with COVID-19 or the Coronavirus. Main concerns center around identity theft and tax-related fraud. Taxpayers should watch for emails, text messages, websites and social media attempts that request money or any personal information. According to IRS Commissioner Chuck Rettig, “The […]
Read the full articleWe are all struggling with finding a way to normalize the abnormal. Astronauts may be the best ones to give advice on isolation. Taking from some of their experiences of living on the International Space Station, here is some advice on how to deal with the challenge of being isolated. Here’s a YouTube link if […]
Read the full articleAs governments around the globe mobilize to defend their populations from the novel coronavirus (COVID-19), criminals are also mobilizing — to fleece people. These opportunists have already found ways to use the fear and chaos associated with the pandemic to enrich themselves. But you can protect yourself and your business. Ripe opportunity Phishing emails that […]
Read the full articleTips to effectively work from home First, get changed out of your pajamas every morning. It’ll help get you in the right headspace for work and allow you to take video calls on the fly. Pick one or more dedicated workspaces, ideally with a decent chair that will support your back. But try to keep […]
Read the full articleDear valued clients and friends of the firm: HW&Co.’s number one priority is the safety and well-being of our people, clients, families and the communities in which we live and work. We want to share with you what we are doing to play a role in preventing the spread of COVID-19 while also doing our […]
Read the full articleSteps to Receiving an Employee Retention Tax Credit
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PPP2 & Employee Retention Tax Credit
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