Blog & Newsroom

Shuttered Venue Operators Grants and Restaurant Revitalization Fund Grants can pose accounting challenges.

On Aug. 10, the AICPA released a Technical Question and Answer (TQA) surrounding how a recipient should account for these grants. TQA 5270.01, Recipient Accounting for Shuttered Venue Operators Grants (SVOG) and Restaurant Revitalization Fund (RRF) Grants Received Under the Small Business Administration (SBA) COVID-19 Relief Program provides nonauthoritative guidance about how to account for SVOG and RRF grants. It applies to not-for-profit organizations who were only eligible for SVOG and private businesses entities who were eligible for both grants.

According to Accounting Today, the Internal Revenue Service began sending out letters from its Automated Collection System function in June and restarted the income tax levy program in July.

Suspended last year, the IRS tax levy program includes both tax levy and treasury payments.

As a QuickBooks Payroll subscriber, you have probably received the following email from Intuit regarding a change to QuickBooks Payroll in that will be implemented in early fall 2021. 

This service will allow The Work Number® from Equifax to access your employees’ identifying information, as well as historical earnings directly from your QuickBooks file.  From the information outlined in the Frequently Asked Questions, this verification would happen without your knowledge. 

As small business owners complete the second quarter 2021 filing of their state unemployment tax payments with the Ohio Department of Job and Family Services, they should be aware that tax saving benefits have been preserved for the coming years.

On June 29, Gov. Mike DeWine signed House Bill 168, which appropriates $2.2 billion of the $2.7 billion that Ohio is slated to receive this year under the federally funded American Rescue Plan.

On July 1, Ohio Gov. Mike DeWine signed House Bill 110 into law approving the state’s $72 billion two-year budget.

The biennial budget provides funding for state operations, overhauls K-12 school funding, provides $250 million in broadband support for underserved areas and makes numerous tax policy changes.

One of the more notable tax-related changes involves the municipal income tax and working from home.

In June, the American Institute of Certified Public Accountants held a virtual Not for Profit Conference, which discussed a range of issues including stimulus funding, changes to tax law, cybersecurity and changes to independent auditors report.

For many business owners, the Paycheck Protection Program loan journey is not over when they receive acknowledgement of loan forgiveness from their local lender and from the Small Business Administration. From a tax perspective, the map that lays out the tax impact remains unclear.

During the fourth quarter of 2020, the primary question most business owners and tax professionals grappled with was whether or not the expenses paid using PPP Loan proceeds would be tax deductible and/or whether the loan proceeds were considered taxable income. The uncertainty related to these questions made tax planning for the 2020 calendar year difficult

As we re-open our economy after 16 long months of closure due to the global pandemic, business owners have been forced to pivot in many different areas in order to survive. Looking back at the seemingly split-second decisions many businesses were forced to make, what are the long-term takeaways that will influence your future business operations?

In early June, the Internal Revenue Service started sending letters to families about how they may be able to qualify for monthly Child Tax Credit payments.

The letters are going out to families who may be eligible based on information they included in either their 2019 or 2020 tax return or who used the Non-Filers tool on IRS.gov last year to register for an Economic Impact Payment.

In early June, the U.S. Treasury Department released its general explanations of proposed changes to the U.S. tax code.

Please note, the following items have only been proposed. In order to become law, they must pass through both the U.S. House of Representatives and the U.S. Senate.