The IRS recently issued further guidance on the employee retention credit. This includes guidance for employers who pay qualified wages after June 30, 2021, and before January 1, 2022, and guidance on miscellaneous issues that apply to the employee retention credit in both 2020 and 2021. Additionally, the IRS issued a safe harbor allowing employers to exclude certain items from their gross receipts solely for determining eligibility for the employee retention credit.
Notice 2021-49 addresses changes made by the American Rescue Plan Act of 2021 to the employee retention credit that apply to the third and fourth quarters of 2021.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act contains a business relief provision known as the Employee Retention Credit (ERC), a refundable payroll tax credit for “qualified wages” paid to retained full-time employees from March 13, 2020, to Dec. 31, 2020. The purpose of the ERC was to encourage employers to keep employees on the payroll, even if they were not working during the covered, COVID-19, period.
By Robby Vanrijkel
COVID-19, the economy and political shifts have resulted in tumultuous times for many nonprofits. Organizational resilience depends heavily on securing funding, and organizations are seeking out new ways to engage with donors to ensure they have the resources needed to continue their missions. Successful nonprofits understand that maintaining these relationships is imperative for the survival and continued growth of their organizations.
By Michael Ward
The COVID-19 pandemic has impacted nonprofits in dramatically different ways, with some organizations scrambling to meet rapidly rising demand and others shrinking to survive the ongoing crisis. Whether an organization’s situation has been one of boom, bust or somewhere in between, scalability is a universal asset in a global pandemic.
The Biden Administration’s American Families Plan and other tax proposals may complicate the tax landscape for high-income earners. Many of the proposals target taxpayers earning more than $400,000 per year.
I stumbled into Human Resources. Prior to my Human Resources career, I had very little understanding of what “HR people” did. As the department of “NO,” I saw HR as a group of people isolated from core organizational goals. As a “siloed” department, I saw a group of people working hard to process paperwork, pacify disgruntled employees, and fix payroll and benefits mistakes. What a misunderstanding!
The IRSand the Treasury released guidance Thursday April 8, 2021 on a temporary exception to the 50% limit that businesses can deduct for food or beverages from restaurants during the pandemic.
I believe that…
· Employees are capable of excellence.
· Certain employee behaviors, which do not meet expectations can be improved upon by utilizing a SOLID corrective action process.
· Great leaders recognize individual genius in people, and they know how to ignite it!
· Great leaders must address poor behavior and performance at times to ignite this genius.
Was your annual audit process painful? Did you hear more about issues, or did you access meaningful insights?
Whether you’re looking for new perspective, enhanced access to resources, or greater responsiveness, developing a new auditor relationship can seem like a daunting task. However, the transition can be made simpler with a vetting process that identifies the right firm, people, processes and technology to meet your needs and ensure seamless onboarding.