Gross Receipts for Employee Retention Credit Does NOT Include Certain COVID Relief Funds

Revenue Procedure 2021-33, issued by the IRS on August 9, 2021, now answers one of our biggest Employee Retention Credit (ERC) questions: Are Paycheck Protection Program (PPP) loans included in gross receipts for ERC eligibility?

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Public Support Test – Why It Matters for Both Public Charities and Private Foundations

Whether you are an established public charity or one in its infancy years, or you’re a private foundation making grants to public charities, understanding the public support test is key to ensuring that donors maintain a favorable tax deduction and that private foundations do not inadvertently make a taxable expenditure.

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Employee Retention Credit: Latest Updates and Extension Through 2021

The rules and guidance for the employee retention credit (ERC) continue to change as we go. The American Rescue Plan Act of 2021, signed on March 11,

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Retroactive Changes to the Paycheck Protection Program for 2020 Borrowers

On December 27, 2020, the Consolidated Appropriations Act of 2021 (CAA) was signed into law. In addition to funding new Paycheck Protection Program (PPP) loans, the CAA relaxed certain rules governing the program and made many retroactive changes applicable to PPP loans issued in 2020.

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Changes for First Time Paycheck Protection Program Borrowers in 2021

In March 2020, the Paycheck Protection Program (PPP) came into play as a result of the CARES Act.  Many businesses were quick to jump at the opportunity to secure additional funding due to the dramatic impact the shutdowns had on their operations.

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