Articles

Posted by: Sarah Huang

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, 2021, now allows an extension of the ERC through the end of 2021. As organizations continue on the path of recovery from the pandemic, this credit can yield sizeable cash flow to those who qualify.

In addition to the extension of the credit, the IRS released official guidance on the ERC for 2020 and 2021 (Notice 2021-20 and Notice 2021-23). While much of the additional guidance simply repeats the Frequently Asked Questions posted to the IRS website last year,

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Think Before You SPAC

Merging with a special purpose acquisition company (SPAC) is a quick, easy, and low risk way to turn your great work as a company into untold riches. But unfortunately, before we go on, we must focus your attention on the date of our article – April Fools!!

Now, some elements of the opening sentence are true. Merging with a SPAC is a­ way to turn your hard work as a company into … something different than what it is today. There is no doubt SPACs are a tool to change the capitalization of a company, and, when done correctly, they can be excellent vehicles for improving an organization.

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Posted by: Julie Eisenhauer

4/13/2021: This article has been updated since originally published to reflect new guidance.

On March 11, 2021, President Biden signed the American Rescue Plan Act (the Act) into law to speed up the U.S. recovery from the economic and health impacts of the COVID-19 pandemic. Included in the Act is a Restaurant Revitalization Fund with appropriations of $28.6 billion in grants to support the restaurant industry. This is the first grant program specifically available to the restaurant industry.

Eligible businesses with gross receipts during 2019 of not more than $500,000 will have $5 billion available to them, with the remaining $23.6 billion to be awarded in an equitable manner to eligible restaurant entities based on annual gross receipts.

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Posted by: Grant Shaver · Bob Heller

Overview

Healthcare organizations across the United States face unique complexities regarding state taxes when doing business in Washington. Unlike most states, Washington does not impose an income tax on businesses. Businesses are, however, subject to the Washington business and occupation (B&O) tax. The B&O tax is a tax on gross receipts for the privilege of doing business in the state. The tax is imposed on every legal entity with activities in Washington. Washington does not exempt nonprofits from the B&O tax, nor does it exempt them from sales and use tax as many states do. As a result, nonprofit healthcare, religious, and other organizations in Washington are generally subject to the same taxes as for-profit businesses.

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Posted by: Pooja Gupta · Matt Medlin

We recently had the opportunity to speak with professionals in the local venture capital community to get their perspective on how the COVID-19 pandemic has impacted their businesses. Over the course of our interviews, we noticed a few recurring trends and observations worth sharing. Here’s what we learned from our discussions:

Deal Making

Perhaps unintuitively, venture capital deal-making has continued to grow, hitting record highs amid the pandemic. Although there was an initial pause in investing during March to May of 2020, those we interviewed said fund managers have adapted to the changes quickly.

Investors have been pumping in money,

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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.

If your organization took advantage of the PPP loan program in 2020, below is a summary of the program rules, before and after the passage of the CAA.

Guide to PPP Loan Forgiveness

If you are looking for more information, we have published a five-part series on PPP loan forgiveness. Some of these articles were originally published before the passage of the CAA and do not reflect the recent modifications to the rules.

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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. However, other businesses did not take advantage of the loan program, either because they were an ineligible type of business, or they simply didn’t have enough economic uncertainty to qualify. Now, those businesses have another opportunity available.

On December 27, 2020, the Consolidated Appropriations Act of 2021 (CAA) was signed into law and authorized an additional $284 billion in new PPP loans.

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Posted by: Steve Vasconcellos

As the pace of technology advancement increases, the information systems we rely on to record and store accounting information are growing in complexity and sophistication. Financial data can be dispersed over multiple systems or “sources of truth,” leading to inconsistencies or inaccuracies that may impact business decisions.

With this greater dispersion of information, personnel may end up with too much access, leading to an increased potential of manual error in data entry or even fraud. The completeness, accuracy, and integrity of financial information is, and should be, of great concern to organizational leaders with decision making responsibilities. As such, there is greater need than ever to assess the control environment around the IT systems that produce financial data.

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Posted by: Sarah Huang

Update: This article was updated on 3/25/2021 to reflect changes brought on by the American Rescue Plan Act of 2021. For more information on the extension, see this article

The Employee Retention Credit (ERC), introduced in March 2020 as part of the CARES Act, was a much-needed funding source for many employers. However, many were ineligible to claim the credit in 2020 as they opted to receive funding through the Paycheck Protection Program instead.

With the recent enactment of the Consolidated Appropriations Act of 2021 and the American Rescue Plan Act of 2021, the rules have changed and the credit has been extended to December 31 ,2021.

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Posted by: Kelly Rancourt

Recipients of Provider Relief Funds (PRF) under the CARES Act have spent 2020 and the beginning of 2021 navigating the evolving guidance related to this program. There have been many questions related to PRF and, ultimately, the reporting that will be required.

On Friday, January 15, 2021, the Provider Relief Fund Reporting Portal opened for registration and PRF recipients are now getting closer to final guidance on what will be necessary to include in the December 31, 2020 report that is due in early February. Given the guidance we now have available, this article will give a brief overview of the report and its requirements.

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