Article Archives: Sarah Huang

The IRS recently released Notice 2021-49, providing long awaited guidance on many aspects of the Employee Retention Credit (ERC). One aspect relates to the timing of the wage disallowance for ERC claims.

 » Read more

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?

 » Read more

In early August, the IRS issued two pieces of guidance on the Employee Retention Credit (ERC) – Notice 2021-49 and Revenue Procedure 2021-33. This guidance includes answers to your top questions,

 » Read more

Back in March 2020, Congress passed the Families First Coronavirus Response Act (FFCRA) which required certain employers to offer expanded sick and family leave benefits to their employees and receive a payroll tax credit as a result.

 » Read more

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,

 » Read more

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. 

 » Read more

On August 10, 2020, the Small Business Administration (SBA) opened up its Paycheck Protection Program (PPP) loan forgiveness portal to lenders, which means banks may now process loan applications from borrowers.

 » Read more

This article reflects the law prior to the passage of the Consolidated Appropriations Act (CAA) in December 2020. As such, certain sections may now be outdated. To learn more about the CAA updates,

 » Read more

This article reflects the law prior to the passage of the Consolidated Appropriations Act (CAA) in December 2020. As such, certain sections may now be outdated. To learn more about the CAA updates,

 » Read more

This article reflects the law prior to the passage of the Consolidated Appropriations Act (CAA) in December 2020. As such, certain sections may now be outdated. To learn more about the CAA updates,

 » Read more

On Friday, June 5, the Paycheck Protection Program Flexibility Act of 2020 was signed into law by President Trump. The bill passed the House last week and cleared the Senate on Wednesday with a unanimous vote.

 » Read more

Issuing a donor receipt seems like a simple task, especially in today’s technological era. Many online giving platforms used by charities issue a receipt automatically, taking the burden off the development staff and reducing a charity’s overhead costs.

 » Read more

Now that a month has passed since President Trump signed the Tax Cuts and Jobs Act into legislation, the ripple effect of the changes is being felt.  The drop in corporate tax rates has a positive impact for many. 

 » Read more

Just because something is called a donation, doesn’t mean it yields a charitable donor tax deduction. In fact, many charities offer programs wherein participants are required to make a “donation” prior to partaking.

 » Read more

By Sarah Huang, CPA

Last September, the IRS issued a proposed regulation indicating Treasury would implement a new form for charities to report donations to the IRS.

 » Read more

By Sarah Huang, CPA

Ninety percent of schools had underreported taxable income according to the statistics from the IRS’s final report on the College and University Compliance Project released at the end of April;

 » Read more

By Sarah Huang, CPA and Jennifer Becker Harris, CPA

Charities that invest in alternative investments are not immune to the many income, excise, and foreign tax consequences related to the complex investments.

 » Read more

By Sarah Huang, CPA

It’s that time of the year. The phones are ringing with frantic calls from donors wanting receipts for prior year donations to support a deduction on their personal tax returns.

 » Read more