Archive for the ‘Administration’ Category

IRS releases plan to triple its audit rates on large corporations

Audit rates on large corporations to increase threefold, per newly released IRS roadmap for spending Inflation Reduction Act funds.

Remote workforces are complicating state tax nexus and withholding

As businesses increase the use of remote workforces, nexus and withholding determinations can greatly complicate state tax compliance.

IRS announces details for ERC Voluntary Disclosure program

IRS provides VD Program for employers to return ERC refunds and avoid penalties and interest. Employers must apply by March 22, 2024.

IRS delays implementation of lower $600 reporting threshold for 1099-K

New IRS notice 1099-K for small vendors will be subject to existing requirements for TY 2023, followed by a phased-in approach.

Don’t Forget to File California’s Form SI-100 Secretary of State Statement of Information

  Don’t Forget to File California’s Form SI-100 Secretary of State Statement of Information Form SI-100, Statement of Information, is a one-page informational form filed with the California Secretary of State that provides information about addresses, corporate officers and corporate filing agents. Every domestic nonprofit organization must file a Statement of Information with the Secretary… [Read More]

CalSavers Program

Dear Employers, We wanted to inform business owners who have not yet acquired a retirement plan for your employees.  California has set a final date of June 30, 2022 for employers with greater than five employees to enroll in a retirement program. If you have not enrolled in a program, they have provided the CalSavers… [Read More]

American Rescue Plan: Self-Employed Paid Family and Medical Leave

American Rescue Plan: Self-Employed Paid Family and Medical Leave The American Rescue Plan Act of 2021 extends and modifies COVID-19 self-employment tax credits for paid sick and family leave created under the Families First Coronavirus Response Act and amended by the Coronavirus Aid, Relief, and Economic Security Act. The credits are “equivalent” to those available… [Read More]

Employee Retention Tax Credit (“ERTC”)

Updated February 2021 On December 20, 2020, the House and Senate passed H.R. 133, the Consolidated Appropriations Act of 2021 (“CAA”), which includes a significant expansion of the Employee Retention Tax Credit (“ERTC”) through June 30, 2021. The ERTC was first enacted on March 27, 2020, pursuant to the Coronavirus Aid, Relief, and Economic Security… [Read More]

Paycheck Protection Program (PPP2)

Updated January 2021 Guidance has been issued by the SBA regarding the “second round” of the Paycheck Protection Program (PPP2) and some other aspects that were signed into law at the end of the year. Summary of Key Aspects of PPP Second Draw Loans These loans are generally subject to the same terms, conditions and… [Read More]

New California Small Business Grants

Updated January 2021 California has launched a business grant program for COVID-impacted business. The California Small Business COVID-19 Relief Grant Program is making available almost $500 million in COVID relief through grants for small business that have been impacted by COVID-19 and the health and safety restrictions such as business interruptions or business closures incurred… [Read More]