Negative pandemic effects have been partially mitigated through many avenues of federal funding, including the Paycheck Protection Program (PPP), Restaurant Revitalization Fund, Economic Injury Disaster Loans (EIDL) and Employer Retention Tax Credits (ERC). What must be considered now, is whether these sources of federal funding could result in an organization being subject to a Single Audit, a financial statement and federal awards audit for any organization that expends $750,000 or more in federal funds in one year.
The U.S. House of Representatives passed the Build Back Better Act, a $1.75 trillion spending, social policy, and climate change bill. Review the major tax provisions to help finance the spending package.
Bill Brings Early Termination Of The ERC
President Joe Biden signed the Infrastructure Investment and Jobs Act into law. This legislation contains a provision that terminates the Employee Retention Credit (ERC) early, retroactively to October 1, 2021.
Year-End Tax Planning For Businesses
Despite the delays and uncertainty around exactly what tax changes final legislation will contain, there are actions that businesses can consider taking to minimize their tax liabilities.
Our address is 230 West Street, Suite 700, Columbus, OH 43215
If you do not wish to receive future emails, click here to manage your subscriptions. You can also mail your request to Customer Care at the address listed above.
GBQ Partners LLC, 230 West Street, Suite 700, Columbus, OH 43215, 6149475301
