Have you looked into the Employee Retention Credit (“ERC”) for your business? This lucrative payroll credit is refundable and it can be surprisingly substantial. Just as a quick recap, the ERC is available for wages ...
HM&M Accounting, Audit and Assurance, & Tax Blog
Click to Download Article Employee benefit plan sponsors and their auditing firms need to begin preparing for the adoption of Statement on Auditing Standards No. 136 (SAS 136), Forming an Opinion and Reporting on Financial ...
In Part I of this analysis, we provided a brief overview of President Joe Biden’s two recent 2021 legislative proposals that could have major implications on Federal income taxation of individuals, businesses, and other entities, ...
Introduction Following the enactment into law of his American Rescue Plan on March 11, 2021, legislation primarily aimed at providing continued COVID-19 relief, President Biden has unveiled two broad proposals that could deliver on a ...
The American Rescue Plan Act of 2021 (ARP) provides for refundable tax credits that are meant to reimburse employers for providing paid sick and family leave to their employees due to COVID-19, which includes leave ...
Last week, many Texans and residents of other southern states were severely impacted by a historic winter storm. A substantial amount of time may lapse before we fully recover. Today, HM&M presents an overview of ...
Earlier this year, Congress finally passed legislation that corrects a drafting error related to real estate qualified improvement property (QIP). The correction is part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The ...
If a relative needs financial help, offering an intrafamily loan might seem like a good idea. But if not properly executed, such loans can carry negative tax consequences — such as unexpected taxable income, gift ...
Abstract: To provide businesses and their owners with some relief from the financial effects of the COVID-19 crisis, the CARES Act eases the rules for claiming certain tax losses. This article provides an overview of ...
Abstract: Gig workers represent a growing segment of the economy. And no matter what the job or app, they all have one thing in common: income tax obligations. This article explores the distinctive income tax ...
As audit committees weigh the practical challenges of accounting, reporting and disclosing the impacts of COVID-19, the following series of questions are designed to assist audit committees in execution of their oversight roles and responsibilities ...
The $349 billion Paycheck Protection Program (the “PPP”) is one of the largest provisions of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”, or the “Act”) enacted on March 27, 2020. The ...