Tag: COVID-19

IRS updates status of tax return processing backlog

  • May 27, 2022
  • ShindelRock

The IRS continues to struggle with tax return processing in the wake of the COVID-19 pandemic.  As of 5/14/22, the IRS had 9.8 million unprocessed individual returns received before 2022 as well as new tax year 2021 returns. The backlog...

New round of grants available to Michigan businesses hurt by pandemic

The Michigan Department of Treasury is administering a $409 million business grant relief program designed to help certain Michigan businesses that have experienced a financial hardship due to the COVID-19 public health emergency. Under the Afflicted Business Relief Grant Program,...

Infrastructure Bill ends ERTC for employers early

The recently passed $1.2 trillion Infrastructure Investment and Jobs Act includes key provisions affecting American employers, including an early end to the Employee Retention Tax Credit (ERTC), also referred to as the Employee Retention Credit (ERC).  The ERTC was created in...

SR Client Question: What happens if a PPP loan is defaulted upon?

A Paycheck Protection Program (PPP) loan default is treated just like any other SBA loan guaranteed by the government to a lender (under the 7A program, the government secures 85% of a loan to the bank; for PPP loans, the...

Fourth round of healthcare Provider Relief Funds (PRF) available starting Sept. 29

A fourth round of Provider Relief Funding (Phase 4 General Distribution) will be available on the HHS portal beginning September 29 for healthcare providers who can demonstrate lost revenues and expenditures between 7/1/20 – 3/31/21. PRF Phase 4 will reimburse smaller...

Sixty day grace period announced for Provider Relief Funds’ Period 1 reporting deadline

The September 30, 2021 Reporting Period 1 deadline for Provider Relief Fund (PRF) recipients has not changed; however, in response to challenges providers are facing given the COVID-19 surges and natural disasters around the country, a 60-day grace period is...

PPP loans of $150,000 or less can now be forgiven directly through the SBA

Business owners who received Paycheck Protection Program (PPP) loans of $150,000 or less can now apply for forgiveness directly through the SBA, according to a new SBA announcement. The new streamlined application portal will simplify the forgiveness process for over 6.5...

New online portal for opting out of advance Child Tax Credit payments

The IRS has opened an online site to enable taxpayers to unenroll from receiving advance payments of the 2021 child tax credit (CTC). The new “Child Tax Credit Update Portal” allows parents to view their eligibility, view their expected CTC...

Online tool to register for monthly Child Tax Credit payments is now available

  • June 21, 2021
  • Maria Montie, CPA, MST, CVA, MAFF

The Treasury Department and the Internal Revenue Service have unveiled an online Non-filer Sign-up tool designed to help eligible families who don’t normally file tax returns register for the monthly Advance Child Tax Credit payments, scheduled to begin July 15....

HHS issued revised reporting requirements for recipients of Provider Relief Fund (PRF) payments (effective June 11, 2021)

HHS recently revised the Post-Payment Notice of Reporting Requirements, which increases the amount of time to report and extends the deadline for spending for recipients of Provider Relief Fund (PRF) payments.  This includes increasing the amount of time providers will have to report...