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Don’t Miss Out on the Newly Supercharged Employee Retention Tax Credit
Posted by Carrie Gizienski on Fri, Jan 22, 2021 @ 12:01 PM

The Employee Retention Tax Credit (ERTC) was established by the Coronavirus Aid, Relief, and Economic Security (CARES) Act, but limitations on its availability tempered interest in the relief measure. That is about to change, thanks to significant changes made on Dec. 27, 2020, by the Consolidated Appropriations Act, 2021 (the Act). The ERTC is now available to employers that received loans under the Payroll Protection Program (PPP), so any employer meeting ERTC eligibility criteria can benefit. Because employers potentially benefit from the enhanced ERTC on a retroactive basis, employers should immediately begin analyses to identify and calculate the value of retroactive or prospective ERTC benefits.

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Topics: IRS, tax relief, tax credit, COVID19, Coronavirus, CARES Act, PPP, PPP Loan Forgiveness, Consolidated Appropriations Act, Employee Retention Tax Credit, The Act, ERTC

Using KPIs to Guide Manufacturers’ COVID-19 Accelerated Recovery
Posted by Luke Espich on Wed, Oct 14, 2020 @ 04:24 PM

As companies plan for 2021, driver-based analysis will be vital for proactive decision-making and managing a shifting business environment. Manufacturers commonly monitor business activities through key performance indicators (KPIs) that boil down financial and production outputs into meaningful operational insights. As you enter an accelerated recovery mode, your management teams should take inventory of your current processes to unlock data-driven decision-making on a day-to-day basis across your business.

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Topics: IRS, tax relief, Business Interest Expense, COVID19, manufacturing, distribution, recovery, KPIs

IRS Issues Employee Payroll Tax Deferral Guidance
Posted by Chrissy Hammond on Mon, Aug 31, 2020 @ 05:31 PM

Late Friday, the IRS released guidance that implements President Trump’s executive order permitting employers to defer certain employee payroll taxes. The IRS guidance provides key details on employee eligibility, the repayment period, and employer responsibilities. But the IRS guidance leaves some questions unanswered, even as the optional deferral period takes effect September 1. Importantly, the IRS guidance could cause an economic hardship for many employees while exposing employers to a new contingent liability.

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Topics: IRS, tax relief, payroll taxes, COVID19, Employee Payroll Tax Deferral

Final Business Interest Expense Rules Provide Relief to Manufacturers
Posted by Chrissy Hammond on Wed, Aug 19, 2020 @ 06:22 PM

Businesses that hold inventory for sale to customers are in for a bit of good news. Late last month, the IRS released final regulations on the business interest expense limitation, and eased up on proposed guidelines that would have curtailed larger deductions for business interest expense by businesses that capitalize certain expenses under Section 263A’s Uniform Capitalization rules (UNICAP).

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Topics: IRS, tax relief, Business Interest Expense, COVID19, manufacturing, distribution, Uniform Capitalization rules, UNICAP

4 Ways the Manufacturing & Distribution Sector Can Prepare for the Post-COVID-19 Environment
Posted by Chrissy Hammond on Wed, Jul 1, 2020 @ 03:19 PM

Manufacturers and distributors were among the first sectors to feel the impact of the COVID-19 pandemic. Supply chains took an immediate hit as travel restrictions and distancing guidelines went into place across the globe. Organizations may continue to feel the effects during the recovery phase as social distancing guidelines augment typical production environments and suppliers respond to the financial repercussions of the pandemic’s disruption.

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Topics: tax relief, COVID19, Coronavirus, supply chain, manufacturing, distribution

IRS Offers New Guidance on the Offshore Voluntary Disclosure Program (OVDP)
Posted by Kristen Shepley on Wed, Sep 26, 2012 @ 09:13 AM

Program allows taxpayers with undisclosed foreign accounts and assets to “come clean” in exchange for reduced penalties and protection against criminal prosecution

Are You Eligible?

The IRS has issued guidance on its current Offshore Voluntary Disclosure Program (OVDP) and tightened eligibility requirements. Good news: taxpayers with undisclosed foreign accounts and assets can “come clean” in exchange for reduced penalties and protection against criminal prosecution.

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Topics: tax issues, Kristen Shepley, tax, IRS, OVDP, U.S. citizens, Offshore Voluntary Disclosure Program, tax relief

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