Archive for March 2021
FFATA Reporting Requirements
FFATA (Federal Funding Accountability and Transparency Act) reporting is required by all prime awardees that enter into subawards for $25,000 or greater. The purpose of this reporting is to provide a single searchable website that contains information on all Federal awards. All reports should be submitted through the Federal Funding Accountability and Transparency Act Subaward…
Read MoreIRS Declines to Extend Due Date for First-Quarter Estimated Tax Payments
At a glance: The IRS has confirmed its extension of the filing due date for 2020 individual income tax returns to May 17, 2021. This extension also applies to the due date for making 2020 contributions to an individual IRA, Roth IRA, health savings account (HSA), Archer medical savings account (MSA) and Coverdell education savings…
Read MoreTop-3 Fraud Vulnerabilities Associated with Remote Work
30 – Second Summary: The Main Takeaway: Though remote work has the potential to leave you open to fraud, there are measures you can take to minimize your risk. Impact on Your Business: Preventative measures should be put in place to avoid the various ways fraud can negatively affect your business. Next Steps: Familiarize yourself with the…
Read MoreThe Top 4 Myths About the Employee Retention Credit
30-Second Summary: The Main Takeaway: Businesses could obtain up to $33,000 per employee if they are eligible for the Employee Retention Credit (ERC). Impact on Your Business: Many businesses are leaving money on the table because they don’t understand how the ERC works. Next Steps: Be proactive and debunk these four myths many businesses believe about the ERC,…
Read MoreMaryland Comptroller Interprets Taxable “Digital Products” to include Almost Everything
On February 12, 2021, the Maryland General Assembly overrode the Governor’s veto of House Bill 932, making Maryland the most recent state to impose its sales tax on “digital products.” Sellers of digital products have virtually no time to prepare for the collection of the new tax, as legislation enacted by an override of the governor’s…
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