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 MoreOMB Extends Single Audit Submission Deadline
On March 19, 2021, the Office of Management and Budget released OMB Memo M-21-20, Promoting Public Trust in the Federal Government through Effective Implementation of the American Rescue Plan Act and Stewardship of the Taxpayer Resources. Key areas discussed are as follows: Federal agencies are required to submit their implementation plans to the OMB for…
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 More4 Basic Cybersecurity Steps Payment Facilitators Should Take
30-Second Summary: The Main Takeaway: Small businesses are just as vulnerable to cybersecurity threats as major Fortune 500 companies, yet few of them have defense plans in place. Impact on Your Business: Cybersecurity is a tangible threat that can cost you your credibility, customers and bottom line, if you don’t address it properly. Next Steps: Here are four,…
Read MoreEmployee Retention Tax Credit Creates Tax Refund Opportunities
The Consolidated Appropriations Act of 2021 signed into law on December 27, 2020 expanded both which employers are eligible for Employee Retention Tax Credit (ERTC) in 2020 but it also extended ERTC into the first two quarters of 2021. The ERTC is a refundable payroll tax credit that was first introduced by the CARES Act…
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 MoreTransform Your Practice with Technology
When you think about investing in your dental practice, your mind may gravitate to aesthetic enhancements — new exam chairs, sleeker office furniture or updated signage. But what about technology? Your patients are always looking for new tools to simplify their lives, from devices like Amazon’s Alexa to the latest smartphone model. And that means…
Read MoreDentists: It’s Time to Renegotiate Your Payer Contracts
When was the last time you renegotiated your fee schedule? What about your payer rates? Are there payers who are no longer adding value to your bottom line? These are vitally important questions that every dental practitioner and practice owner should consider. Allowing these areas of your business to go unnoticed poses a significant risk…
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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