Posts by Justin Elanjian, CPA
Understanding the ERC’s More than Nominal Requirements
At a glance: The main takeaway: The IRS has clarified the definition of “more than nominal” as it relates to partially suspended operations for ERC eligibility, underscoring the importance of a carefully calculated and thoroughly documented credit to mitigate audit risk. Impact to your business: Companies now have a clear benchmark to assess whether they satisfy the…
Read MoreEmployee Retention Credit: Are U.S.-based Subsidiaries of International Companies Eligible?
At a glance: The main takeaway: With changes passed under the Consolidated Appropriations Act, more businesses are eligible for the Employee Retention Credit, potentially those that are U.S.-based subsidiaries of international companies. Impact on your business: To assess your eligibility, you need to have a solid understanding of the controlled group rules, which can help you identify…
Read MoreHow Mixing Family and Business Could Impact Your ERC
At a glance: Family attribution rules and the ERC: If your business has any shareholders that are also family members, family attribution rules mean your company may be part of a controlled group. Impact on your business: Being part of a controlled group doesn’t disqualify you from claiming the ERC, but it could impact your credit value.…
Read MoreWhat COVID Relief Options Are Still Available to U.S. and U.K. Businesses?
At a glance: The Main Takeaway: The U.S. and U.K. governments have started to phase out and put end dates on popular economic relief programs for businesses, due to increasing vaccination rates. Impact on Your Business: Though deadlines have been extended, funding for some programs is minimal, so it’s important to apply now and take…
Read MoreIt’s Here: The HHS Releases New Provider Relief Fund Guidance on Reporting
At a glance: The main takeaway: The U.S. Department of Health and Human Services (HHS) has released new guidance that sheds some much-needed light on Provider Relief Fund (PRF) reporting requirements. Impact on your business: The HHS’s guidance specifically provides information on PRF usage deadlines and time periods, reporting responsibilities and how to conduct the…
Read MoreERC Update Expands Eligibility to New Startups
At a glance: ERC update: The American Rescue Plan introduced a new group of Eligible Employers, categorized as recovery startup businesses. Expanded eligibility: The expanded criteria helps close the gap for recent startups that were previously ineligible, providing a new means of benefiting from the credit. Next steps: Any companies that started operations in 2020 should reassess their…
Read MoreClaiming the ERC? You Might be Able to Cash In Sooner Than You Planned
30 Second Summary Businesses can receive an advance on ERC by filing Form 7200. The option of an advance provides a critical lifeline for businesses that need more cash flow. Assess the criteria for Form 7200 to determine whether filing for an advance is the right choice for your business. Contact Aprio’s ERC team to determine…
Read MoreHow to Maximize your ERC and R&D Credit Values
At a glance: Taking a stance: Aprio’s interpretation of official guidance supports that businesses may use the same wages for both ERC and R&D credits for 2020, but there’s no double-dipping for 2021. Impact on your business: Companies claiming the ERC and R&D will see no impact now but could see a decreased R&D credit for the…
Read More3 Ways the New COVID-19 Relief Bill Impacts Your Business
30-Second summary: In addition to providing a new round of stimulus payments, the American Rescue Plan Act contains a host of provisions that will offer financial relief to businesses affected by COVID-19. If eligible, businesses stand to benefit most from the extended Employee Retention Credit, the launch of the Restaurant Revitalization Fund and expanded Provider…
Read MoreThe American Rescue Plan Act of 2021 Passes, Providing Relief for Restaurants
30-second summary: $28.6 billion in relief funding for restaurants – President Biden signed the American Rescue Plan Act of 2021 (ARPA) to support restaurants The Restaurant Revitalization Fund (RRF) grants – will become available 60 days after the signing of the ARPA by President Joe Biden which occurred on March 11. Learn if your restaurant…
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