Kinds: Industry Alerts

IRS Stops Employee Retention Credit Processing

Last week, the Internal Revenue Service (IRS) announced an immediate moratorium on the processing of all new Employee Retention Credit (ERC) claims. The stoppage will allow the agency will issue new safeguards to address abuse and protect businesses from predatory tactics. The IRS is also working with the Justice Department to pursue fraud resulting from predatory marketing.

Congress Issues RFI Regarding Political Activities of Tax-Exempt Organizations

CPAs are receiving inquiries from clients contacted by third parties about the Employee Retention Credit (ERC). There is still time to claim the credit if your organization qualifies.

Beware Third Party Solicitations Regarding Employee Retention Credit Claims

CPAs are receiving inquiries from clients contacted by third parties about the Employee Retention Credit (ERC). There is still time to claim the credit if your organization qualifies.

Biden Signs Inflation Reduction Act with New Clean Energy Incentives

GRF tax experts offer some preliminary highlights from the new legislation, including tax breaks and clean energy incentives.

“Shields Up” to Protect Your Organization from the Global Cybersecurity Threat

The Homeland Security Cybersecurity Infrastructure Security Agency (CISA) has warned Russia’s unprovoked attack on Ukraine, which has involved cybersecurity attacks on Ukrainian government and critical infrastructure organizations, may impact organizations both within and beyond the region. Every organization regardless of size should be prepared to respond to a cyber-attack. Take Proactive Steps Now There are some simple steps…

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New Tax Provisions in the Infrastructure Investment and Jobs Act

On Monday, President Biden signed HR 3684, the Infrastructure Investment and Jobs Act, into law. The comprehensive $1.2 trillion infrastructure package authorizes funds for federal-aid highways, highway safety programs, and transit programs, and for other purposes. Included in the new law are a few tax provisions of note to taxpayers. Termination of the Employee Retention…

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IRS Releases More Guidance on Employee Retention Credit

August 11, 2021 The IRS released Revenue Procedure 2021-33, which provides additional guidance on employers claiming the employee retention credit (ERC) under the Coronavirus Aid, Relief, and Economic Security Act (P.L. 116-136) (CARES Act). Of note in this guidance is the inclusion of a safe harbor for determining gross receipts for purposes of qualifying for…

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Kaseya Ransomware Attack Emphasizes Importance of Cybersecurity and
Third-Party Risk

Experts warn Managed Service Providers (MSPs) and Outsourced IT Providers across the globe to take immediate action July 9, 2021 While most Americans were celebrating the July 4th holiday, cyber criminals were at it again. In the largest ransomware attack to-date, REvil (aka Sodinokibi) targeted Kaseya and their Virtual System/Server Administrator (VSA) product. Used by…

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Update on Government Assistance: PPP, SVOG and ERC

Economic conditions continue to challenge businesses and nonprofits alike in 2021. Fortunately, there are still opportunities for organizations to take advantage of federal government programs for assistance. SBA and Treasury continue to issue new rules regarding eligibility and deadlines, but organizations should be vigilant if they plan to take advantage of these programs. Paycheck Protection…

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Consolidated Appropriations Act Extends and Expands the Employee Retention Tax Credit

In an effort to provide more COVID-19 relief, the Consolidated Appropriations Act (the Act) signed into law in late 2020 extends the employee retention tax credit (ERC) under the CARES Act through June 30, 2021 and expands potential benefits under the ERC. As part of weighing federal stimulus options to support their organization through the…

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