COVID-19 Resource Center

HHS Delays Provider Relief Fund Reporting Deadline and Issues Updated Post-Payment Reporting Requirements

January 21, 2021

Delay in First Reporting Deadline On January 15, 2021, HHS opened their portal for Provider Relief Fund (“PRF”) reporting registration only and extended the first reporting deadline of February 15th. While HHS has not announced the new reporting deadline, we advise all recipients of PRF funds to register on the Reporting Portal in order to receive e-mail updates from HHS. These updates will alert you when you can begin the online reporting process and also the updated deadline to file for the first reporting period. Updated Post-Payment Reporting Requirements On January 15th, HHS also announced new HHS Guidance for post-payment reporting. […]

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WEBINAR: Paycheck Protection Program as Amended by the Economic Aid Act

January 11, 2021

Gettry Marcus CPA, P.C. presented Paycheck Protection Program as Amended by the Economic Aid ActIncluding Guidance and Planning for PPP 2, the Employee Retention Credit, and Updates on PPP Loan Forgiveness Friday, January 15, 2021 | 10:00 a.m. – 11:00 a.m. Join Gettry Marcus, CPA, P.C. and Campolo, Middleton & McCormick, LLP for our continuing webinar series on the recently passed Economic Aid Act (“EAA”), which has amended the Paycheck Protection Program (“PPP”) and now includes an Employee Retention Credit (“ERC”). The EAA has provided updated guidance regarding the first round of PPP loans (“PPP 1”) and announced provisions with respect to […]

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Employee Retention Credit: Potential Refund for Qualifying Businesses

January 8, 2021

The recent Consolidated Appropriations Act signed into law on December 27, 2020 made significant changes to the Employee Retention Credit (ERC) which could result in tax refunds for qualifying businesses.  In order to claim the ERC employers must meet one of the following criteria: Highlights of some of the significant changes to the Employee Retention Credit by the Consolidated Appropriations Act follow: Please contact your Gettry Marcus Advisor if you would like assistance in determining your eligibility for this tax credit, or quantifying the credit.

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Congress Passes New Stimulus Bill

December 28, 2020

At Gettry Marcus CPA, P.C. we continue to stay up to date on the recent developments regarding the relief efforts put forth by Congress with respect to the Covid-19 pandemic. On December 27, 2020, the President signed into law the new Emergency Relief Bill of 2020. See the below link from the Journal of Accountancy for a summary of the new legislation as it affects PPP loans: If you would like additional information on specific impacts to your business contact Gabe Shurek or Nicholas Backmann, the authors of this article.

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Income Tax Provisions of The Consolidated Appropriations Act, 2021

On December 21, Congress passed The Consolidated Appropriations Act, 2021 (CAA 2021), which was signed by the President on December 27. The following are highlights of the key changes affecting income taxes in the current version of the Act: Under the CARES Act passed last March, individuals who normally do not itemize deductions may take up to a $300 (including joint filers) above-the-line deduction for cash contributions to qualified charitable organizations, for the year 2020. CAA 2021 extends this deduction through 2021 and doubles the limit for joint filers to $600. In addition, the 60% of adjusted gross income limit […]

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IRS Makes it Easier to Set Up Tax Payment Arrangements

December 16, 2020

The IRS recently announced a number of changes designed to help struggling taxpayers impacted by COVID-19 more easily settle their tax debts with the IRS. Payment Arrangement Changes Short-term Payment Plans. IRS offers options for short-term and long-term payment plans, including Installment Agreements via the Online Payment Agreement system. This service is generally available to individuals who owe $50,000 or less in combined income tax, penalties, and interest or businesses that owe $25,000 or less combined that have filed all tax returns. These plans can now be extended from 120 to 180 days for certain taxpayers. Installment Agreements.  Installment Agreement options are […]

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WEBINAR: Doing Business in a Multi-State Environment

December 14, 2020

Gettry Marcus CPA, P.C. presents Doing Business in a Multi-state Environment Wednesday, January 6, 2021 | 9:30 a.m. – 11:00 a.m. Join Gettry Marcus, CPA, P.C. and Sales Tax Defense LLC for a webinar focused discussion on multi-state sales tax and business income tax. Topics that will be addressed include: Multi-State Sales Tax Compliance Requirements Sales Tax on Internet Sales Remedies for Non-Compliance Business Income Tax Nexus Sales and Use Tax Refunds – hidden gems Program Panelists Robert Thee, CPA, MS, Tax Director at Gettry Marcus CPA, P.C. has been in tax practice for over 30 years, working extensively in […]

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U.S. Treasury Releases FAQ #53

December 10, 2020

At Gettry Marcus CPA, P.C. we continue to stay up to date on the recent developments regarding the Paycheck Protection Program (“PPP”), as provided by the U.S. Treasury. On December 9, 2020, the U.S. Treasury released FAQ #53, which impacts PPP loan borrowers who received $2,000,000 or more of PPP funds (following SBA aggregation rules).  See the below excerpt from the U.S. Treasury’s PPP FAQ’s: 53. Question: Why are some PPP borrowers receiving a Loan Necessity Questionnaire (SBA Form 3509 or 3510)? Answer: As previously announced, SBA is reviewing all loans of $2 million or more, and other loans as […]

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U.S. Treasury Introduces Loan Forgiveness Form 3508S

October 9, 2020

At Gettry Marcus CPA, P.C. we continue to stay up to date on the recent developments regarding the Paycheck Protection Program (“PPP”), as provided by the U.S. Treasury. On October 8, 2020, the U.S. Treasury released an interim final rule regarding PPP loan forgiveness as well as the new PPP Loan Forgiveness Application Form 3508S.   Recipients of PPP loans of $50,000 or less can utilize Form 3508S, except for those borrowers that together with their affiliates received loans totaling $2 million or greater.   For example, if a PPP borrower received a $40,000 PPP loan for Company A and […]

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CARES Act – Phase 3 of HHS Provider Relief Fund

October 7, 2020

Key Provisions The U.S. Department of Health and Human Services (HHS), through the Health Resources and Services Administration (HRSA), is providing $20 billion in new funding for providers on the frontlines of the coronavirus pandemic. Under this Phase 3 General Distribution allocation, providers that have already received Provider Relief Fund payments can apply for additional funding that considers financial losses and changes in operating expenses caused by the coronavirus. Providers can begin applying for funds on Monday, October 5, 2020. For eligible providers, the new Phase 3 General Distribution is designed to balance an equitable payment of 2 percent of […]

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