McClintock Minute

Follow

Recent COVID-19 Updates Articles

Don’t Miss Out on the Employee Retention Tax Credit

Don’t Miss Out on the Employee Retention Tax Credit

By Lee Frank, MBA, CPA November 8, 2021

If they have yet to do so this year, qualifying employers can still take advantage of one of the CARES Act’s major benefits — the employee retention tax credit (ERTC). Enacted with the 2020 coronavirus relief legislation and since extended through 2021, it is meant to help businesses that retained…

HEERF Single Audit email Clarification

HEERF Single Audit email Clarification

By Michael T. Wherry, CPA August 11, 2021

From discussions with various clients, for-profit institutions are receiving the following email in regard to future audits of their Higher Education Emergency Relief Funding (HEERF) grants and these emails are causing confusion: To:  Department of Education Grant Recipients From:  Phillip Juengst, Deputy Assistant Secretary, Office of Acquisition and Grants Administration…

HEERF Audit Guide for Proprietary Institutions: Key Takeaways

HEERF Audit Guide for Proprietary Institutions: Key Takeaways

By Michael T. Wherry, CPA April 23, 2021

This article was published in the May 2021 issue of Career Education Review and reproduced here with permission. Article originally posted at careereducationreview.net. As we frequently say in our office, “Don’t ask questions that you don’t want the answer to” — and the issuance of the Guide for Compliance Attestation…

Employee Retention Credit: Can Your Business Claim It?

Employee Retention Credit: Can Your Business Claim It?

By Lee Frank, MBA, CPA March 31, 2021

Businesses and institutions that were able to retain employees throughout the difficult months of 2020 may be eligible for a beneficial tax credit created by the CARES Act and extended by further coronavirus relief legislation. But employers should pay special attention to recent IRS guidance that provides some key details…

Signing the Statement of Educational Purpose Amid COVID-19

Signing the Statement of Educational Purpose Amid COVID-19

By Kimberly Cravotta, FAAC® February 18, 2021

Recently, we have been receiving questions from institutions whether electronic signatures are acceptable for the Statement of Educational Purpose (SEP). Under normal circumstances, students sign this document at an institution’s financial aid office or in front of a notary public, making a “wet,” or physical, signature. However, with pandemic measures…