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Articles by Lee Frank, MBA, CPA

6 Things to Know About a 1098-T Form

6 Things to Know About a 1098-T Form

By Lee Frank, MBA, CPA January 13, 2022

We’re getting deep into tax preparation season, and during a year that the Internal Revenue Service expects to be busier than most, institutions and students are encouraged to organize and submit documentation as promptly as possible. Among the most important items for institutions to prepare is Form 1098-T, Tuition Statement….

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…

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…

Newly Online Schools May Be Caught in a Nexus Web

Newly Online Schools May Be Caught in a Nexus Web

By Lee Frank, MBA, CPA November 2, 2020

Now that we are months since the beginning of the COVID-19 pandemic, postsecondary education institutions have had ample time to adjust and adapt to a new reality. The work has not been easy and will remain a challenge, but to paraphrase a cliché we’re hearing a lot this year, there…

CARES Act Impact on Tax

CARES Act Impact on Tax

By Lee Frank, MBA, CPA April 2, 2020

In response to the growing COVID-19 pandemic and its effects on the country’s economy, President Trump signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act into law on March 27, 2020. The Act is filled with multiple efforts to support the economy while the country deals with job furloughs,…

More Tax Relief Clarity Arrives

By Lee Frank, MBA, CPA March 24, 2020

The IRS and State of Pennsylvania have both issued updates to their 2019 tax return filing  dates as well as the estimated tax payments due for tax year 2020. The IRS has issued further guidance on the filing deadline. A majority of Individual and Corporate taxpayers that had an original…