As proprietary schools continue to navigate evolving issues in regulatory compliance, one critical regulatory change warrants your attention: the Corporate Transparency Act (CTA), which takes effect on January 1, 2024. At McClintock and Associates, we recognize that institutions like yours may be affected by this new law, which requires certain...
The Tax Cuts and Jobs Act of 2017 (TCJA) has been effective for more than four years now, but it is still making new impacts to the corporate tax environment. One provision that businesses must navigate and implement — for now, at least — is the capitalization and amortization of...
By now, you have likely heard about the Employee Retention Tax Credit (ERTC) program, a government incentive for businesses to retain employees throughout the Covid 19 pandemic. It was created by the CARES Act and extended and altered by successive pieces of coronavirus relief legislation. The ERTC has provided massive tax...
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. This...
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 employees...
This year’s changes to the federal child tax credit (CTC) are significant and a seeming advantage for parents, but upon a closer look, they may not be a benefit for all taxpayers. Historically, qualified taxpayers received their child tax credit when they filed their income taxes. But beginning July 15, 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...
This year’s Paycheck Protection Program (PPP) was a life preserver for many companies and for-profit organizations, as well as their employees, as the COVID-19 pandemic ramped up and businesses were forced to close. But there are some potential tax considerations for business owners and pass-through entities regarding the loan program...
The U.S. Senate on Wednesday passed a House bill to revamp the Paycheck Protection Program (PPP), giving a boost to small businesses and organizations trying to stay afloat during the coronavirus pandemic and resulting economic turmoil. The PPP allows businesses to apply for forgivable emergency loans, but its rollout wasn’t smooth,...
The Small Business Administration has provided additional guidance regarding the Paycheck Protection Program. In addition, they have made revisions to the Borrower Application Form. Reference our Loan Application Checklist for additional information on what to prepare prior to completing the form. The Department of the Treasury website provides a copy of...
Updated April 3, 2020 The updated SBA loan application instructions indicate payroll information should be based upon the 2019 calendar year. We believe the documents listed below will be needed for the loan application process: Payroll Reports – These should be available to download from your payroll provider’s website: 2019 Quarterly...
On Dec. 20, 2019, President Trump signed the Setting Every Community Up for Retirement Enhancement Act (SECURE Act), which is part of the Further Consolidated Appropriations Act, 2020 (P.L. 116-94). The SECURE Act was enacted to expand the opportunities for individuals to increase their retirement savings and simplify the retirement...