Senate, House Tax Chairs Announce Bipartisan Tax Deal Framework

Senate, House Tax Chairs Announce Bipartisan Tax Deal Framework January 26, 2024 Senate Finance Committee Chair Ron Wyden, D-Ore., and House Ways and Means Committee Chair Jason Smith, R-Mo. on January 16 unveiled a framework for a $78 billion bipartisan tax package that would expand the child tax credit in exchange for business-friendly provisions, including…

Read More

Back to Basics: The Foundational Concepts of Grants Management & Compliance

Back to Basics: The Foundational Concepts of Grants Management & Compliance The “Back to Basics” blog series focuses on the critical concepts and most common compliance issues that are integral to managing and maintaining compliance with federal grants, for nonprofit organizations, state and local entities and higher education institutions. Charging Personnel Costs to Federal Awards…

Read More

Do Supply Chain Issues Qualify for ERC?

Do Supply Chain Issues Qualify for ERC? When filing an Employee Retention Credit (ERC) claim, some companies are banking on the supply chain disruption as their backbone for qualifying. However, this may be difficult to prove if examined by the IRS. The IRS recently released Chief Counsel Advice Memorandum AM 2023-005 which provided additional guidance…

Read More

The Employee Retention Credit: What Taxpayers Need to Know

The Employee Retention Credit: What Taxpayers Need to Know The U.S. government has repeatedly revised the requirements for U.S. taxpayers to claim the Employee Retention Credit (“ERC”), also commonly known as the Employee Retention Tax Credit, since its initial codification into law. As a result, many eligible taxpayers have been left uncertain as to whether…

Read More