Like the pandemic itself, COVID-19 relief legislation brought about huge changes. The CARES Act and the recently enacted Consolidated Appropriations Act (CAA) not only brought desperately needed relief to businesses, organizations, and individuals, but also created an avalanche of tax changes. Knowing the nuances and navigating them successfully could be
The Governmental Accounting Standards Board (GASB) issued Statement No. 101, Compensated Absences (GASB 101) in June 2022. The statement is effective for periods beginning after December 15, 2023. This Statement will supersede Statement No. 16, Compensated Absences. GASB 101 will provide comparability and uniformity to recognizing liabilities for leave
On Thursday, April 23, 2020, the U.S. House of Representatives passed H.R.266 – Paycheck Protection Program and Health Care Enhancement Act and it has been signed by the President. The bill is designed to provide additional funding for small business loans, health care providers, and COVID-19 testing, as authorized by
Continued growth is forecast for construction companies across the Midwest in 2019. New hospital, manufacturing, retail and lodging, highway, public infrastructure and school construction is expected to expand. The continued demand comes against the backdrop of a shrinking labor pool which have left many wondering how to cope with the
A bill [1] that would provide additional relief funding for hardest-hit small businesses has passed the House and is on its way to the Senate. HR 3807 – “Relief for Restaurants and other Hard Hit Small Businesses Act of 2022” amends the American Rescue Plan Act of 2021, to increase
For many non-profit organizations, financial efficiency often plays a secondary role to fulfilling the mission of the organization. However, financial sustainability is a crucial element that determines long-term success. While grants and fundraising play a significant role in garnering resources, comprehensive financial management, particularly the development and management of operating
A big change is happening in the Commonwealth of Kentucky for businesses looking to file their taxes in 2025. Starting March 14, 2025, businesses will no longer be able to file their taxes through OneStop. Instead, they will file their taxes with MyTaxes. The MyTaxes portal will offer: A more
Protect Clients and Customers If you work in or with the healthcare or health insurance industries, the term “HIPAA compliance” is probably part of the running narrative in your head. If you’re new to those industries, brace yourself. The Health Insurance Portability and Accountability Act (HIPAA) requires the protection and
If you are a Reporting Entity, this is a reminder that the Beneficial Ownership Information Reporting (BOI) form is due by December 31, 2024. Below, you’ll find a summary of BOI and how to determine whether your company or organization may have a filing requirement. The BOI is filed electronically
On July 29, 2019, the U.S. Department of Labor released a final ruling that allows smaller businesses to link together and create joint 401(k) retirement plans for employees. This ability to link plans, historically restricted to businesses with common ownership, can provide significant cost savings as these joint plans will
The Small Business Association (SBA) will begin accepting PPP loan forgiveness applications submitted by lenders on its portal on August 10, 2020. The portal’s opening date is subject to extension if Congress makes changes to the loan forgiveness process, and current legislation is being considered for automatic forgiveness of PPP
On the surface, taking the Employee Retention Credit (ERC) is four easy steps, but we all know that nothing’s really easy. This is especially true when it comes to interpreting new legislation where not all the guidance is out yet. And, to make things even more complex, there are different