Standard Mileage Rates to Increase in 2022
The IRS recently issued Notice 2022-03, which increases the rate by which taxpayers may compute their deductions for costs of using an automobile for business purposes for the 2022 tax year.
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SBA Clarifies COVID-19 EIDL Application Deadlines
The U.S. Small Business Administration recently released updated guidance regarding applications for loans, advances and appeal requests with the COVID-19 Economic Injury Disaster Loans program.
View MoreIRS Provides Tax Inflation Adjustments for Tax Year 2022
The IRS recently announced the tax year 2022 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes.
View MoreIRS Issues Final Regulations on Qualified Improvement Property Under Sections 250 and 951
The IRS recently published final regulations regarding the calculation of qualified business asset investment for qualified improvement property under the alternative depreciation system under Sections 250 and 951.
View MoreTips for Working With First-Time Single Audit Clients
The U.S. has seen historic levels of federal funding in response to the COVID-19 pandemic. Various laws, including the CARES Act and the American Rescue Plan Act of 2021, have provided billions of dollars to American businesses, state and local governments, and not-for-profits. While this funding has provided relief, especially for nonprofits, it may cause complications for many recipients.
View MoreDepartment of Labor to Conduct Employee Benefit Plan Audit Quality Assessment of 2020 Plan Year Filings
The U.S. Department of Labor Employee Benefit Security Administration Office of the Chief Accountant recently announced it is planning to conduct a study of employee benefit plan audit quality based on 2020 filings of Form 5500, including calendar year 2020 filings filed on extension by Oct. 15, 2021.
View MoreSBA Announces COVID-19 EIDL Modifications, Raises Loan Cap to $2 Million
The U.S. Small Business Administration recently announced modifications to the COVID-19 Economic Injury Disaster Loans program to make it easier for small businesses affected by the pandemic to access the more than $150 billion in funding available for loans.
View MoreSupplemental Shuttered Venue Operator Grant Program Awards Available
The U.S. Small Business Administration recently announced it will begin sending invitations for supplemental Shuttered Venue Operator Grant program awards.
View MoreOMB Provides Updated Single Audit Guidance in 2021 Compliance Supplement
The Office of Management and Budget recently released the 2021 Compliance Supplement providing updated guidance for single audits of fiscal years beginning after June 30, 2020.
View MoreIRS Updates Automatic Accounting Method Change Procedures
The IRS recently issued Rev. Proc. 2021-34, which updates the list of accounting method changes to which automatic change procedures apply.
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