Insights

A recent court case, San Jose Wellness (2021) 156 T.C. No. 4, has emerged in the marijuana industry highlighting the proper allocation of costs and the deductibility or disallowance based upon the specific facts.

The 2021 Consolidated Appropriations Act included $900 billion in stimulus relief for the COVID-19 pandemic, including significant changes to the Employee Retention Credit. These changes will be beneficial to many nonprofit employers.

Many private foundations have increased and expedited their grant-making efforts as a result of the economic impact of the COVID-19 pandemic.

Plan sponsors typically engage a qualified actuary to provide actuarial services for defined benefit plans which they sponsor.

Nonprofit organizations formed as corporations should be aware of a favorable provision that provides for an increased deduction limit for disaster relief contributions.

Broker-dealers registered with the Securities and Exchange Commission (SEC) are generally required to file their audited financial report and either a compliance or exemption report within 60 days of the broker-dealer’s fiscal year-end.

Private clubs, like most businesses, are still being affected by government-related restrictions and shutdowns, and some private clubs, such as tax exempt 501(c)(7) clubs, are not able to take advantage of certain CARES Act relief provisions such as the Paycheck Protection Program (PPP) loans.

In light of the pandemic, companies that previously had no Federal Research and Development Tax Credit (Research Credit) opportunity may be eligible to capture the credit on their 2020 or 2021 returns.

Be wary. Be skeptical. Be proactive. Anything digitalized can be breached, information obtained, and criminal activity pursued.

Schools have spent 2020 adapting to an ever-changing set of restrictions – the move to online learning followed by the return to classrooms with significant restrictions and costs to create a safe environment for students.