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 coronavirus pandemic has caused many hardships throughout 2020, with health and the economic effects being felt by almost every family in the country. As a result, the government has issued many new aid-providing bills in this timeframe. The most significant of these to date is the CARES Act. While most...
Now that we are months since the beginning of the COVID-19 pandemic, postsecondary education institutions have had ample time to adjust and adapt to a new reality. The work has not been easy and will remain a challenge, but to paraphrase a cliché we’re hearing a lot this year, there...
Among many significant changes, the Tax Cuts and Jobs Act (TCJA) of 2017 eliminated the deduction for expenses related to activities considered entertainment, amusement or recreation, but it still allowed taxpayers to deduct a portion of the cost of business meals. Now, nearly three years after the law passed, the...
No tricks, a major deadline looms for postsecondary educational institutions just before Halloween. The first round of quarterly reporting for the institutional portion of the Higher Education Emergency Relief (HEERF) Grant is due October 30, meaning institutions cannot delay in preparing and posting their reports. Check out this rundown concerning the...
This article was original published in the September 2020 issue of Career Education Review and reproduced here with permission. Article originally posted at careereducationreview.net. As the COVID-19 pandemic and a difficult 2020 continues, postsecondary institutions have to make significant decisions concerning the emergency aid that helped them through the spring and...
On October 2, 2020, the U.S. Department of Education (ED) published “Round 3” for Frequently Asked Questions related to the Higher Education Emergency Relief Fund (HEERF) grants. This document addressed questions related to the usage of the HEERF grants for institutional and student purposes. McClintock & Associates (M&A) has reviewed and...
The Department of Education (ED) on September 28 announced the implementation of the quarterly public reporting requirement for the institutional portion of the Higher Education Emergency Relief Fund (HEERF), as well as a new reporting form. The form includes sections for institutional dollars provided for emergency financial aid grants or tuition...