Expertise: Agreed Upon Procedures (AUP)

The IRS has added new domestic filing exceptions for partnerships and S-corporations for filing and furnishing Schedules K-2 and K-3 for tax years beginning in 2022. Background For tax years beginning in 2021, the IRS released new schedules for pass-throughREAD MORE

On August 24, 2022, President Biden announced a student debt relief plan which includes the following: Another extension of the pause to repay student loans Starting in March 2020, as a result of one of the COVID relief measures, federalREAD MORE

On June 22, 2022, Hawaii Governor David Ige signed Act 115, which provides a one-time constitutional refund to each qualifying resident of Hawaii who files an income tax return for tax year 2021. Who Qualifies for the Act 115 RefundREAD MORE

On June 30, 2022, California Governor Gavin Newsom signed the $308 billion state budget for 2022-23 that includes another round of tax rebates, as well as significant spending for various programs. The key items included in the budget include theREAD MORE

On August 16, 2022, President Biden signed the Inflation Reduction Act of 2022. The full bill can be found by clicking here and contains a range of provisions relating to tax, health care and clean energy. A summary of keyREAD MORE

The American Rescue Plan Act of 2021 (ARP) signed by the President on March 11, 2021, extended the Families First Coronavirus Response Act (FFCRA) and expanded the provisions for eligible employers to claim refundable tax credits to reimburse them forREAD MORE

The American Rescue Plan Act of 2021, that was passed in March of 2021, provided a temporary expansion of the child tax credit (CTC) for tax year 2021. The IRS is required to make monthly advance payments of the creditREAD MORE

On Wednesday August 4, 2021, the IRS issued Notice 2021-49 which expanded the Employee Retention Credit (ERC) through the third and fourth quarters of 2021, and provided further guidance and changes as follows: Expansion of the Credit Through End ofREAD MORE

PLEASE SEE FEBRUARY 8, 2022 UPDATE REGARDING RETROACTIVE CHANGES INCLUDED IN CALIFORNIA AB 87 (SB 113). On Friday July 16, 2021 California Governor Gavin Newsom signed Assembly Bill 150. This bill contains a mixture of tax relief measures, which includesREAD MORE

Summary of Grants for Transportation Service Providers Established by the Consolidated Appropriations Act of 2021, the Coronavirus Economic Relief for Transportation Services (CERTS) program was created to support transportation service providers affected by COVID-19. The window within which to submitREAD MORE