While the pandemic has had monumental impacts on higher education institutions and their students, the passage of two legislative acts have attempted to alleviate some of its financial consequences. Our education professionals have compiled all the guidance available from the Department of Education regarding HEERF and HEERF II funds for our clients and friends in higher education to help you understand the opportunities available to support your students and operations.
Maintaining Strong Internal Controls in a Virtual Environment
While hope is on the horizon with the national rollout of the COVID-19 vaccine, most organizations started the new year under the same conditions as they ended the last – remote working arrangements, reduced personnel and a reliance on virtual interactions. As a result of all of these workplace changes, internal controls over financial reporting may have been unintentionally relaxed, and controls that were once effective no longer suit the current environment. If you haven’t already, now is the time to examine your existing internal controls over operations and financial reporting to determine if your framework is effectively mitigating risk.
Consolidated Appropriations Act, 2021
The President has now signed into law the Consolidated Appropriations Act, 2021, bringing good news for taxpayers.
PPP Loan Update: Tax Treatment and Deductibility of Expenses
The most frequent question we were asked this month was about tax treatment of PPP loans.