The Employee Retention Credit—enacted as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act—helps employers whose businesses have suffered financially as a result of COVID-19 to keep employees on their payrolls. It’s one of several provisions in the act aimed at keeping people employed through the economic downturn. The legislative changes passed at [...]
ENTERPRISE, AL., January 14, 2021 - Top 25 CPA and advisory firm Carr, Riggs & Ingram, LLC (CRI) has named 31 new partners. "At CRI, we recognize that in our profession, we are considered leaders. Our partner group as well as our staff truly reflect our ability to stand at the forefront of our industry. [...]
CRI Partner Scott Bailey will be presenting the Top 10 Tips for Conducting a Hemp Business Transaction with the Texas Hemp Growers Association on February 2, 2021. Scott and Richard Cheng will go over some of the concerns and questions for farmers and business owners when it comes to the accounting and legal sides of [...]
With the memory of the most disruptive year in modern history still fresh in our minds, it can be tempting to throw up your hands and say, “What’s the use of planning?” But here’s the thing: When the dust settles, the companies best positioned for the COVID era will prove to be those that entered [...]
January 12, 2021 — Xero, the global small business platform, today announced it has extended its relationship with Carr, Riggs & Ingram CPAs and Advisors (CRI), one of the top 25 nationally ranked full-service accounting and advisory firms that serves more than 100,000 clients across the United States. CRI will expand its use of the [...]
With so many business owners working from home this year, it’s important to remember how the home office deduction might apply to designated workspaces within your residence. Who Qualifies The Tax Cuts and Jobs Act suspended the “business use of home” deduction from 2018 through 2025 for employees, which means that if your sole source of income [...]
Congress passed, and the President signed, the nearly 5,600-page Consolidated Appropriations Act (CAA), which includes COVID-19 and economic relief. The CAA includes over $900 billion in wide-ranging COVID-19 and economic relief. We’ve compiled some of the key provisions that affect individuals and their tax situations: Direct Payments of $600 to Americans Individuals making up to [...]
In times of need, family steps up. It’s just what you do. But beware: While loaning money to family might seem like a good idea, if not properly executed, an intrafamily loan can lead to unexpected taxable income, gift tax, or both. Here are five tips to help avoid any unwelcome tax surprises: Document everything. [...]
On December 23, 2020, the Office of Management and Budget (OMB) released the long-anticipated Compliance Supplement Addendum, which contains information specific to several federal programs. These programs include COVID-19-related funding for both entirely new and existing programs updated in the four funding acts enacted during 2020 in response to the COVID-19 pandemic, including the CARES [...]
ENTERPRISE, AL., January 6, 2021 - Carr, Riggs & Ingram (CRI) has announced a free webinar entitled, "Surviving in a Tough Economy: Cash Protection Strategies During an Economic Downturn," featuring CRI Partners Larry May and R. A. Bobbi Hayes. This webinar will take place on Wednesday, Jan. 27, 2021, at 10:00 a.m. This live webinar will [...]
ENTERPRISE, AL., January 5, 2021 - Carr, Riggs & Ingram (CRI) has announced the second installment of the free webinar series entitled, "Gone Phishing: Don't Fail the Test Against Social Engineering," featuring CRI's Director of IT Audits and Assurance, David Mills, and CRI Partner Tyler Mills. This webinar will take place on Wednesday, Feb. 3, 2021, [...]
ENTERPRISE, AL, January 5, 2021 - Carr, Riggs & Ingram (CRI) has announced a complimentary webinar entitled, "COVID/CARES Act: How to Account For It and Pass the Single Audit," featuring CRI Partner and Healthcare Industry Line Leader Bryan Hall and Partner April Shuping. This webinar will take place on Tuesday, January 19, 2021, at 10:00 [...]
Thanks to the Coronavirus Aid, Relief, and Economic Security (CARES) Act, hundreds of billions of dollars have flowed into the U.S. healthcare system, providing a much-needed salve to begin healing wounds inflicted by COVID-19. Unfortunately, along with those funds comes the very real possibility of an audit. All providers that receive a total of $10,000 [...]
CRI Raleigh Partner Scott Bailey recently appeared as a guest on The Texas Hemp Show podcast. In their 15th episode of the inaugural season for The Texas Hemp Show, Scott and Russell Dowden discuss research grants, opportunities in the hemp industry, challenges they have had during the pandemic year, and how the market recovered from some [...]
When the President signed the Consolidated Appropriations Act (CAA) into law, several key provisions immediately affected health care providers: Provider Relief Fund Providers are now allowed to calculate lost revenue based upon initial guidance issued in June 2020. The Act states - “Provider may calculate such lost revenues using the Frequently Asked Questions guidance released [...]
After months of negotiating, Congress has passed a new COVID relief package, which will provide approximately $900 billion of additional pandemic aid. Although first glance may lead one to assume that the new bill has no direct impact on states and local governments, several key items were included in the most recent legislation: Coronavirus Relief [...]
Among the many provisions included in the Consolidated Appropriations Act, 2021 are small business loans and tax policies designed to provide much-needed relief due to the economic fallout from the COVID-19 pandemic. As part of the relief package, Congress passed numerous changes to the Paycheck Protection Program (PPP), including reopening the application process for first-time [...]
The U.S. Senate and House of Representatives have both passed a new COVID-19 relief bill, which was signed into law by President Trump. Among many other things, this bill addresses the tax implications of the Paycheck Protection Program (PPP). After almost a year of uncertainty and conjecture, we have some clarity about the taxability of [...]
Congress passed, and the President signed a $900 billion COVID-19 relief bill providing $600 direct stimulus payments to individuals, $300 to extended weekly unemployment benefits, and more than $300 billion in aid for small businesses, among other COVID-19 relief benefits. $600 Direct Payments to Americans The bill includes a $166 billion provision for direct payments [...]
Chances are that you and your employees got a crash course in working from home during 2020. If so, maybe you discovered the limitations of on-premise license software and, like many other businesses, are migrating business operations to the cloud. The trends that are driving the shift to subscription-based software have only been accelerated by [...]
