Direct federal aid to businesses during COVID-19 has likely increased the need for single audits to be performed in 2020 and into 2021, according OMA Connections Partner Clark Schaefer Hackett. Thousands of entities could be subject to a single audit, which is required when an entity expends $750,000 or more of federal funds during the entity’s business year. Read more.
Also, if you missed Clark Schaefer Hackett’s year-end tax planning webinar for businesses, watch the recording here. 12/14/2020