New Safe Harbor for ERC Gross Receipts Calculation
This month, the IRS announced a new safe harbor provision that allows employers to exclude certain amounts received from other pandemic relief programs in determining whether it qualifies for the Employee Retention Credit (ERC) based on a decline in gross receipts.
PA Settles Natural Gas Royalties Lawsuit
The lawsuit claimed that Chesapeake had incorrectly deducted post-production gas processing expenses from landowner royalty checks. If you think your royalty check is lower than it ought to be based on your lease agreement, consider hiring a qualified CPA to inspect the books and records of the production company on your behalf. Leases may include provisions that if the production company significantly underpaid you, they also become responsible for your accountant’s and attorney’s fees to recover the underpayment.