With the September 30, 2022 deadline for Shuttered Venue Operators Grant (SVOG) program-specific audits looming, Cherry Bekaert’s Brynn McNeil, Assurance Partner, sits down with Lori Clomburg, a Senior Business Development Specialist, to discuss the actions grant recipients must take in the coming months to ensure grant compliance. 

Brynn has been on the forefront of navigating the complexities that surround the SVOG grant and is prepared to help you understand your compliance requirements, as well as the potential audit and reporting matters. Due to Cherry Bekaert’s unique qualifications and previous experience, our team is prepared to assist SVOG grant recipients with all aspects of grant compliance including: 

• Assessing cost eligibility and allowability
• Determining if your company has triggered a program-specific audit and provide consulting on how to structure expenses to avoid multiple audits, if possible
• Conducting the SVOG program-specific audit
• Providing clarification on what to expect with a program-specific audit
• Determining Employee Retention Credit (ERC) eligibility and filing an amended Form 941X to assist companies claim the credit 

With the release of the Compliance Supplement in May 2022, our auditors now have the framework for the program-specific audit and are prepared to begin audit reviews of SVOG awards. All SVOG grant recipients should evaluate the audit requirements of their grant and begin seeking the assistance of an independent third-party accountant. Our team has an in-depth understanding of the SVOG program and has extensive experience and the certification to conduct the program-specific audit. 

If you have any questions specific to your situation, Brynn is available to discuss your particular needs.

Related Guidance:

• Webinar Recording: So You Received a Shuttered Venue Operators Grant, Now What?
• Article: Shuttered Venue Operators Grant (SVOG) Relief: Considerations and Important Guidelines for Grant Recipients
• Article: Most Frequently Asked Questions about the Employee Retention Credit (ERC)

This year, hotels have invested significant money to provide guests with safe, healthy environments. Take advantage of tax credit available for these COVID-19 safety procedures and technology. The credits can be applied to most expenditures related to developing and implementing safety mechanisms, as well as training staff. Customizing processes provided by a hotel brand also qualify. Plus, the credits can be carried back and applied to previously paid taxes. Learn more about taking advantage of these cash benefits by listening to this podcast.

In this podcast, Dara Simon, Cherry Bekaert’s Hospitality & Retail Industry Group Leader, shares comments on current industry trends for hotels, restaurants and retailers, and highlights important tax law changes that occurred in 2020. Dara also discusses a number of year-end tax planning strategies to lower current year tax liabilities and tax advantage of tax credits, leading to more cash to invest in businesses' operations or expansion.