(Construction Executive) Protect construction finances by controlling occupational fraud. While everyone else has been focused on the pandemic, swindlers have been focused on committing fraud. The COVID-19 crisis has created the perfect storm for an increase in fraud and occupational abuse cases. Learn why from Matthew Boland, CPA, CCIFP.

(Accounting Today) New guidance on expanded deduction for food and beverages. The IRS and the Treasury released guidance on a temporary exception to the 50% limit that businesses can deduct for food or beverages from restaurants during the pandemic. In Notice 2021-25, the IRS and the Treasury Department offered details on a provision of the COVID-19 relief package that Congress passed last December, which temporarily allows a 100% deduction for food or beverages from restaurants through the end of next year. Normally, there is a 50% limit on the amount that businesses can deduct for food and beverages. Learn more.

(Builder) Pending Home Sales Fall 10.6% in February. The NAR Pending Home Sales Index decreased to 110.3, illustrating the current market's tight inventory. Read more.

(Builder) Home process continue to rise across the U.S. S&P CoreLogic Case-Shiller HPI reports 11.2% annual home price gain for January. Read more.

(Construction Executive) Construction adds 110,000 jobs in March. A significant percentage of the job growth was registered in nonresidential construction, which added 73,100 jobs in March. The number of nonresidential specialty trade contractor positions expanded by 38,200, while the nonresidential building segment added 7,600 positions. Learn more.

(CoStar) Biden administration’s wind-power plan propels New Jersey port project forward. The Biden administration’s sweeping plan to jump-start offshore wind power on the East Coast gives a boost to a massive wind port that is slated to be developed off the coast of New Jersey. Learn more.

(Forbes) One year later: How the pandemic has shaped today's housing market. A year ago in March, the World Health Organization officially declared Covid-19 a pandemic, and shutdowns began across the United States and much of the world. This has been a year that has changed the way we live and work. Read more.

(Accounting Today) IRS plans to issue unemployment refunds in May. The IRS said it plans to take steps to automatically refund money starting in May and continuing through the summer to taxpayers who filed tax returns reporting unemployment compensation prior to recent changes under the American Rescue Plan. Read more.

(IRS) IRS suspends requirement to repay excess advance payments of the 2020 Premium Tax Credit. Those claiming net Premium Tax Credit must file Form 8962. Read more.

(Journal of Accountancy) How to claim the employee retention credit for the first half of 2021. The IRS explained the changes to the employee retention credit (ERC) for the first two calendar quarters of 2021 in Notice 2021-23. The changes addressed include: the increase in the maximum credit amount from 50% to 70%; the expansion of the category of employers that may be eligible to claim the credit to include colleges and universities and entities that provide hospital or medical care; a modification of the gross receipts test threshold to 80% and changes in how the decline in gross receipts is calculated; in the calculation of qualified wages, the revised definitions of small and large eligible employers are used; and new restrictions that limit the ability to request an advance payment of the credit to certain small eligible employers with not greater than 500 employees. Read more.

(New Jersey Business) Restaurant industry gets $35M in relief funds. The restaurant industry is getting some more relief. Gov. Phil Murphy signed legislation providing $35 million in federal COVID-19 relief funds for restaurants, bars, breweries, brewpubs, and wineries. The bill is part of a five-bill, $100-million relief effort aimed at helping New Jersey’s small businesses recover from the pandemic. Read more.

(New Jersey Business) Murphy signs legislation providing $15M in aid to arts and cultural venues. Read more.

(Philadelphia Business Journal) SBA is forgiving more small PPP loans. But larger ones are trapped in a 'dark hole.' Learn why.

Please visit our COVID-19 Resource Page for more alerts. Learn about our COVID-19 Recovery Services.

Feel free to contact any member of our team at (610) 828-1900 (PA) or (732) 341-3893 (NJ) with questions. Rich Higgins, CPA, managing principal – New Jersey office can be contacted at Richard.Higgins@McCarthy.CPA. I can be reached at Marty.McCarthy@McCarthy.CPA As always, we are happy to help.