LUTZ MANUFACTURING AND DISTRIBUTION BLOG
The manufacturing industry creates millions of jobs for the citizens and pays billions of dollars in taxes to the government. In return, the IRS rewards manufacturers with numerous tax benefits…
This year’s survey report contains the expectations and opinions of more than 350 manufacturing executives who produce a wide variety of products including industrial/machining, transportation/automotive…
These days, manufacturing businesses of all sizes and scopes utilize robots in a variety of ways. Doing so helps these companies save time and money and ultimately improve their bottom lines. However, are there underlying issues with the robotics “revolution” that could lead to potential future taxes?
The goal of every manufacturer is to increase revenue by improving production efficiency. However, many manufacturers fail to take financial analytics into consideration. For instance, how efficient is your cash use? Are you using applying profitability ratios to help prioritize your inventory and production?..
Many businesses and firms think 3D printing is too expensive to integrate into their operations. Yet today, there are many reasonably priced, consumer-grade 3D printers available, and the applications for this additive manufacturing process are seemingly endless…
The FASB issued an update that takes effect in 2020 requiring businesses to recognize lease assets and liabilities on the balance sheet…
For 2018, manufacturers expressed significant optimism for their businesses, the industry, and the economy. The political focus on manufacturing and movement on tax reform, reduced regulations, and improvements to healthcare undoubtedly provide…
Lutz, an accounting and business solutions firm, recently released the results from the 2017 Leading Edge Alliance (LEA Global) National Manufacturing Outlook Survey. With more than 250 participants, this survey report contains the expectations and opinions of manufacturing…
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Provider relief fund reporting
The Provider Relief Fund (PRF) Reporting Portal opened for Reporting Period 2 on January 1, 2022, and will remain open through March 31, 2022, at 11:59 PM ET. What you need to know:
- Who needs to report? Providers who received more than $10,000 in PRF Payments from July 1, 2020, to December 31, 2020.
- The deadline to use these funds was December 31, 2021.
- HRSA Resources Available to assist with reporting:
- Post-Payment Notice of Reporting Requirements
- Lost Revenues Guide – Reporting Period 2
- What’s New in Reporting Period 2 Fact Sheet
- Reporting Resource Guide – Reporting Period 2
- There is a very comprehensive Reporting Portal User Guide (with many helpful screenshots, definitions, examples, etc.)
- There are also Data Entry Worksheets to assist providers in preparing to report through the portal
- Contact the Provider Support Line at (866) 569-3522
Providers who were required to report in Reporting Period 1, but did not report:
- Providers who received one or more payments exceeding $10,000 between April 10, 2020 - June 30, 2020, were required to Report in Reporting Period 1.
- HRSA states that “You are out of compliance with the PRF Terms and Conditions and must return your Payment Period 1 PRF payment(s) to HRSA.”
- There are additional instructions on the HRSA site for returning payments and other information regarding “non-compliance”
Upcoming Reporting Requirements:
|Period||Payment Received Period||Deadline to Use Funds||Reporting Time Period|
|3||January 1, 2021, to June 30, 2021||6/30/2022||July 1, 2022, to September 30, 2022|
|4||July 1, 2021, to December 31, 2021||12/31/2022||January 1, 2023, to March 31, 2023|
Last Updated: 1/14/2022
NEED HELP WITH PRF REPORTING?
Lutz can help you navigate the PRF reporting process successfully. Contact us today!