LUTZ CONSTRUCTION ACCOUNTING BLOG
Tax Methods of Accounting for Construction Contractors
We discuss the requirements of the Percentage of Completion Method (PCM), the exceptions, and the advantages/disadvantages of each method…
2020 + A YEAR OF CHANGE AND UNCERTAINTY FOR CONTRACTORS
For many obvious reasons, 2020 has been one for the history books. The current, ongoing, and future impact of the year’s events are at the forefront of everyday conversation, from the global pandemic…
WIP Schedule 101
All businesses need accurate financial data to help understand how it is performing and, more importantly, to assist in planning for the future. The construction industry is no different, and one of the most important inputs to financial…
Construction Month-End Close Checklist
Many say humans are “creatures of habit” and prefer routines, especially accountants. Those habits and routines may exist in our personal lives, professional lives, or both. As a business owner, establishing sound habits and routines…
Direct vs. Indirect Costs in the Construction Industry
A new project manager at your construction company is consistently seeing margins deteriorate at the end of their construction projects. The key question when confronting this situation is to determine if project…
10.3.2018 | Financial Statements in the Construction Industry | Recording
This presentation, led by Ryan Cook and Shawn Wederquist, discusses the basics of Construction Financial Statements. You will gain an understanding of financial statements…
Paving the Way to Surety Bonds for Construction Projects
Surety bonds are commonly needed by construction companies. Often confused with insurance, these bonds work more like a form a credit—a guarantee that the construction company will carry out a contract within all applicable laws…
Construction Contractors Can Benefit From Tax Reform Changes to Long-Term Contracts Exception
The 2017 Tax Cuts and Jobs Act is the most comprehensive reform to the U.S. tax code in more than 30 years. As taxpayers sort out the changes, construction company contractors should take notice…
Strengthening the Contractor-Surety Relationship
If you are a contractor seeking a long-lasting relationship with a surety, it helps to first understand how that surety views certain factors related to you…
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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 |
If you have any questions, please contact Paul Baumert, Julianne Kipple or Lauren Duren, or call us at 402-496-8800.
Last Updated: 1/14/2022
NEED HELP WITH PRF REPORTING?
Lutz can help you navigate the PRF reporting process successfully. Contact us today!
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