IRS to Begin Advance Child Tax Credit Payments July 15
On July 15, millions of eligible families across the US will receive their first advanced payment for the expanded Child Tax Credit. For 2021 only, the IRS will send families half of their 2021 Child Tax Credit as automatic monthly … Read more…
Tax Provisions in the American Rescue Plan Act
The American Rescue Plan Act has been signed into law and the Act included several tax provisions. Here are some of those tax provisions affecting many taxpayers: Unemployment Benefits Taxpayers that had less than $150,000 of Federal Adjusted Gross Income (AGI) in … Read more…
Individual Tax Filing Deadline Moved to May 17th
The IRS announced on Wednesday March 17th, 2021 that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. The postponement does not apply to … Read more…
PPP Exclusive 14-Day Small Business Window in Process Now
The White House announced Monday that beginning February 24 and ending March 9, an exclusive 14-day window would open up for small businesses with fewer than 20 employees to apply for PPP loans. This window applies to nonprofit organizations as well, … Read more…
Don’t Miss Out on Next Wave of PPP Funding
The enactment of the Consolidated Appropriations Act of 2021 (CAA) has provided much needed relief to struggling business owners in providing a new wave of Payroll Protection Program funding (PPP). The CAA includes another $284 billion in funding for forgiveable … Read more…
The Paycheck Protection Program (PPP) will Reopen Monday
Round 2 of PPP loans will become available on Monday, January 11, 2021, for first-time borrowers. For second-time borrowers, Round 2 of PPP loans will become available on Wednesday, January 13, 2021. The program will run through March 31, 2021. … Read more…
Understanding Qualified Disaster Relief Payments
Business owners and employees alike have endured possibly the most stressful year of their careers thus far. With the end of 2020 fast approaching, we are focused on identifying tax strategies for our business owners to take advantage of. A tax … Read more…
NEW Stimulus Bill Signed Into Law!
On December 20th, Congress finally came to an agreement on a new stimulus bill for individuals and small businesses. Here is a summary of the significant updates contained in the bill voted on by Congress: A second round of stimulus … Read more…
Family First Coronavirus Response Act (FFCRA): Small Business Exemption
The Families First Coronavirus Response Act (FFCRA) requires that employers provide paid sick leave or expanded family and medical leave for certain COVID-19 related situations through December 31, 2020. Generally, the act provides that employees of covered employers are eligible … Read more…
Timelines for PPP Forgiveness Causing Confusion for Tax Planning
The Paycheck Protection Program (PPP) has provided businesses with much needed relief from the economic impact of the COVID-19 pandemic by providing over $525 billion of forgivable loans to small businesses. While these funds have provided a much needed sigh … Read more…
