If you pay Kansas City Earnings Tax and you expect to receive a refund then you have new steps to follow this year. You should have received a postcard from the city in the mail. On March 14 2022, Kansas City council passed ordinance Section 68-393 that says starting this year if you pay the […]
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A recent tax act extends the CARES Act employee retention tax credit (ERTC) through December 31, 2021. It also expands the ERTC and contains technical corrections. The expansions of the credit include: An increase in the credit rate from 50% to 70% of qualified wages; An increase in the limit on per employee creditable wages
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The American Rescue Plan Act (ARPA) of 2021 was recently passed. Below, please find a few items that may affect your individual income tax returns. Unemployment received in 2020 is partially excluded from income for some taxpayers – $10,200 of unemployment income will be excluded from gross income if your adjusted gross income for the
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President Biden signed the American Rescue Plan Act which has a number of favorable updates to the existing payroll credits as well as new legislation. Below are the items which will likely impact you as the employer: Extends the Family First Coronavirus Response Act (FFCRA) paid sick time and paid family leave credits from March
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Recently the SBA has opened a 14 day exclusivity period for businesses and nonprofits with fewer than 20 employees to file for the Payroll Protection Program loan. Additionally, the requirements for the loan have changed for individuals utilizing Schedule C for income tax purposes. The loan amount is now based upon Line 7 of the
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Agricultural clients: Previously, under SBA rules, farmers’ participation in the PPP was based on 2019 net farm profits (or losses), reported on IRS form Schedule F, Profit or Loss from Farming, plus wages paid. Based on 2017 IRS data, 37 percent of self-employed farmers would have not received a loan from the PPP because of
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Update on Social Security withholdings deferral On December 27, 2020, the Consolidated Appropriations Act, 2021 (CAA, 2021) was signed into law. The CAA extends provisions relating to the Presidential Memoranda to Defer Employee Social Security Taxes. Additional details are provided below in our previous e-mail sent August 31, 2020. the date employers will be required
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Employee Retention Credit update On December 27, 2020, the Consolidated Appropriations Act, 2021 (CAA, 2021) was signed into law. The CAA includes the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (TCDTR), which extends and expands upon the Employee Retention Credit (ERC) provided by the CARES Act. Background. Under the CARES Act, the ERC provides a
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Changes to Paid Sick Leave and Family Leave Credits On December 27, 2020, the Consolidated Appropriations Act, 2021 (CAA, 2021) was signed into law. The CAA includes the Additional Coronavirus Response and Relief (ACRR), which contains provisions that extend the refundable tax credits associated with mandatory paid sick and family leave under the FFCRA. Background. Effective
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Here is an overview of key provisions in the recent COVID relief legislation that affect individuals. The legislation is the COVID-related Tax Relief Act of 2020 (the “Act” or COVIDTRA) and the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (TCDTR), both of which are part of the Consolidated Appropriations Act, 2021. RECOVERY REBATE/ECONOMIC
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