Employee Retention Tax Credit Modifications
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
American Rescue Plan Act (ARPA) of 2021
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
American Rescue Plan Act- Payroll Provisions and New Legislation
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
Payroll Protection Program Loan – Schedule C
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
SBA PPP Loan and the Schedule F Filer
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
UPDATE CAA – Presidential Memoranda Deferral of Employee Social Security Taxes
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
CAA Payroll Provisions: Employee Retention Credit Expansion and Extension
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
CCA – COVID 19 – Families First Coronavirus Response Act (FFCRA)
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
COVID Relief Legislation
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)
PPP 2nd Draw
Dear Client: At the end of 2020, Congress passed, and President Trump signed, a new law that provides for additional relief related to the coronavirus (COVID-19) pandemic. This law, the
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