Newsletters


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 credit include:
  • An increase in the credit rate from 50% …   Read More >>
 

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.
  1. Unemployment received in 2020 is partially excluded from income for some taxpayers - $10,200 o …   Read More >>
 

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 will likely impact you as the employer:
 

Payroll Protection Program Loan – Schedulc

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 …   Read More >>
 

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 Farming, plus wages paid. Based on 2017 IRS da …   Read More >>
 

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 to Defer Emplo …   Read More >>
 

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 of 2020 (TCDTR), which extends and ex …   Read More >>
 

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 Response and Relief (ACRR), which contains …   Read More >>
 

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) and the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (TCDTR …   Read More >>
 

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 Consolidated Appropriations Act, 2021 (CAA, 2021), includes a seco …   Read More >>
 

Consolidated Appropriations Act

The Consolidated Appropriations Act, 2021 (the CAA, 2021), signed into law on December 27, 2020, is a further legislative response to the coronavirus pandemic. The CAA, 2021 include numerous business tax provisions briefly summarized below. Tax …   Read More >>
 

PPP Loans – New Stimulus changes

NEW STIMULUS BILL MAY AFFECT YOUR TAX PLANNING 

Tax deductibility for PPP expenses

The bill specifies that business expenses paid with forgiven PPP loans ARE tax-deductible. This supersedes IRS guidance that such expenses co …   Read More >>
 

Year-End Items

As year-end approaches, taxpayers are generally faced with a number of choices that can save taxes this year, next year or both. To help you take advantage of some special tax saving opportunities, we have put together a list of items to consider. Plea …   Read More >>
 

Small Business Grant Program

To small business and family-owned farm clients: Missouri has established a new grant program in response to the Covid-19 outbreak.  The grant will focus on retail, accommodation, food service, farm and health care industries.  Attached please find a …   Read More >>
 

Opportunities for Business Owners With No Employees

You’ve likely been receiving our email blasts in relation to the new tax credits and SBA loans available as a result of the Covid-19 virus outbreak and its related impact on the economy.  While many of you business owners with employees have begun to t …   Read More >>