The American Rescue Plan Act has passed and includes a third much-anticipated economic impact payment (EIP). This is one of several government measures intended to help financially stressed citizens. This will be the third round of EIPs since the pandemic …
Unemployment Benefits
The Pandemic Unemployment Assistance and Pandemic Emergency Unemployment Compensation were extended for 11 weeks. Congress will add $300 to all weekly unemployment benefits. Workers who rely on multiple jobs and have lost income will also be eligible for a weekly $100 …
What About the Stimulus Checks?
A second round of stimulus will include direct payments of up to $600 per adult and per child. Call Key2 Accounting today with any questions you may have. For more details visit: https://www.irs.gov/coronavirus/economic-impact-payments
What Does the New Stimulus Package Include?
Paycheck Protection Program (PPP): The relief package creates a second loan from the Paycheck Protection Program, called a “PPP second draw” and allocates $325 billion in aid to small businesses, with a total $284.5 billion of that going to reauthorize …
December 2020 Important Due Dates
December 2020 Business Due Dates: December 1 – Employers During December, ask employees whose withholding allowances will be different in 2021 to fill out a new Form W4 or Form W4(SP). December 15 – Social Security, Medicare and Withheld Income …
Sick Leave For Employees
Concerning the requirement that employers offer COVID-19 paid sick leave to their employees, and, in connection therewith, making an appropriation. On the effective date of the act through December 31, 2020, all employers in the state, regardless of size, are …
12 Financial Metrics Small Business Owners Should Track
Operating a small business is an exhilarating and, at times, overwhelming endeavor. There are so many details to keep track of that it’s easy to forget about the nuts and bolts of your organization’s finances. Small business owners have a …
Don’t Miss Out on Year-End Tax-Planning Opportunities
To say COVID-19 has made 2020 a disastrous year for just about everyone would be an understatement. In response to the economic slowdown and losses of income, Congress passed several extensive laws to benefit individuals and businesses that suffered financial …
Is a Living Trust Appropriate for You?
You have probably heard others discussing living trusts but may not understand the reasons for them or whether you should have one. Living trusts are an estate-planning tool, and there is not a one-type-fits-all living trust. Each one is customized …
What Happens if the IRS Owes Me a Refund?
For taxpayers who believe they are owed a refund from the Internal Revenue Service, you have three years from the original due date of the return in order to file and claim your refund. However, if you wait too long …