As U.S. businesses continue to recover from COVID-19’s economic devastation, the U.S. Small Business Administration (SBA) is expanding loan opportunities. The agency announced that beginning the week of April 6th, nonprofits and small businesses will be able to borrow up …
IRS to Automatically Adjust Prior Filed 2020 Returns with Unemployment Income
The IRS announced on March 31, that it will take steps to automatically refund money this spring and summer to people who filed their tax returns reporting unemployment compensation before the recent law change made by the American Rescue Plan …
May 2021 Important Due Dates
May 2021 Individual Due Dates: May 10 – Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during April, you are required to report them to your employer on …
SBA Raises Loan Limit For COVID-19 EIDL Loans to $500,000
As U.S. businesses continue to recover from COVID-19’s economic devastation, the U.S. Small Business Administration (SBA) is expanding loan opportunities. The agency announced that beginning the week of April 6th, nonprofits, and small businesses will be able to borrow up …
Individual Estimated Tax Payments for the First Quarter of 2021 – CAUTION
The IRS did not extend the deadline for the first installment of the 2021 estimated tax payments, which continues to be April 15, 2021. Even though the filing due date for individual returns has been extended, in many cases the …
Tax Filing Deadlines Are Rapidly Approaching!
Just a reminder to those who have not yet filed their 2020 federal tax return that thanks to the IRS extending the filing due date, May 17, 2021 is the due date to either file your return and pay any …
Interaction Between PPP Loans and the Employee Retention Credit
The Consolidated Appropriations Act, 2021 (CCA), included a very tax-beneficial provision that liberalized the interaction between PPP loans and the Employee Retention Credit (ERC). Prior to its passage, if an employer obtained a Paycheck Protection Program (PPP) loan, the employer …
Employee Retention Credit Extended
In order to help trades and businesses to retain employees and keep them employed during the COVID-19 crisis, the Coronavirus Aid, Relief, and Economic Security (CARES) Act created the Employee Retention Credit for 2020. As part of the Consolidated Appropriations …
Big Increase in Child Tax Credit For 2021
An increased child tax credit is part of President Biden’s stimulus package to help tackle the coronavirus pandemic and stimulate the economy. This stimulus package will provide lower-income parents with substantial financial assistance and support various other efforts to stimulate …
Are Your Unemployment Benefits Taxable?
President Biden’s American Rescue Plan has extended the $300 benefit through September 9, 2021, and increased the number of weeks an individual can qualify for the benefits from 50 to 74. The American Rescue Plan Act originally slated the weekly …