Now that the first two quarters of 2021 are in the rearview mirror, many businesses and nonprofits are dealing with the calculations and recordkeeping necessary to take advantage of the expanded Employee Retention Tax Credit (ERTC). Employee…
Expansion of Education Assistance Program Employers have a new tax incentive available that can help them recruit or retain employees who are carrying student loan debt. The Coronavirus Aid, Relief and Economic Security (CARES) Act, enacted in…
NEW FUNDING PROVIDED SOON After months of negotiations in Washington, an agreement has been struck on a new aid package to address the ongoing fallout from the COVID-19 pandemic. The legislation has been passed by both the…
A tax year unlike any other Like so many things this year, the recommended practices for your annual end-of-the-year tax planning reflect the COVID-19 pandemic and its far-flung effects. The economic impact, as well as federal relief…
When President Trump announced the Payment Protection Program (PPP) loan, many businesses rushed to apply. In just over four months, the PPP issued $525 billion in loans to 5.2 million borrowers. Businesses are now waiting on forgiveness,…
The Coronavirus Aid, Relief and Economic Security (CARES) Act made changes to excess business losses. This includes some changes that are retroactive and there may be opportunities for some businesses to file amended tax returns. If you…
The CARES Act was enacted in an attempt to mitigate the economic effects of the COVID-19 pandemic. Among other things, it extends favorable tax treatment to qualified individuals who take so-called “coronavirus-related distributions” (CRDs) from IRAs, 401(k)…
The extended federal income tax deadline is coming up fast. Is your return prepared? As you know, the IRS postponed until July 15 the payment and filing deadlines that otherwise would have fallen on or after April…
Your NOL could change due to COVID-19 The Coronavirus Aid, Relief, and Economic Security (CARES) Act eliminates some of the tax-revenue-generating provisions included in a previous tax law. Here’s a look at how the rules for claiming…
Episode 1: COVID-19 Podcast: Beyond all the Noise, Key Tax Updates to Focus On There are a lot of questions regarding the many tax updates and changes that have developed due to COVID-19. With the continuous changes,…
A new round of relief funding to help small businesses withstand the economic blow of the COVID-19 pandemic has been signed into law, with at least one safeguard that may help aid small business owners who said…
The IRS has issued guidance providing relief from failure to make employment tax deposits for employers that are entitled to the refundable tax credits provided under two laws passed in response to the coronavirus (COVID-19) pandemic. The…
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