March 12, 2021/Tax, Business Planning, COVID-19
American Rescue Plan Act of 2021 Becomes Law
President Biden signed the $1.9 trillion American Rescue Plan Act of 2021 (ARPA) into law on March 11, 2021. Key provisions of this act allow for additional stimulus funds and is the 6th bill enacted by the federal government that focuses on COVID relief. Relief from this bill impacts both businesses and individuals and provides […]
Employee Retention Credit Update
The Employee Retention Credit has become a hot topic for 2020 and into 2021. We provide general information regarding 2020 retroactive changes to the credit, as well as the credit’s extension through 2nd quarter of this year.
January 13, 2021/Tax, Business Planning, COVID-19
Employee Retention Credit Improvements
The Consolidated Appropriations Act of 2021 (Act), signed into law on December 27, 2020, contains significant enhancements and improvements to the Employee Retention Credit (ERC). Learn more about how these updates may impact your business.
January 5, 2021/Tax, Business Planning
January 2021 Payroll Tax and Compensation Reminders
As we ring in the new year, we would like to remind you that this year many not be the same as 2020 when it comes to payroll taxes and compensation and benefit matters. This alert highlights various areas of change and what employers should be focusing on as they review year-end payroll.
2021 Changes to Paycheck Protection Program
The new Consolidated Appropriations Act includes a second draw of Paycheck Protection Program (PPP) loans. It also allows businesses to deduct ordinary and necessary expenses paid from the proceeds of PPP loans.
Trump Signs Consolidated Appropriations Act Into Law
The passing of the Consolidated Appropriations Act provides much-needed clarification on the tax deductibility of PPP loan forgiveness, a new round of PPP funds available for second- and first-time borrowers, and increases the simplified application forgiveness threshold to borrowers of $150,000 or less.
Consolidated Appropriations Act Addresses Key PPP Concerns
The passing of the Consolidated Appropriations Act provides much-needed clarification on the tax deductibility of PPP loan forgiveness, a new round of PPP funds available for second- and first-time borrowers, and increases the simplified application forgiveness threshold to borrowers of $150,000 or less.
2020 Reminder Regarding Common Taxable Fringe Benefits
As 2020 draws to a close, we would like to remind you of the importance of reporting the proper inclusion of common fringe benefits in taxable wages for employees, officers, and shareholders. Fringe benefits are defined as a form of pay-for-performance of services given by a company to its employees as a benefit and must be included in an employee’s pay unless specifically excluded by law.
IRS Releases Guidance Regarding Deductibility of PPP Loan-Related Expenses
Based on the most recent IRS guidance on the deductibility of PPP loan-related expenses, the taxpayer is allowed to deduct expenses originally thought to be non-deductible on a timely filed return or can amend the return in the taxable year. Extending 2020 calendar year returns might be advisable for some taxpayers who will be applying for loan forgiveness in 2021.
Paid Taxes but Received an IRS Notice for an Amount Due? Don’t Panic.
If you have received an IRS notice requesting an amount due when you know you’ve already sent in a payment, don’t panic. The delay is on their end, where they haven’t cashed the checks or applied the payments. They’re asking to allow 90 days to complete this action.
