The US Small Business Administration has extended the deferment period for COVID-19 Economic Injury Disaster Loan (EIDL) payments for the third time in 12 months. In a news release, the SBA said that small businesses and not-for-profits that received EIDL funds do not have to begin payments on the loan until 30 months after the
Details of the IRS Dirty Dozen Tax Scams 2021
Looking for variety? This year’s IRS list of the worst scams out there has plenty! Some warnings are familiar, while newer scams involve “Vishing,” robo-calls, and sophisticated financial provisions. Crooks were busy during COVID trying to steal your identity and phishing for tax info! During 2020, almost 400 “vishing” or “voice phishing” scams were reported,
PPP Loan Forgiveness Deadlines Ahead
Paycheck Protection Program loan forgiveness deadlines are on the horizon. Borrowers must submit forgiveness applications to lenders 10 months from the end of their covered periods, so borrowers receiving PPP loans in early- to mid-April 2020 have due dates starting in July 2021. If a loan forgiveness application is received by the due date, payments
Employee Retention Tax Credits Available Thru December 2021
Update September 18, 2021 – New Safe Harbor for Claiming the ERC: The IRS issued a safe harbor that allows an employer to exclude certain amounts received from other COVID economic relief programs in determining whether it qualifies for the employee retention credit (ERC) based on a decline in gross receipts. The amounts that can
American Rescue Plan Child Tax Credits Portal and Payments
The Child Tax Credit benefits working families by allowing them to claim a refundable credit per eligible child. Under the new American Rescue Plan Act, the amount you can claim has increased! Instead of $2,000 per child, you can now claim $3,600 per child for those 5 years and under, and $3,000 for children between
American Rescue Plan FFCRA Tax Credits Available For COVID Vaccines
Are you a small business worrying how you will compensate folks for time off to get the COVID vaccine and pay them for leave if they have side effects from a 2nd shot that prevents them from working? Worry no more. Tax credits for paid leave for COVID vaccinations are available to organizations such as
Automatic Refunds On Tax-Free Unemployment Benefits
Whether you were a senior manager, staff, or stakeholder in business last year, chances are you were out of work (even if only temporarily) and collecting unemployment. You were not alone. More than 23 million USA workers filed for unemployment in 2020. For the first time, some self-employed workers also qualified for unemployment benefits. The
Rebalancing Portfolios Post Election And Post Pandemic
It is time for clients to revisit and rethink their investment portfolios. The post-pandemic period will create new opportunities, but the post-election climate has created new risks. This may call for a higher level of diversification for investors, as well as more frequent portfolio rebalancing and added defensive measures. Below find the suggestions we feel
$28 Billion Restaurant Revitalization Fund Provides Support for Hospitality in 2021
The American Rescue Plan Act allocated an additional $7.25 Billion for PPP forgivable loans for small businesses and earmarked targeted grants to those hardest hit by pandemic-related economic slowdowns. Restaurants and bars are among the businesses most hurt by the stay-at-home and social-distancing restrictions imposed during the pandemic, and now have a “seat at the
EIDL Payments May Be Deferred Until 2022
The SBA announced extended deferral periods for all of its disaster loans, including the COVID EIDL loans. Most small businesses that received an EIDL won’t have to start making payments on the loan until 2022. The deferral details differ depending on the calendar year the disaster loan was made: For all SBA disaster loans made
