For now, the best way to find the status of your return and associated refund is to use the IRS’ online Where’s My Refund? tracking tool. Every tax season is challenging, but this one is worse because Congress has fiddled yet again with tax laws, and the IRS has had to respond with (often confusing) new
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
Individual Federal Income Tax Returns And Payments Now Due May 17th 2021
Another moving target! The IRS is postponing the deadline for all individual tax returns. Returns otherwise due April 15 will not have to be filed until May 17 this year. The IRS says it will issue formal guidance in the very near future. The postponement applies only to individual taxpayers, who can postpone their federal
Maximizing Both the Employee Retention Credit and PPP Loan Forgiveness
For 2020, eligible employers with a PPP loan can now claim the Employee Retention Credit (ERC), although the same wages cannot be counted for both. The IRS has made clarifications to the CARES Act changes passed late December that expanded eligibility for the ERC in 2020. It now may be easier for employers to both
New PPP Access Window for Small Businesses Opens February 24th
President Joe Biden just announced there will be a 2-week period starting on Wednesday, February 24, 2021, during which only businesses with less than 20 employees will be able to apply for a Paycheck Protection Program (PPP) loan. The White House is hoping to further target the PPP Loan to the smallest businesses. The administration
IRS Scrutiny May Cost Some Partnerships Penalties
The IRS and Treasury have put partnerships and pass-through entities under a magnifying glass right now. The IRS confirmed in October that partnerships would need to report partners’ capital accounts on the tax basis. After previous delays, tax basis capital reporting will be required on all Forms 1065, Forms 8865 and Schedules K-1 starting with
Trends That Will Impact Financial Markets In The New Year
2021 will be a year of continued uncertainty. Many risks exist to economic vitality and social stability besides COVID that investors should be aware of. Here are some trends to keep your eye on moving forward. 1. The vaccination “corona”-coaster continues. Once the vaccine is readily available, who gets it, who doesn’t, and will it
Wall Street Bets And Short Squeezes Make Market Madness
Melvin Capital lost nearly $3 Billion this week from pulling out of a position in GameStop (GME). How is it that the internet and casual day traders were able to force a renowned hedge fund to suffer such an enormous loss? It all starts with the concept of a short squeeze…… Not unheard of, but
Before You Sell Your Business Answer These 6 Questions
Interested in selling your business? The sale of a company you built from scratch is a major life change. It can either lay the foundation for your next endeavor or be the vehicle that transitions you to retirement to enjoy the fruits of their labor. Always check with a Certified Business Exit Planner to be
