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...
Valuable tax planning opportunities exist if you anticipate potential tax changes and take advantage of what’s still available under the Tax Cuts and Jobs Act, CARES Act, and other tax provisions. The American Rescue Plan Act enacted earlier this year included changes that will affect 2021 tax returns and, if enacted, the proposed American Jobs...
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...
The 2nd article in our series examines a question most folks ask when they begin to accumulate enough extra cash to warrant investing it: Should I try to do this myself? The short answer is, “it depends.” The long answer is a bit more complicated: “depending on how much cash we are talking about, as...
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...
