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
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
$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
American Rescue Plan Act Brings Relief for 2021
It’s one of the largest relief packages in U.S. history. President Biden signed the $1.9 trillion American Rescue Plan Act exactly one year after the pandemic was declared by the World Health Organization. Households will begin receiving the $1,400 stimulus payments included in the pandemic-relief bill approved by Congress before the end of March, according