IRS Offers Penalty Relief for 2019, 2020 Tax Years
While the recently announced student loan debt relief has captured numerous headlines, it’s estimated that another federal relief program announced on the same day will provide more than $1.2 billion in tax refunds or credits. Specifically, IRS Notice 2022-36 extends penalty relief to both individuals and businesses who missed the filing deadlines for certain 2019 and/or 2020 […]
SBA streamlines forgiveness for smaller PPP loans
The Small Business Administration (SBA) has released new guidance intended to expedite the forgiveness process for certain borrowers under the Paycheck Protection Program (PPP). The simplified process generally is available for loans of $150,000 or less, which the SBA reports account for 93% of outstanding PPP loans. The guidance comes at a time when many […]
Here come the child tax credit payments: What you need to know
The first advance payments under the temporarily expanded child tax credit (CTC) are arriving to nearly 39 million households in mid-July 2021 — unless, that is, they’ve opted out. Most eligible families won’t need to do anything to receive the payments, but you need to understand the implications and why advance payments might not make […]
What is the Employee Retention Tax Credit?
Question: What is the Employee Retention Tax Credit and how can I take advantage of this program? Answer: As an incentive to employers of all sizes to keep employees on payroll, the Employee Retention Tax Credit (ERTC) was created to help employers navigate the unprecedented impact of COVID-19. The ERTC is a refundable tax credit […]
ERC: Does your dealership qualify for this valuable tax credit?
Dealerships can benefit from a number of Covid-19-related provisions in two laws that have passed in the last six months. Extended qualification period One of the most beneficial rule changes is an extension of the period during which wages and health expenses qualify for the Employee Retention Credit (ERC). Originally, the tax credit applied only […]
State and Local Fiscal Recovery Funds – Interim Final Rule
As of May 10, 2021, eligible direct recipients of State and Local Fiscal Recovery Funds (SLFRF) provided through the American Rescue Plan Act (ARPA) of 2021, can log into the Treasury Submission Portal to request funding. Payments to local governments under SLFRF are expected in two tranches: 50% in May 2021 and 50% in May […]
A look at the Biden administration’s far-reaching tax overhaul
President Biden recently announced his $1.8 trillion American Families Plan (AFP), the third step in his Build Back Better policy initiative. The announcement followed the previous releases of the proposed $2.3 trillion American Jobs Plan and the Made in America Tax Plan. These plans propose major investments in various domestic initiatives, such as expanded tax credits for […]
President Biden details his tax proposals for individuals
President Biden’s proposals for individual taxpayers were outlined in an April 28 address to Congress and in an 18-page fact sheet released by the White House. The American Families Plan contains tax breaks for low- and middle-income taxpayers and tax increases on those “making over $400,000 per year.” Here’s a summary of some of the […]
Restaurant Revitalization Fund Helps Many Businesses
The American Rescue Plan, passed March 11, created a $28.6 billion Restaurant Revitalization Fund Grant (RRFG) to provide emergency assistance for eligible restaurants, bars, and other qualifying businesses impacted by Covid-19. The Small Business Administration (SBA) will manage the program. Registration will begin Friday, April 30, at 9 a.m. EDT and the SBA will begin […]
American Rescue Plan Act of 2021
In March, Congress passed Bill H.R.1319 – 117th Congress—also known as the American Rescue Plan Act (ARPA)—to address the current public health crisis from the spread of Covid-19. The Covid-19 pandemic and the resulting emergency measures implemented resulted in an economic crisis that affected millions of Americans from big cities to small towns. It is […]