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Sep 22, 20236 min read
IRS Orders Immediate Stop to New Employee Retention Credit Processing
Despite warnings from the IRS, AICPA, and other professional tax organizations many business owners are being misled into filing for the...
Jan 3, 20221 min read
Retroactive Termination of the Employee Retention Credit
If you claimed the employee retention credit (ERC) in the fourth quarter of 2021, please be aware that there is a retroactive change...
Aug 20, 20211 min read
Employer Tax Credits for Paid Leave Under the American Rescue Plan Act of 2021
The American Rescue Plan Act of 2021 (ARP) provides Eligible Employers with tax credits to cover certain costs of providing employees...
Aug 20, 20211 min read
SBA Announces Opening of PPP Direct Forgiveness Portal
The U.S. Small Business Administration (SBA) recently launched a streamlined application portal to allow borrowers with Paycheck...
Jun 23, 20213 min read
Haven't received your tax refund yet?
You are not alone. We have been hearing from clients who are still waiting on refunds from returns filed early in the year. In normal...
Mar 12, 20213 min read
Congress Approves Round 3 of Stimulus Payments
The American Rescue Plan Act has passed and includes a third much-anticipated economic impact payment (EIP). This is one of several...
Mar 5, 20211 min read
New PPP benefits for Schedule C business owners
On March 3, SBA released the latest guidance, benefitting specifically Schedule C filers (NOT S corps or partnerships). Here it is, in a...
Mar 2, 20211 min read
Concerns about unused FSA balances? IRS offers expanded flexibility
The Internal Revenue Service has recently announced that, due to the pandemic, they would extend greater flexibility to employee benefit...
Feb 28, 20214 min read
Employee Retention Credit Extended
In order to help trades and businesses to retain employees and keep them employed during the COVID-19 crisis, the Coronavirus Aid,...
Feb 26, 20212 min read
Mom & Pop Businesses Move to Front of the Line for PPP Loans
At the direction of the White House and effective on Wednesday, February 24, 2021, the SBA will establish a 14-day, exclusive PPP loan...
Feb 22, 20211 min read
Biden-Harris modifications to PPP program
Today, the Biden-Harris administration announced the following modifications to the PPP program: Institute a 14-day period, starting...
Feb 5, 20212 min read
Don't throw away that Notice 1444
The IRS is mailing all recipients of Economic Impact Payments a Notice 1444 that provides information about the amount of their payment,...
Jan 22, 20211 min read
Solar (REEP) Tax Credit Phaseout
After several months of the Republicans and Democrats not being able to agree on additional COVID-related tax relief and other matters,...
Jan 21, 20211 min read
PPP Simplified Loan Forgiveness
Congress passed, and President Trump signed, the Consolidated Appropriations Act, 2021. Included in its approximately 5,600 pages is a...
Jan 20, 20212 min read
PPP Loan Forgiveness
Congress passed, and President Trump signed, the Consolidated Appropriations Act, 2021. Included in its approximately 5,600 pages is a...
Jan 19, 20212 min read
PPP Maximum Loan Amounts
The Paycheck Protection Program (PPP) now allows certain eligible borrowers that previously received a PPP loan to apply for a Second...
Jan 18, 20211 min read
Employer-Provided Educational Assistance through 2025
After several months of the Republicans and Democrats not being able to agree on additional COVID-related tax relief and other matters,...
Jan 16, 20211 min read
Flexible Spending Arrangements Carryover
After several months of the Republicans and Democrats not being able to agree on additional COVID-related tax relief and other matters,...
Jan 14, 20212 min read
Clarification of Tax Treatment of Covered Loan Forgiveness Expenses
After several months of the Republicans and Democrats not being able to agree on additional COVID-related tax relief and other matters,...
Jan 12, 20212 min read
Paycheck Protection Program (PPP) Loans & Small Business Support
After several months of the Republicans and Democrats not being able to agree on additional COVID-related tax relief and other matters,...
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