The American Rescue Plan signed by President Biden in March 2021 made significant changes to the Child Tax Credit (CTC). These changes expand the CTC to cover roughly 39 million households, covering 88% of children in the United States, and make the CTC directly payable to eligible recipients on a Read more…
In response to the pandemic that has affected us all, several temporary changes were made to the rules that govern our tax obligations. Many of these temporary changes are due to expire in 2021, so you may need to adjust your plans in the upcoming year. Here are some changes Read more…
The U.S. Small Business Administration launched the registration portal for the $28.6 billion Restaurant Revitalization Fund (RRF) on April 23, and is now accepting applications for the program. Restaurants and other food providers hard-hit during the COVID-19 pandemic have been anxiously awaiting direct aid to help them recover after more Read more…
On March 17, the IRS announced that the federal income tax filing deadline for individuals will be automatically extended from April 15, 2021 to May 17, 2021. However, if you will be receiving a refund, you are encouraged to file before that date so that you can receive your tax Read more…
On March 11, President Biden signed into law the American Rescue Plan, which aims to provide additional relief to Americans that are struggling due to the ongoing COVID-19 pandemic. As part of this relief, up to $10,200 in unemployment compensation that you received in 2020 may now be tax free. Read more…
The IRS has announced that they have finished making all first and second rounds of Economic Impact Payments. These Economic Impact Payments (commonly known as “stimulus payments”) were mandated by law to be paid to U.S. citizens and resident aliens, including children, and were generally paid via direct deposit to Read more…
On February 22, 2021, the Biden administration announced a new exclusive Paycheck Protection Program (PPP) loan application period for businesses and non-profits with fewer than 20 employees. This application period began on February 24, 2021 and lasts for 14 days. According to the U.S. Small Business Administration (SBA), the goal Read more…
The ongoing coronavirus pandemic has caused a lot of disruption in people’s lives. Some have lost jobs, others have started side jobs, and coronavirus relief has changed the tax laws for everyone. With this in mind, we wanted to share some possible surprises that might be waiting for you on Read more…
The Small Business Administration (SBA), and the Treasury Department have published updated Paycheck Protection Program (PPP) loan forgiveness guidance and forms, including a one-page form that borrowers who received no more than $150,000 can use to apply for forgiveness. The newly released form, called the PPP Loan Forgiveness Application Form Read more…
The IRS has announced that it will begin accepting and processing 2020 tax returns on Friday, Febrary 12, 2021. This is later than the usual January starting date. The IRS says that the delay is due to extra time that was needed to program and test its computer systems after Read more…