If you, your child, or even grandchild is attending (or planning to attend) college, you may be eligible for tax breaks to help ease the cost. The Consolidated Appropriations Act, which was enacted recently, made some changes to the tax breaks. Here’s a rundown of what has changed. Attending college is a huge investment of […]

The Employee Retention Tax Credit (ERTC) is a refundable credit for employers that keep workers on their payrolls during the COVID-19 pandemic. The ERTC was formed in March of 2020 but has recently been extended and enhanced in the latest law. Background on the credit The CARES Act, enacted in March of 2020, created the […]

First Draw PPP Loans and Changes to the Forgiveness Rules On December 27, 2020, the Consolidated Appropriations Act, 2021 (the “Relief Act”) became law. The Relief Act includes a package consisting of $900 billion in aid to small businesses and individuals impacted by COVID-19. Title III of the Relief Act, the Economic Aid Act to […]

What the Latest SBA Guidance on the Paycheck Protection Program (PPP) Means For You When It Comes to Drawing a Second Loan Second Draw Loans Additional economic relief may be available to many businesses impacted by the pandemic. This relief is intended to support businesses through the challenges facing them in 2021. The various relief […]

The Consolidated Appropriations Act (CAA), signed into law on Dec. 27, provides relief in response to the COVID-19 pandemic with another round of “recovery rebate” payments to individuals.   The new round of stimulus checks will be in varying amounts based upon IRS criteria. Eligible individuals may begin to receive these stimulus payments as early […]

The Consolidated Appropriations Act (CAA), signed into law on Dec. 27, provides another round of “recovery rebate” payments to individuals and an expansion of the Paycheck Protection Program (PPP) loan program. The legislation includes some tax relief as well. Here’s a brief overview of some of the tax-related provisions that may affect you or your […]

On December 27, 2020 President Trump signed a new relief bill of which included the Consolidated Appropriations Act (CAA) . A favorable item for small business owners listed in the CAA is the opportunity to take out a second loan under the Paycheck Protection Program (PPP). The basics The CAA permits certain smaller businesses who […]

The new COVID-19 relief law that was signed on December 27, 2020, contains numerous updates that could affect individual taxpayers. Here are some of the highlights of the Consolidated Appropriations Act, which also contains two other laws: the COVID-related Tax Relief Act (COVIDTRA) and the Taxpayer Certainty and Disaster Tax Relief Act (TCDTR). Direct payments […]

Year 2021 could be looking bright for business owners. The COVID-19 relief bill, signed into law on December 27, 2020, includes favorable changes and numerous tax breaks that could apply to your business. Here are some highlights of the Consolidated Appropriations Act of 2021 (CAA). Business meal deduction increased The new law includes a provision […]

Most new years begin with the same routine of resolutions that few stick to and declarations of better things to come. We all hope that those declarations of better things to come actually come to fruition given the year we just had. Let’s ring in this new year with a renewed focus on profitability and […]