COVID-19

What You Need to Know About the Restaurant Revitalization Fund

The COVID-19 pandemic has disrupted industries of all types, but perhaps none more so than the restaurant industry. From national chains to local diners, restaurants across the country have dealt with limitations on their operations that seem to be constantly changing. On top of these whiplash-inducing shifts, restaurants have also experienced significant losses in revenue. [...]

2021-05-12T13:44:54-05:00May 12th, 2021|BUSINESS SUPPORT, COVID-19, SMALL BUSINESS|

Hired Any Recently Unemployed Workers? Let Them Know About New Exclusion of Unemployment Compensation

Your business’s employees who were unemployed for part of 2020 will be pleased to know that a portion of that income might not be taxable at the federal level — and possibly at the state level, as well. The American Rescue Plan, enacted on March 11, 2021, allows individuals with modified adjusted gross income (AGI) [...]

2021-05-12T09:20:59-05:00May 5th, 2021|BUSINESS TAX, COVID-19|

IRS Provides Guidance on Expanded Employee Retention Credit for 2021

The IRS has issued a series of notices providing guidance for employers claiming the employee retention credit (ERC) in 2021. The credit was originally created as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, then extended and modified by the Taxpayer Certainty and Disaster Tax Relief Act of 2020. In March, the [...]

2021-05-04T13:32:11-05:00May 4th, 2021|BUSINESS SUPPORT, COVID-19, SMALL BUSINESS|

EIDL Loans – Good News from the Small Business Administration

Many businesses have taken advantage of the Economic Injury Disaster Loan (EIDL) program under the CARES Act since March of 2020. According to the Small Business Administration (SBA), loans totaling $200 billion have been approved for over 3.7 million businesses throughout the United States. The most recent stimulus bill that was signed into law in [...]

2021-04-05T10:28:51-05:00April 5th, 2021|COVID-19, SMALL BUSINESS|

New IRS Notice Provides Guidance to Employee Retention Credit and the Paycheck Protection Program

The IRS has been busy. On March 1, 2021, they released a 102-page document that answers taxpayer questions about both the Employee Retention Credit (ERC) and the Paycheck Protection Program (PPP). Notice 2021-20 more clearly defines ERC eligibility – something that was sorely needed – but it is noteworthy for another reason: it explains how [...]

2021-03-31T09:20:47-05:00March 31st, 2021|BUSINESS SUPPORT, COVID-19, SMALL BUSINESS|

U.S. Treasury and IRS Postpone Individual Income Tax Filing Deadline

Updated 3.17.2021 With the ever-changing environment surrounding the Coronavirus pandemic, the U.S. Treasury announced that the tax filing deadline for individuals of April 15, 2021, will be pushed back to May 17, 2021. This will allow taxpayers additional time to gather materials and file their taxes in the midst of the COVID-19 pandemic. It is [...]

Funding for Governments: The American Rescue Plan and How it Differs from the CARES Act

On March 11, 2021, the American Rescue Plan Act was signed into law, initiating the latest round of federal stimulus funding in response to the COVID-19 pandemic. The total amount of funding provided by the American Rescue Plan is $1.9 trillion, which is in line with the $2.2 trillion provided by the CARES Act. Although [...]

2021-03-16T16:03:56-05:00March 16th, 2021|COVID-19, GOVERNMENTS|

Congrats, Your PPP Loan Was Forgiven! … Now How Do You Report It?

Three cheers for PPP loans! The Paycheck Protection Program (PPP), a federal initiative, has provided a lifeline to millions of small businesses as they've struggled through the COVID-19 pandemic. Though its rollout was not perfect, the program has helped keep doors open and workers employed. Its importance in keeping the economy trudging along can't be [...]

2021-04-23T10:59:45-05:00March 15th, 2021|BUSINESS TAX, COVID-19|

President Biden Signs American Rescue Plan into Law

President Biden signed the latest measure to help mitigate the financial effects of the COVID-19 pandemic on Americans on Thursday, March 11, 2021. The bill is robust in scope, seeking to further vaccination efforts and also allocating funds to boost unemployment and reopen schools, among many provisions. The American Rescue Plan includes: Direct payments of [...]

2021-03-11T14:47:57-06:00March 11th, 2021|COVID-19|

Could the COVID-19 Pandemic Raise Your Tax Bill?

In response to widespread social and economic hardship during the COVID-19 pandemic, sweeping legislation and relief programs sought to aid struggling Americans and businesses. Meanwhile, millions of Americans temporarily (if not permanently) turned to remote work and freelance opportunities from the comfort of their homes. Even into 2021, the unpredictable impacts of COVID-19 continue to [...]

2021-02-19T10:56:50-06:00February 19th, 2021|COVID-19, INDIVIDUAL TAX|

Comparison: COVID-19 Employer Relief Options

Information updated as of April 2021.   Which COVID-19 relief benefit is right for your business, nonprofit, or governmental entity? The answer depends! Do you have over 500 employees, over 100 employees, under 50 employees, or are you self-employed? Is your business quarantined or are you able to continue working as normal, or by telework? [...]

COVID-19 Relief: Your Employee Retention Credit Questions Answered

The Employee Retention Credit — enacted as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act — helps employers whose businesses have suffered financially as a result of COVID-19 to keep employees on their payrolls. It’s one of several provisions in the act aimed at keeping people employed through the economic downturn. The [...]

2021-01-20T12:53:14-06:00January 20th, 2021|COVID-19, SMALL BUSINESS|

The Consolidated Appropriations Act (CAA) Includes COVID-19 Relief to Individuals

Congress passed, and the President signed, the nearly 5,600-page Consolidated Appropriations Act (CAA), which includes COVID-19 and economic relief. The CAA includes over $900 billion in wide-ranging COVID-19 and economic relief. We’ve compiled some of the key provisions that affect individuals and their tax situations: Direct Payments of $600 to Americans Individuals making up to [...]

2021-01-11T14:38:42-06:00January 11th, 2021|COVID-19, INDIVIDUAL TAX|

Recent Stimulus Includes Important Provisions for Provider Relief Funds

When the President signed the Consolidated Appropriations Act (CAA) into law, several key provisions immediately affected health care providers: Provider Relief Fund Providers are now allowed to calculate lost revenue based upon initial guidance issued in June 2020. The Act states -  “Provider may calculate such lost revenues using the Frequently Asked Questions guidance released [...]

2020-12-31T10:41:27-06:00December 31st, 2020|COVID-19, HEALTHCARE|

New COVID-19 Relief Provisions for Individuals and Businesses

In the waning days of 2020, the latest of a series of COVID relief provisions were signed into law. This most recent round of stimulus and tax relief was tied to the Consolidated Appropriation Act. Not only does this bill provide additional economic aid in response to the pandemic, but it also avoids a federal [...]

2021-01-06T07:47:14-06:00December 30th, 2020|BUSINESS TAX, COVID-19, INDIVIDUAL TAX|

COVID-19 Relief Package – Does it Impact State and Local Governments?

After months of negotiating, Congress has passed a new COVID relief package, which will provide approximately $900 billion of additional pandemic aid. Although first glance may lead one to assume that the new bill has no direct impact on states and local governments, several key items were included in the most recent legislation: Coronavirus Relief [...]

2020-12-28T14:26:58-06:00December 28th, 2020|COVID-19, GOVERNMENTS, STATE & LOCAL TAX|

Legislation Changes to the Paycheck Protection Program

Among the many provisions included in the Consolidated Appropriations Act, 2021 are small business loans and tax policies designed to provide much-needed relief due to the economic fallout from the COVID-19 pandemic. As part of the relief package, Congress passed numerous changes to the Paycheck Protection Program (PPP), including reopening the application process for first-time [...]

2020-12-28T14:27:37-06:00December 28th, 2020|COVID-19, SMALL BUSINESS|

Much Needed Clarity on PPP Loan Forgiveness

The U.S. Senate and House of Representatives have both passed a new COVID-19 relief bill, which was signed into law by President Trump. Among many other things, this bill addresses the tax implications of the Paycheck Protection Program (PPP). After almost a year of uncertainty and conjecture, we have some clarity about the taxability of [...]

2020-12-28T14:27:44-06:00December 28th, 2020|COVID-19, SMALL BUSINESS|

What Qualifies You to Receive the Second Stimulus Payment?

Congress passed, and the President signed a $900 billion COVID-19 relief bill providing $600 direct stimulus payments to individuals, $300 to extended weekly unemployment benefits, and more than $300 billion in aid for small businesses, among other COVID-19 relief benefits.   $600 Direct Payments to Americans The bill includes a $166 billion provision for direct payments [...]

2020-12-28T13:08:41-06:00December 22nd, 2020|COVID-19, INDIVIDUAL TAX|

A Quick Guide to Your PPP Loan and Tax-Related Questions

Small businesses all around the country have taken advantage of the Paycheck Protection Program (PPP), a federal program designed to help companies keep employees paid and their operations running during the COVID-19 pandemic. Although widely successful, many questions surrounding PPP and the 2020 tax year have many taxpayers wary about the upcoming tax season, particularly [...]

2020-12-09T14:38:51-06:00December 9th, 2020|BUSINESS TAX, COVID-19, SMALL BUSINESS, TAX CONTROVERSY|