NEWS
Disasters and your taxes: What you need to know
Homeowners and businesses across the country have experienced weather-related disasters in recent months. From hurricanes, tornadoes and other severe storms to the wildfires again raging in the West, natural disasters have led to significant losses for a wide swath of...
PPP Forgiveness and Repayment: What businesses need to know now
A critical deadline is approaching for many of the businesses that have received loans under the Paycheck Protection Program (PPP), which was created in March 2020 by the CARES Act. If these borrowers don’t take action before the deadline expires, their loans will...
Advance child tax credit (CTC) payments received now could trigger repayment obligations later
Eligible parents will soon begin receiving payments from the federal government. The IRS announced that the 2021 advance child tax credit (CTC) payments, which were created in the American Rescue Plan Act (ARPA), will begin being made on July 15, 2021. How have child...
IRS Provides Guidance on Temporary 100% Expense Deduction for Meals
The IRS has released guidance explaining when the temporary 100% deduction for restaurant meals is available and when the 50% limitation on the deduction for food and beverages continues to apply for Sec. 274 purposes (Notice 2021-25). The Consolidated Appropriations...
President Biden details his tax proposals for individuals in the “American Families Plan”
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...
SBA Restaurant Revitalization Fund (RRF) Registration Portal Opens April 30
The recently passed American Rescue Plan Act (ARPA) established a $28.6 billion Restaurant Revitalization Fund (RRF) with the Small Business Administration (SBA). The RRF will provide funding for eligible entities equal to their pandemic-related revenue loss up to $10...
From FFCRA to ARPA: The latest on paid COVID-related leave
The Families First Coronavirus Response Act (FFCRA) was one of the first major laws enacted in response to the COVID-19 pandemic. It allows employees paid sick time and paid family leave time to care for themselves or loved ones during the ongoing health crisis. As of...
COBRA Provisions Play Critical Role in COVID-19 Relief Law
During the COVID-19 pandemic, many employees and their families have lost group health plan coverage because of layoffs or reduced hours. If your business has had to take such steps, and it’s required to offer continuing health care coverage under the Consolidated...
PPP Application Deadline Extended to May 31, 2021
The PPP Extension Act of 2021 extends the Paycheck Protection Program (PPP) application filing deadline from March 31, 2021, to May 31, 2021, thus providing potential PPP borrowers additional time to submit their applications. The law also gives the SBA an additional...
Recent IRS, PA and NJ Announcements Extend the Individual Tax Filing Deadline to May 17, 2021
The IRS has announced that the federal income tax filing deadline for individuals filing Form 1040 for the 2020 tax year is extended from April 15, 2021, until Monday, May 17, 2021. The IRS extended the deadline to provide relief to taxpayers facing challenges as a...
