Mar 12, 2021 | COVID-19 Response, Firm Updates
Economic impact payments are an advance payment of the recovery rebate credit received on the taxpayer’s income tax return. The newest round of economic impact payments will be $1,400 for individuals ($2,800 for married filing joint) with an additional $1,400 for each...
Mar 12, 2021 | COVID-19 Response, Firm Updates
The American Rescue Plan of 2021 was signed into law by President Biden on March 11, 2021 and provides many new tax provisions and funding to various sectors of the United States. The notable financial changes are listed below broken out between individual and...
Mar 4, 2021 | COVID-19 Response, Firm Updates
In response to the changes that the Biden-Harris Administration made to the Paycheck Protection Program (PPP) in a press release on February 22, 2021, the U.S. Small Business Administration (SBA) issued new guidance with interim final rule titled “Business Loan...
Mar 3, 2021 | Firm Updates, Small Business, Tax Tips
If your business owns one building, but you want to replace it with another building, what should you do? You could sell the building, recognizing and paying tax on any gain, and then buy a new building. Alternatively, you could defer the gain by exchanging the old...
Mar 2, 2021 | COVID-19 Response, Firm Updates
Qualified wages for which the employer claims the employee retention credit are excluded from payroll costs paid during the covered period that qualify for forgiveness under PPP. Section 2301(g)(1) of the CARES Act, as amended by the Relief Act, permits an eligible...
