Sciarabba Walker Blog
The information in these blog posts is provided for general informational purposes only and is not intended to substitute for accounting, tax, or financial advice from a professional accountant. While we use reasonable efforts to furnish accurate and up-to-date information, we do not warrant that any information contained in or made available through this blog is current or error free. No part of this communication is intended to be used for the purpose of avoiding penalties under U.S. federal tax law.
Unemployment Benefit Changes – American Rescue Plan
The first $10,200 in unemployment benefits will be tax-free in 2020 for taxpayers making less than $150,000 per year. We are awaiting additional guidance from the IRS on anyone who has already filed on what they will need to do. Unemployment supplemental payments of...
Recovery Rebates for Individuals – American Rescue Plan
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...
American Rescue Plan of 2021
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...
Additional PPP Guidance Issued March 3, 2021
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...
Like-Kind Exchanges
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...
Paycheck Protection Program & Employee Retention Credit Interaction
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...
Clarifications Made Under Notice 2021-20
Clarifications Made Under Notice 2021-20 The CARES Act provided similar rules to section 51(i)(1) of the Internal Revenue Code, that apply to the Employee Retention Credit (ERC). Wages paid to “related individuals” may not be taken into account for determining the...
Biden Administration Extends PPP to Additional Small Businesses
On February 22, 2021, the Biden-Harris Administration announced changes being made to the Payroll Protection Program (PPP) to ensure distributions are happening equally. The measures put in place are to target relief to America’s smallest businesses and those left...
Credits for Sick Leave and Family Leave for Certain Self-Employed Individuals
Eligible self-employed individuals, including partners in partnerships with SE income, are entitled to claim qualified sick and family leave equivalent credits under the Families First Coronavirus Response Act. To be an eligible self-employed person, both the...
Investing in a Qualified Opportunity Fund
Qualified Opportunity Funds (QOFs) were created as part of the Tax Cuts and Jobs Act of 2017 in order to provide tax incentives to investors who invest capital gains in economically distressed communities. A QOF is defined as an investment vehicle organized as a...