Mar 12, 2021 | COVID-19 Response, Firm Updates
The U.S. Small Business Administration (SBA) will administer a new program specifically to eligible entities in the restaurant and hospitality business sectors through the Restaurant Revitalization Fund. An eligible entity means a restaurant, food stand, food truck,...
Mar 12, 2021 | COVID-19 Response, Firm Updates
The new law extends the FFCRA paid sick time and paid family leave credits beginning April 1, 2021 and ending on September 30, 2021. Previously were set to expire on March 31, 2021. The amendments apply to amounts paid with respect to calendar quarters beginning after...
Mar 12, 2021 | COVID-19 Response, Firm Updates
The child and dependent care credit has been increased from 35% to 50% of eligible expenses for 2021 only and is also refundable. The credit is now worth up to $8,000 for one qualifying individual and up to $16,000 for two or more (an increase from being worth up to...
Mar 12, 2021 | COVID-19 Response, Firm Updates
The threshold for disqualified investment income has been raised to $10,000 permanently. For 2021, the applicable minimum age for individuals without children has been decreased to 19. However, there are two exceptions: the minimum age for students is 24, and the...
Mar 12, 2021 | COVID-19 Response, Firm Updates
Based on current law, the child tax credit is $2,000 per child with only half of the credit being refundable. On 2021 income tax returns, the credit will be fully refundable, and 17-year-olds will be eligible as qualifying children. The amount of the credit will be...
Mar 12, 2021 | COVID-19 Response, Firm Updates
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...
