Williams & Schiller Resources

Helpful information, financial tips and updates

Our Financial Blog

Read our periodic blog below to stay up to date on ever-changing tax rules and IRS regulations. We also enjoy passing on financial advice and tips, market data and more. Please be our guest and read on below!

01
Jul

Important Changes to the Child Tax Credit

Recently, there were changes made to the child tax credit that will benefit many taxpayers. As part of the American Rescue Plan Act that was enacted in March 2021, the child tax credit: Amount has increased. Is fully refundable (meaning, you can receive it even if you don’t owe the IRS). May be partially received in monthly...
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ppp apply now
08
Apr

PPP Funds May be Exhausted Soon – Apply Now

The Paycheck Protection Program (PPP) will run until May 31, 2021, or until funds are exhausted, whichever occurs first. At this time, there is anticipation that the funds could run out well before the May 31 close date. During a Senate hearing on the efficacy of Covid-19 relief programs, associate administrator for the SBA’s office...
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31
Mar

PPP Extended – Funds Available for Businesses

A bill to move the Paycheck Protection Program (PPP) application deadline from March 31 to May 31 won approval in the U.S. Senate last Thursday and has been signed into law by President Biden Tuesday, March 30. The legislation extends the filing deadline for PPP applications by 60 days and provides an additional 30 days...
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19
Mar

Tax Filing Deadline and Other Changes in Tax Landscape

The federal tax deadline changed to May 17. First, the IRS has postponed the filing deadline for individual taxpayers, who can postpone their federal income tax returns and income tax payment due on April 15 until May 17, 2021 without filing for an extension.  For us, this is good news. This has been a very...
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28
Jan

Update on new tax provisions and PPP

As the coronavirus (COVID-19) continues to affect local communities and global economies, our firm remains committed to serving your tax and financial planning needs. As part of this commitment, we want to provide you with some updates, as well as highlight some key tax provisions impacting individuals and businesses contained in the year-end coronavirus relief...
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economic impact payment
11
Jan

Updates on additional COVID-19 relief and PPP funding

Over the last week, several important items related to COVID-19 relief for individuals and businesses have unfolded. Most notably, individuals have begun to receive economic impact payments, and the forms, timeline, and related guidance for additional Paycheck Protection Program (PPP) loans have been issued. This legislation provided many changes that affect 2020 tax filings, though...
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20
Dec

Additional COVID-19 Relief and more PPP funding available

President Donald Trump on Sunday night signed into law the Consolidated Appropriations Act, the $900 billion COVID-19 relief bill passed Dec. 21 by Congress. This legislation comes with important provisions that will affect you and/or your business. Key provisions for individuals include: Provides economic impact payments of $600 for individuals (with certain income limitations), and...
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22
Apr

Don’t Get Scammed

The federal government is in the process of delivering cash to many U.S. citizens to help stimulate the economy, providing tax credits to individuals of $1,200 ($2,400 for joint filers) plus $500 for each qualifying child. For those struggling, these payments can help them stay afloat during these extraordinary times. But it’s also a potential...
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21
Apr

More Funding for the Paycheck Protection Program

The Paycheck Protection Program, a forgivable loan program created by last month’s Cares Act, was initially funded $349 billion but has since run dry. The Small Business Administration stopped accepting loan applications for the program last week after 1.6 million firms obtained taxpayer-backed, forgivable loans. It looks as though Congress and the President are set...
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