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As hard as it is to believe, we are now more than a week into 2022, and at the offices of Williams & Schiller, we are geared up and ready for the start of the 2021 tax filing season. Most likely we can all agree – the last two years have been unlike any others...
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Just a note to readers—if you are not an owner of a partnership or S-corporation (pass-through entity or PTE), just quit here, unless you are a real tax nerd! As you are likely aware, the 2017 Tax Cuts and Jobs Act included a provision that greatly increased the personal standard deduction and limited the deduction...
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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
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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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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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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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
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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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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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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