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...Read More

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...Read More

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...Read More

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...Read More

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...Read More

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...Read More

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...Read More

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...Read More

The CARES Act will provide a direct cash payment to individuals and families to help ease the economic impact of COVID-19. Eligibility Any individual who meets the following criteria is eligible for a full $1,200 rebate: Reported no more than $75,000 annual adjusted gross income on last federal tax return. Cannot be claimed as a dependent by...Read More

The IRS released the first round of changes to the current tax-filing season on Wednesday, March 18, 2020.  Then on Thursday, U.S. Treasury Secretary Mnuchin announced new changes.  In summary, those are: Individuals and trusts may file returns AND defer the payment of up to $1 million of their outstanding 2019 federal tax liability until as...Read More