IRS Extends Individual Tax Deadline
On Wednesday, March 17, the IRS announced that the 2020 individual income tax filing deadline will be automatically extended from April 15, 2021, to May 17, 2021.
Biden Signs New $1.9 Trillion COVID Relief Legislation into Law
As you can imagine, the new $1.9 trillion COVID Relief Legislation covers a lot of ground. Here are the provisions that we believe will be of greatest interest to you:
Filing Season Readiness Update
We’ve hit the ground running in 2021 on a variety of projects – namely PPP-1 loan forgiveness, PPP-2 loan applications, and Employee Retention Credit analysis. If you would like to learn more about what we are doing in these areas, please contact us. In the meantime, we have extended our work hours for filing season and…
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Claiming the Benefits of Employee Retention Credits
As we have shared in previous correspondence, the new Employee Retention Credit (ERC) creates a nice opportunity to claim a tax benefit for keeping your workers on the payroll during the pandemic. In order to qualify, your business must have been subject to 1) a government-ordered shutdown or 2) a significant decline in revenue. Because…
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Ready to Apply for PPP Loan Forgiveness? Stop and Reconsider
For the past several months, we have advised many clients to patiently wait on applying for PPP forgiveness. There were a number of uncertainties, including taxability of forgiven amounts and potential future legislation. Good news – The recently passed Consolidated Appropriations Act, 2021 made two major changes related to PPP forgiveness. The first is to clarify the…
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Employee Retention Tax Credit- Understanding changes made by the Credit Consolidated Appropriations Act
Employee Retention Tax Credit- Understanding changes made by the Credit Consolidated Appropriations Act You may have seen or read about the Employee Retention Tax Credit (ERC) that was introduced with the CARES Act and clarified by the recent Consolidated Appropriations Act (CAA). The short version is, if your business was shut down or severely impaired…
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PPP2 Application & Additional Guidance
Late on January 6th, the SBA issued 120 pages of guidance in the form of Interim Final Rules. The revised application for Paycheck Protection Program Part 2 was released on January 8th.
The SBA will begin taking applications on January 11th although only new borrowers in underserved communities will have access today and tomorrow. On Wednesday, January 13th, all eligible entities nationwide will be able to apply.
Analysis of New Coronavirus Relief Bill
The Consolidated Appropriations Act, 2021, H.R. 133 passed both houses of Congress on Monday, December 21st was signed by President Trump yesterday. We’ll provide additional analysis; however, the Journal of Accountancy has produced two excellent summaries. Links are provided below. Our intention is to have a webinar covering the specifics of PPP and now the…
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Net Operating Losses and Qualified Improvement Property – VIDEO
Join Dent Moses Managing Partner, Mike Baker, as he discusses Net Operating Losses and Qualified Improvement Property around the CARES Act. Watch Now.
Santa Finally Brings Something We Can All Use – PPP Relief!
Lawmakers finally ended months of negotiations to agree on a $900 billion Covid stimulus package. The bill is referred to as “The Consolidated Appropriations Act, 2021”. Changes to the PPP program included in the stimulus package include: