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.
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:
The Biden Administration is currently looking at making changes to the tax incentives of saving for retirement. Treasury Secretary Janet Yellen recently announced the Administration is considering a proposal to replace the dollar-for-dollar tax deduction with a 26% credit. More details can be found here. What does this mean for you? If you expect to…Read More
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…
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…
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…
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.
Join Dent Moses Managing Partner, Mike Baker, as he discusses Net Operating Losses and Qualified Improvement Property around the CARES Act. Watch Now.
Join Dent Moses partner, Trey Whitt as he discusses Tax Planning for Itemized Deductions. Watch Now.
Join Dent Moses Managing Partner, Mike Baker, as he discusses Taxation of Capital Gains and Losses. Watch Now.