The IRS has issued guidance for employers claiming the employee retention credit.ย In general, eligible employers can claim a refundable employee retention credit against the employer share of Social Security tax equal to 70% of the qualified wages they pay to employees after December 31, 2020, through June 30, 2021, limited to wages paid of $10,000
How to Claim Employee Retention Credit in Q3 and Q4 of 2021 Read More ยป
Are you still waiting to hear of your PPP loan was forgiven? You are not alone. PPP Direct Forgiveness Portal The SBA announced that it is launching a streamlined application portal to allow borrowers with PPP loans $150,000 or less through participating lenders to apply for forgiveness directly through the SBA. The new forgiveness platform
PPP Direct Forgiveness Portal Created & Why the Loan Questionnaire Was Discontinued Read More ยป
If you travel for business, you will likely have expenses to write off in one of two ways: recording actual expenses (with back-up receipts) or using per diem rates established by the IRS. Starting October 1, 2021, new per diem rates will go into effect for taxpayers to substantiate the amount of “ordinary and necessary”
IRS Updates Per Diem Rates Read More ยป
The much-discussed Infrastructure Investment and Jobs Act passed by a vote of 69-30 in the Senate in mid August. The next step will happen next week when the Senate is scheduled to vote on the budget resolution that will make implementing this act possible. Like any bill of this magnitude, it contains numerous provisions. While
Infrastructure Bill Could Put an End to Employee Retention Tax Credits Read More ยป
No one likes to receive an unexpected bill, especially from a healthcare provider. With that in mind, the Departments of the Treasury, Labor, and Health and Human Services have issued interim final rules and identical proposed regulations to implement provisions of the No Surprises Act. On December 27, 2020, the Consolidated Appropriations Act, 2021 (CAA),
Interim and Proposed Regulations for No Surprise Billing Act Read More ยป
Investors have been discussing whether a traditional or Roth IRA is best as long as they have both been around. One factor that might tip the scales toward a Roth is a downturn in the value of your investments. If you have a traditional IRA, a decline may provide a valuable opportunity to pay less
Should You Convert Your IRA to a Roth? Read More ยป
Does your business sell meals? If so, you may be eligible to retain the sales tax collected on the sale of these meals due to legislation recently enacted by the Connecticut General Assembly. Who Qualifies? Businesses that sell meals in Connecticut Businesses included in Sector 72 of the North American Industrial Classification System (NAICS). Click
Sales Tax Benefit for Businesses that Sell Meals Read More ยป
It is sad, but when there is a chance to prey on people, there is always someone that takes that opportunity. This time it is a number of scams where fraudsters are using the advance Child Tax Credits to try to steal your personal information and money. (For our latest post on the advance Child
Beware of Child Tax Credit Scams Read More ยป
Under the American Rescue Plan Act of 2021 (ARP) ( P.L. 117-2), small and midsize employers and certain government employers are entitled to claim refundable tax credits that reimburse them for the cost of providing paid sick and family leave to their employees due to COVID-19. Keep in mind this also includes leave taken by
Business Owners Can Claim Tax Credits for Employee Sick Leave Read More ยป
With so many tax changes taking place over the last few years, it is hard to keep up with everything that is going on. However, this one is worth a reminder since it is only available (for now) during 2021 and 2022. In the Consolidated Appropriations Act of 2021, business meal deductions were increased from
Take Your Client Out for Dinner Read More ยป
The IRS has started sending letters to over 36 million families who, based on tax returns filed, became eligible to receive monthly child tax credit payments starting July 15. Eligibility is evaluated based the information you provided in your 2019 or 2020 tax returns, or through the Non-Filers tool while registering for an Economic Impact
Advance Child Tax Credit Update & Why You May Want to Opt Out Read More ยป
The IRS recently answered some of the most frequently-asked-questions from families and small and mid-sized employers about claiming credits under the American Rescue Plan (ARP). These FAQs provide information on eligibility, computing the credit amounts and how to claim these important tax benefits. Enacted in March to assist families and small businesses with the fallout
The IRS Answers American Rescue Plan Tax Credit Questions Read More ยป