Tax & Money Tips

PPP Loan Forgiveness

PPP Direct Forgiveness Portal Created & Why the Loan Questionnaire Was Discontinued

Bailey Scarano Blog, Tax & Money Tips / By

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 […]

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Infrastructure Bill Could Put an End to Employee Retention Tax Credits

Bailey Scarano Blog, Tax & Money Tips / By

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

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no surprises bill

Interim and Proposed Regulations for No Surprise Billing Act

Bailey Scarano Blog, Tax & Money Tips / By

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),

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variety of meals

Sales Tax Benefit for Businesses that Sell Meals

Bailey Scarano Blog, Tax & Money Tips / By

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

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Starting a New Business? Know Your Tax Rules!

Bailey Scarano Blog, Tax & Money Tips / By

With the economy improving now and in the months or quarters ahead, many business owners and entrepreneurs may decide to launch new enterprises. If you’re among them, be aware that the way you handle some of your initial expenses can make a large difference in your tax bill. General rules Start-up costs include those incurred or

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IRS Investment

Treasury Encourages More IRS Investment

Bailey Scarano Blog, Tax & Money Tips / By

The Treasury Department recently released a statement discussing investment in the IRS and improving tax compliance. While roughly 99 percent of the taxes due on wages are remitted to the IRS, compliance on other forms of income is substantially less, because the IRS has had difficulty verifying whether income from unverified sources is properly reported.

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Refund for unemployment tax

Unemployment Tax Refunds on the Way

Bailey Scarano Blog, Tax & Money Tips / By

The IRS announced that it had started issuing refunds to eligible taxpayers who paid taxes on 2020 unemployment compensation that was excluded from taxable income by the recently enacted American Rescue Plan. Keep in mind that unemployment compensation is taxable, but the ARP excludes $10,200 in unemployment compensation when calculating the amount of taxes owed.

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