The IRS has recently pulled back on its change requiring third-party settlement organizations (TPSOs) to report transactions exceeding $600 in 2023 rather than its current limit of transactions more than $20,000. Basically, for 2023, the IRS is giving these organizations more time to adapt to new 1099-K reporting rules introduced by the American Rescue Plan […]
IRS Notice on Form 1099-K Reporting for 2023 Explained Read More »
The Connecticut Hospitality Industry Support Program was implemented by the American Rescue Plan Act and allocated $30,000,000 to the Department of Economic and Community Development (DECD). DECD utilized data from the Department of Revenue Services (DRS) to identify two groups of recipients that are eligible for a Connecticut Hospitality Industry Support Grant, based on losses incurred
Help for the Connecticut Hospitality Industry Read More »
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 »
When you think back on this spring, you may recall a deposit to your bank account by the federal government (if you were eligible). Economic Impact Payments were a focal point of the American Rescue Plan Act (ARPA), but it contains many other provisions also worth remembering. Here are five highlights: The child tax credit.
Other Rescue Benefits Outside of Stimulus Checks Read More »
Many businesses have had to shut down or reduce operations during the COVID-19 pandemic, causing widespread furloughs and layoffs. Fortunately, employers that have managed to keep workers on payroll may be eligible for a refundable employee retention credit. Three laws have created, extended and enhanced the credit. The Original The CARES Act created the employee retention
Can you Benefit from the Enhanced Employee Retention Credit? Read More »
There’s nothing like having a ton of changes come down right in the middle of tax season! As you’ve already seen, so many things have happened and changed in the last few weeks, that it is nearly impossible to stay on top of them all. As you may have heard (and as we were writing