Bridging the Gap

Under the latest COVID relief bill, employers must now provide financial assistance to former employees (assuming they meet the bill’s criteria) to help pay for COBRA premiums from April 1, 2021, through September 30, 2021. This lifts a huge burden off of the employee since COBRA benefits are prohibitively expensive for most of the population. […]

The IRS Makes Picking Up the Check Easier to Swallow

In December of 2020, lawmakers decided to help the COVID-stricken restaurant industry while taking a bite out of your business tax bill by enacting a temporary 100% business meal deduction for 2021 and 2022. Qualifying meals must be purchased from a restaurant. The IRS has defined a restaurant as “a business that prepares and sells […]

Will the ARP Help Your Bottom Line?

Here’s the bottom line. The American Rescue Plan (ARP) offers provisions that can help taxpayers significantly as we continue to recover from the pandemic. Signed into effect by President Biden on March 11, the American Rescue Plan (ARP) includes critical tax provisions that include: RECOVERY REBATES The federal government will provide a stimulus payment of […]

The Employee Retention Credit Goes “Retro”!

Remember “way back when” the original COVID-19 relief law stipulated that you had to choose between the retention credit and the PPP loan? Millions chose the PPP route. Moving forward, things have changed for the better. As a PPP recipient, you may qualify to take the employee retention credit retroactively for the tax year 2020 […]

Don’t Quarantine Yourself from the New PPP Loan

Perhaps you were reluctant to sign up for last spring’s PPP loan offering because the word “loan” came into play. Loans can be scary, especially when income may be questionable, as was the case in 2020. However, the big picture is that with a PPP loan, you will obtain tax-free money that, as a business […]

New Stimulus Plan Gives 1040 Tax Payers a Shot in the Arm

Upon Congress’s recent approval of a new stimulus bill, most of the attention has been centered on additional stimulus checks and new PPP loans to assist businesses. However, the typical American 1040 taxpayer who does not own a business will also receive some additional consideration. If you are able to put a few of these […]

More Tax Aid Was Signed Into Law on December 27

THE 2020 TAX SEASON IS A WILD RIDE! Continued considerations have been put into place to help Americans ease the pain of their 2020 tax burden. The Consolidated Appropriation Act of 2021 was signed into law by the President on December 27. It contains more COVID-19 relief provisions as well as tax provisions that you […]

Be Prepared for Another Round of Help!

As Congress continues to debate the framework of a $908 billion COVID economic relief plan, we are all hoping that additional aid may be on the way for small businesses. The Senate’s “Gang of 8” Proposal designates $300 billion to support small businesses with another round of PPP (Paycheck Protection Program) funding and Economic Injury […]

Navigate to a Safe Harbor with Your PPP Loan

Congratulations! You’ve been approved for your Small Business Administration (SBA) Paycheck Protection Program (PPP) loan. This can be a big benefit for your business as you consider next steps. Be aware, the amount you received will be reduced by any Economic Injury Disaster Loan (EIDL) grants you also received. While most business owners are looking […]

6 Unprecedented Tax Breaks Lesson Your Burden

It Was the Best of Times. It Was the Worst of Times. Well, maybe not the “best of times.” But COVID-19 has created some tax benefits that we may not see again for a while. Typically, we do not consider current-year tax strategies during the month of June. But, what is typical these days? Government legislation has […]