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The American Rescue Plan Act of 2021 (ARPA), signed by President Biden on March 11, 2021, extended and significantly modified the payroll tax credits for qualifying sick leave and family leave wages. Below is a summary of the key provisions. Background: Both Covid-19-related credits were initially provided by the Families First Coronavirus Response Act and…
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With President Biden’s signature yesterday, March 11, 2021, the $1.9 Trillion Stimulus Bill (ARPA) became law. This is the six separate COVID-relief bill enacted by the federal government. The American Rescue Plan Act of 2021 (ARPA) includes tax provisions, business stimulus provisions, individual assistance like extended unemployment benefits, additional funding for existing programs like the…
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The Consolidated Appropriations Act, 2021 (the CAA, 2021), signed into law on December 27, 2020, is a further legislative response to the coronavirus (COVID-19) pandemic. The CAA, 2021 include–along with spending and other non-tax provisions and tax provisions primarily affecting individuals–the numerous business tax provisions briefly summarized below. The provisions are found in two of…
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You’ve probably heard that IRS will be making millions of ”economic impact payments” (also called ”recovery rebates”) in the near future to help people stay afloat during this time of economic uncertainty related to the COVID-19 crisis. These payments are in addition to the $1,200 payments ($2,400 for married couples) issued earlier in 2020. Here’s…
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When a business owner’s mind is focused on running a business, acceptable accounting practices can often be overlooked or forgotten. Of course, mistakes are bound to happen; but for businesses that could mean a negative impact to the bottom line. Accounting can be time-consuming for businesses, so the urge to push through and complete the…
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If you own a business, chances are, you’re dealing with payroll. A lot of companies outsource this service to other businesses or accountants to handle for them. Whether you run payroll yourself or hire someone to do the foot work for you, there are a variety of basic principles you must know to ensure you…
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This year has proved to be the gift that just keeps on giving. While the world continues to surprise us day in and day out, the last thing any of us would want is a surprise on our tax return at filing time in the spring. In an effort to alleviate as much financial uncertainty…
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The U.S. Small Business Administration (SBA), along with Treasury, released Wednesday, June 17th, 2020, a revised loan forgiveness application for the Paycheck Protection Program (PPP). The SBA also unveiled a new EZ application for forgiveness of PPP loans. Revised PPP Loan Forgiveness Application (https://content.sba.gov/sites/default/files/2020-06/PPP%20Loan%20Forgiveness%20Application%20%28Revised%206.16.2020%29.pdf)and instructions (https://home.treasury.gov/system/files/136/PPP-Loan-Forgiveness-Application-Instructions_1.pdf) EZ PPP Loan Forgiveness Application (https://content.sba.gov/sites/default/files/2020-06/PPP%20Forgiveness%20Application%203508EZ%20%28%20Revised%2006.16.2020%29.pdf)and instructions (https://home.treasury.gov/system/files/136/PPP-Loan-Forgiveness-Application-Form-EZ-Instructions.pdf) The…
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The state of Georgia defines a small business as one that is independently owned and operated with less than 300 employees or a revenue of less than $30 million. The vast majority of companies in Georgia, up to 99%, fall under this category and are extremely vital to the state’s economy. The state offers several…
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If you’re looking to boost your deductions — and reduce your 2016 tax bill — you may want to consider purchasing a business vehicle before year end. Business-related purchases of new or used vehicles may be eligible for Section 179 expensing, which allows you to immediately deduct, rather than depreciate over a period of years,…
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