When it comes to setting financial goals for your business, there are two main methods to consider: budgeting or forecasting. Given the changes in the business environment today, it may even make sense to combine the two as part of your strategy.
Hiring a nanny for child care can mean tax liabilities you didn’t have before, even if they aren’t a full-time employee. Here’s what you need to know about the nanny tax.
The FFCRA requires employees who take leave or sick time due to COVID-19 to be reported separately to employees on Form W-2. Learn how to report them correctly.
The Employee Retention Credit (ERC) has been expanded until Dec. 31, 2021. Don’t assume your business is ineligible for the ERC.
The IRS recently released information on how to check eligibility, opt-in for non-filers, and opt-out of the advance child tax credit payments as part of the ARP.
Since the pandemic, the IRS has temporarily changed the tax-deductible amount allowed for some business meals to encourage increased sales at restaurants
Recent updates to 1031-exchange regulations provide new details on the definition of real property and incidental property and provide new means for testing fixtures involved in like-kind property exchanges.
A measure to extend the Paycheck Protection Program (PPP) application deadline from March 31, 2021, to May 31, 2021, has passed the U.S. House of Representatives and the Senate. It now heads to President Biden’s desk for signature which he is expected to do promptly.
The American Rescue Plan Act (ARPA) of 2021 passed Congress and President Biden signed the bill into law on March 12, 2021. The ARPA approves $1.9 trillion in spending for individuals, businesses, governments, and certain industries impacted by the COVID-19 pandemic. The third Act in a year, the ARPA approves additional economic impact payments for individuals; the extension of federal unemployment benefits; additional funds for Paycheck Protection Program (PPP) Loans, and Economic Injury Disaster Loans (EIDL) for hard-hit small businesses; and grants for food and beverage establishments. Here are the key individual and business provisions in the bill.
The IRS has released additional guidance in Notice 2021-20 on the Employee Retention Tax Credit (ERC) with clarifications on the retroactive changes for expanded eligibility applicable to 2020. Employers who received a Paycheck Protection Program (PPP) loan have been waiting on guidance on claiming the credit in combination with forgiveness of their loan. The provisions outlined here apply to retroactive claims for 2020 as well as providing a plan for those yet to seek forgiveness.
