As 2021 comes to a close, it’s essential to take a closer look at your tax and financial plans. This year brought challenges and disruptions that likely impacted your personal and financial situation –– a continued global pandemic, several significant natural disasters, new tax laws, and political shifts.
Employers and employees can both benefit from the tax-exempt student loan repayment benefits outlined in the CARES Act. Here’s what your company needs to know.
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.
The IIJA (Infrastructure Investment and Jobs Act) provides plans to reconnect communities previously divided by highway building and expand broadband networks. Learn more about what it means for small businesses and individuals.
The IRS has temporarily expanded its e-signature allowance to include several additional tax forms. Review the complete list and restrictions here.
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.
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) has been signed into law by President Biden and makes significant updates to several tax provisions to alleviate some of the pandemic's financial burdens for individual taxpayers and businesses. Updates include expansions and extensions of various tax credits such as the employee retention credit (ERC), COBRA continuation coverage, Affordable Care Act (ACA) subsidies, and more. The bill also includes $1.46 billion for the IRS to manage the additional responsibilities on top of the annual tax filing season. Here are the critical tax updates.
