The Evolution of the Employee Retention Credit The pandemic has adversely affected many sectors of the U.S. economy, causing widespread job losses. At the start of the national emergency, Congress created a novel tax break — the Employee...
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The American Rescue Plan Act (ARPA) includes major, but temporary, changes to the longstanding federal income tax child and dependent care credit. The changes are favorable for most taxpayers, except high-income individuals. Here’s what you...
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One of the many provisions signed into law with the American Rescue Plan Act of 2021 was a new COBRA premium subsidy that pays for 100% of the applicable premiums for eligible individuals. To comply with the law, businesses will face a few...
Read More The American Rescue Plan Act (ARPA) significantly liberalizes the rules for the federal child tax credit, which means more money in the pockets of eligible parents this year. However, the liberalizations are only for the 2021 tax year. Pre-ARPA...
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Now that fall is here and school has started, many teachers are dipping into their own pockets to buy classroom supplies. Doing this throughout the year can add up fast. Fortunately, eligible educators may be able to defray qualified expenses...
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What you really want to know about Economic Impact Payments Is this payment considered taxable income? No, the payment is not income and taxpayers will not owe tax on it. The payment will not reduce a taxpayer’s refund or increase...
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The Coronavirus Aid, Relief, and Economic Security (CARES) Act includes several changes that encourage charitable giving during the coronavirus (COVID-19) crisis. This is welcome news for certain public charities, including churches, educational...
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Some essential businesses have remained open during the COVID-19 pandemic and adjusted quickly to protect the well-being of their employees. However, others are just preparing to reopen as soon as state and local officials lift restrictions. ...
Read MoreFew businesses have been left unscathed by the novel coronavirus (COVID-19) pandemic. Unfortunately, many have been mortally wounded. Some may be living on life support thanks to financial help from the government, but their long-term survival is...
Read More Millions of Americans have already received their Economic Impact Payments. The IRS continues to calculate and automatically send the payments. However, some may have to provide additional information to the IRS to get their Payments. Please...
Read MoreCheck IRS.gov for the latest information: No action needed by most people at this time IR-2020-61, March 30, 2020 WASHINGTON – The Treasury Department and the Internal Revenue Service today announced that distribution of economic impact payments...
Read MoreThe Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated 350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection program, the initiative provides 100%...
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