Tax
President Biden has signed the Paycheck Protection Program Extension Act of 2021, which extends the covered period for the PPP. Before the law was passed, the loan application deadline was set to expire on March 31, 2021. The new law extends the deadline to May 31, 2021. In addition, the Small Business Administration (SBA) is…
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Are you considering buying or replacing a vehicle that you’ll use in your business? If you choose a heavy sport utility vehicle (SUV), you may be able to benefit from lucrative tax rules for those vehicles. Bonus depreciation Under current law, 100% first-year bonus depreciation is available for qualified new and used property that’s acquired…
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Using qualified small business stock to attract investors For businesses in need of funding, qualified small business stock (QSBS) can be a powerful tool for attracting investment capital. It entices investors with the prospect of tax-free gains on the sale of the stock (subject to certain limitations), provided they hold it for more than five…
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The new American Rescue Plan Act (ARPA) provides eligible families with an enhanced child and dependent care credit for 2021. This is the credit available for expenses a taxpayer pays for the care of qualifying children under the age of 13 so that the taxpayer can be gainfully employed. Note that a credit reduces your…
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Many people view a second marriage as a fresh start and a new chance at happiness. If you’re planning to take another walk down the aisle, it’s critical to take the time to review and, if necessary, revise your estate plan. Will your current estate plan become outdated? Most likely the answer is yes if…
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The American Rescue Plan Act, signed into law on March 11, provides a variety of tax and financial relief to help mitigate the effects of the COVID-19 pandemic. Among the many initiatives are direct payments that will be made to eligible individuals. And parents under certain income thresholds will also receive additional payments in the…
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If your job or business has been affected by the COVID-19 pandemic, you may be concerned about your ability to pay taxes on time or to pay a delinquent tax debt. Fortunately, it may be possible to obtain relief from harsh IRS penalties and other consequences of the tax collection process, provided you take action…
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April 15 is not only the deadline for filing your 2020 tax return, it’s also the deadline for the first quarterly estimated tax payments for 2021, if you’re required to make one. You may have to make estimated tax payments if you receive interest, dividends, alimony, self-employment income, capital gains, prize money or other income.…
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The Consolidated Appropriations Act (CAA), passed late last year, provides much needed stimulus and tax relief for businesses hard hit by the COVID-19 pandemic. Two of the provisions that business owners likely are most interested in are the $284 billion in funding for forgivable loans through the Paycheck Protection Program (PPP), for both first-time and…
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The Taxpayer Certainty and Disaster Tax Relief Act of 2020 (TCDTRA) signed into law in December of 2020 retroactively amended the Employee Retention Credit (ERC) to allow eligible employers to claim credit even if the employer previously obtained a Paycheck Protection Program (PPP) loan. Now eligible employers can claim the credit on any wages that…
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