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So far louisplung has created 122 blog entries.
13 04, 2021

Great News, Child Care Tax Credit Expanded for 2021

By |2021-04-13T16:23:35+00:00April 13th, 2021|Blog|

Great news if you are paying childcare expenses that enable you to work. As part of President Biden’s American Rescue Plan Act (ARPA) signed into law on March 11, 2021, the child and dependent care tax credit has been substantially increased. Here are the details: The credit increases and other provisions of the ARPA that

13 04, 2021

Don’t Be A Victim to IRS-Impersonating Scammers

By |2021-04-13T16:22:45+00:00April 13th, 2021|Blog|

Thieves use taxpayers’ natural fear of the IRS and other government entities to ply their scams, including e-mail and phone scams, to steal your money. They also use phishing schemes to trick you into divulging your SSN, date of birth, account numbers, passwords and other personal data that allow them to scam the IRS and

13 04, 2021

Big Increase in Child Tax Credit For 2021

By |2021-04-13T16:20:41+00:00April 13th, 2021|Blog|

An increased child tax credit is part of President Biden’s stimulus package to help tackle the coronavirus pandemic and stimulate the economy. This stimulus package, which was passed by Congress on March 10, 2021, and is known as the American Rescue Plan Act, will provide lower-income parents with substantial financial assistance and support various other

13 04, 2021

Are Your Unemployment Benefits Taxable?

By |2021-04-13T16:16:58+00:00April 13th, 2021|Blog|

With the passage of the CARES Act stimulus package early in 2020, the federal government began supplementing the normal state weekly unemployment benefits by adding $600 per week through the end of July 2020. When this provision ran out, and with Congress at a stalemate, President Trump issued an executive order in early August that

30 03, 2021

Challenges of Working Remotely for CPAs

By |2021-03-30T17:19:10+00:00March 30th, 2021|Blog, Covid-19|

In a recent article on PICPA’s CPA Now blog, Lora L. Bahrey-Ament and Kevin Wilkes discuss the challenges CPAs face in a remote environment. A preview of the article is below. As COVID-19 vaccinations continue to roll out, many employers are pondering an imminent return to the physical office. Still, businesses are not blind. They

23 03, 2021

New PPP Loan and Employee Retention Credit Guidelines

By |2021-03-23T18:00:41+00:00March 23rd, 2021|Blog|

In a recent article on PICPA's CPA Now, Anthony Montanaro and Kevin Wilkes discuss the recent PPP changes and updated employee retention guidelines. A preview of the article is below. On March 3, 2021, the Small Business Administration (SBA) issued an Interim Final Rule that changed the PPP loan calculation methodology for IRS Form 1040,

18 03, 2021

IRS Announces Individual Tax Deadline Extension

By |2021-03-18T16:17:00+00:00March 18th, 2021|Blog|

For the second year in a row, the federal income tax filing due date for individuals has been postponed. The postponements come as a part of the fallout of the coronavirus pandemic and the legislation that has resulted from it, which has added complexity to tax filings and systemic strain to the U.S. tax bureau.

8 03, 2021

American Rescue Plan Act

By |2021-03-12T13:35:04+00:00March 8th, 2021|Blog, Covid-19|

The American Rescue Plan Act (ARPA) was passed by the Senate on Saturday, March 6 and in the House on Wednesday, March 10. The $1.9 trillion relief bill now heads to President Biden’s desk. He signed the bill into law on Thursday, March 11. Read on for details on the provisions included in the

4 03, 2021

SBA Issues New Guidelines for Calculating PPP Loans for Schedule C Taxpayers

By |2021-03-05T13:48:49+00:00March 4th, 2021|Blog, Covid-19|

On March 3, 2021, the SBA issued a new interim rule making changes to the PPP loan calculation methodology for IRS Form 1040, Schedule C (“Schedule C”) taxpayers. This change will allow qualifying Schedule C taxpayers (which includes independent contractors, sole proprietors, and self-employed individuals) to calculate their maximum loan amount using gross income. Prior

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