22 06, 2021

Tony Montanaro Named Partner at Louis Plung & Company

By |2021-06-22T14:02:10+00:00June 22nd, 2021|Blog|

The Pittsburgh accounting and consulting firm Louis Plung & Company is pleased to announce that Tony Montanaro, CPA/ABV, CFE has been added to the firm’s partner group. A professional in the field since 2003, Tony has served on the Louis Plung team since 2009. He specializes in consulting services such as the preparation of credible

9 06, 2021

How Biden’s Proposed American Families Plan Might Affect You

By |2021-06-09T15:08:07+00:00June 9th, 2021|Blog|

President Biden presented his proposed American Families Plan (AFP) during his Joint Session of Congress address on April 29, 2021. What follows is an overview of what is included in the plan. But this is only his wish list; Congress will need to draft proposed legislation that will have to pass in both the House

9 06, 2021

How to Protect Your Data in QuickBooks

By |2021-06-09T15:05:50+00:00June 9th, 2021|Blog|

After the unprecedented year we’ve just experienced, the last thing you need is to have your accounting data compromised or stolen. It would be impossible to reconstruct your QuickBooks file from scratch, and you can’t afford to have a hacker steal any of your funds. There are numerous steps you can take to protect yourself

9 06, 2021

SBA Raises Loan Limit For COVID-19 EIDL Loans to $500,000

By |2021-06-09T15:02:33+00:00June 9th, 2021|Blog|

As U.S. businesses continue to recover from COVID-19’s economic devastation, the U.S. Small Business Administration (SBA) is expanding loan opportunities. The agency announced that beginning the week of April 6th, nonprofits and small businesses will be able to borrow up to $500,000 for up to 24 months. This expansion of the COVID-19 Economic Injury Disaster

3 06, 2021

IRS Issues New Guidance Regarding COBRA Changes Implemented by the ARPA

By |2021-06-03T16:23:16+00:00June 3rd, 2021|Blog|

The Internal Revenue Service (IRS) recently issued new guidance in an effort to clarify the COBRA premium assistance and credit available under the American Rescue Plan Act (ARPA). The Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA) established continued health coverage for employees experiencing a reduction in hours or an involuntary termination. Under the ARPA,

22 04, 2021

New Tax Credit Covers Paid Leave for COVID-19 Vaccinations and Recovery

By |2021-04-22T16:35:18+00:00April 22nd, 2021|Blog, Covid-19|

On April 21, 2021, President Biden announced a tax credit for employers that would reimburse them for providing paid time off to employees to cover both getting vaccinated and any recovery time required due to vaccine side effects. The IRS followed up the President’s announcement with a new release offering details about the credit. Under

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

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