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

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

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

3 03, 2021

IRS Issues Updated Guidance for Claiming 2020 Employer Retention Credits

By |2021-03-10T16:44:01+00:00March 3rd, 2021|Blog, Covid-19|

On March 1, 2021, the IRS issued Notice 2021-20 “Guidance for Employers Claiming Employee Retention Credit Against Payroll Tax for 2020”. This guidance does not address changes made to the employee retention credits (“ERC”) for qualified wages paid after December 31, 2020. The IRS will address 2021 credits in future guidance. Background The Taxpayer

27 01, 2021

Changes to the Employee Retention Credit Greatly Expand Eligibility for Businesses

By |2021-01-27T17:30:33+00:00January 27th, 2021|Blog, Covid-19|

The recently passed Consolidated Appropriations Act (“CAA”) contains retroactive changes and expansions to the Employee Retention Credits (“ERC”) that make these previously underutilized tax credits now potentially very lucrative for many small businesses. As explained in more detail below, three main retroactive changes in the CAA making the ERC applicable to more small business are

13 01, 2021

New Paycheck Protection Program Guidance Released

By |2021-01-13T19:53:08+00:00January 13th, 2021|Blog, Covid-19|

On Wednesday, January 6, the U.S. Small Business Administration (SBA) and the Treasury issued joint guidance regarding the latest updates to the Paycheck Protection Program (PPP), as amended by the recent COVID-19 relief bill. A recent article from the Journal of Accountancy offers an overview of the guidance, which includes the following items: An interim

23 12, 2020

Important Changes to PPP Loans and COVID-Relief Grants

By |2021-01-04T15:44:20+00:00December 23rd, 2020|Covid-19|

On December 21, 2020, Congress passed the “Consolidated Appropriations Act, 2021” (the “Act”) and it was signed by President Trump on Sunday, December 27th. This Act contains many important tax changes and updates for the Paycheck Protection Program (“PPP”) loans (see our article here for more details on the tax provisions of the Act). Updates to the

22 12, 2020

President Signs Coronavirus Relief Bill

By |2021-01-04T15:55:55+00:00December 22nd, 2020|Covid-19|

On December 22, 2020, Congress passed the Consolidated Appropriations Act, 2021 (CAA2021), which includes $892 billion in coronavirus stimulus spending. The act was signed into law by President Trump on Sunday, December 27, 2020. This long-awaited and highly contested piece of legislation ties coronavirus relief funding into a $1.4 trillion resolution for funding the federal

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