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

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

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

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

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

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

The SBA will open the application window for PPP loans from all lenders starting at 9 a.m. EST on Tuesday, January 19th.  All borrowers seeking either a first or second-draw PPP loan are will be eligible to apply at that time. Small lenders with under $1 billion in assets will be able to submit loan

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