Tax Updates for 2021
Does it seem like you just did your taxes? Even though you may have filed your individual return during the summer of last year, your 2020 tax return is due on April 15th! There are lots of changes this year,
The Biden Administration Announces Changes to PPP to Help Small Businesses
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The latest round of Paycheck Protection Program (PPP) funding opened just one month ago. Compared to the same point in the Program last year: The share of funding going to small businesses with fewer than ten employees is up nearly
All Economic Impact Payments Have Been Issued. Eligible Filers Can Claim Their Recovery Rebate Credit
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The IRS announced that, as required by law, all legally permitted first and second round of Economic Impact Payments have been issued and the IRS now turns its full attention to the 2021 filing season. Get My Payment was last
Healthcare.gov Special Enrollment Period Begins Today!
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Last month, HHS and CMS announced a Special Enrollment Period (SEP) for individuals and families for Marketplace coverage in response to the COVID-19 Public Health Emergency. This SEP will allow individuals and families in states with Marketplaces served by the
PPP Loan Recipients: Take Advantage of the Employee Retention Credit Retroactively!
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Before the December 27, 2020, enactment of the new COVID-19 relief law, you may have chosen the Paycheck Protection Program (PPP) loan and given no thought to the employee retention credit. Remember, under the original law, you had to choose
Educators: Out-of-Pocket Expenses for COVID-19 Protective Items are Tax Deductible
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Eligible educators can now deduct unreimbursed expenses for COVID-19 protective items to stop the spread of COVID-19 in the classroom. COVID-19 protective items include, but are not limited to: face masks; disinfectant for use against COVID-19; hand soap; hand sanitizer;
Annual Tax Extenders – Keep Your Money in Your Pocket!
The Taxpayer Certainty and Disaster Tax Relief Act of 2020, enacted on December 27, 2020, deals with the annual tax extenders. Congress made some of them permanent, while others got short- or long-term extensions. These are the big five Form
IRS Penalty Relief – Learn Your Options Before You File Your Taxes!
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The IRS can waive penalties it assessed against you or your business if there was “reasonable cause” for your actions. The IRS permits reasonable cause penalty relief for penalties arising in three broad categories: Filing of returns Payment of tax
Understanding COVID-19 Paid Sick Leave – Updated FAQs from the IRS
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The IRS has updated their FAQs about recent legislation that extended and amended tax relief to certain small- and mid-sized employers under the Families First Coronavirus Response Act (FFCRA). Click here to access the upgraded FAQs, and continue reading below
Healthcare.gov Special Enrollment Period Begins February 15th!
HHS and CMS announced a Special Enrollment Period (SEP) for individuals and families for Marketplace coverage in response to the COVID-19 Public Health Emergency. This SEP will allow individuals and families in states with Marketplaces served by the HealthCare.gov platform
Important Updates and Reminders for Your 2020 Tax Return
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After an unpredictable year with many changes and challenges, the IRS shared important reminders for taxpayers who are about to file their 2020 federal tax returns. Navigating these changes can be confusing, so don’t trust apps or cookie-cutter tax preparers