The IRS and the U.S. Treasury had disbursed 160.4 million Economic Impact Payments (EIPs) as of May 31, 2020, according to a new report. These are the payments being sent to eligible individuals in response to the economic threats caused…
Payroll Protection Plan (PPP) loans were a lifeline for many small business owners during the worst of the pandemic-driven economic slowdown. In total, the Small Business Administration (SBA) approved nearly 12 million PPP loans, averaging $67,000. The PPP program stopped accepting…
The pandemic has adversely affected many sectors of the U.S. economy, causing widespread job losses. At the start of the national emergency, Congress created a novel tax break — the Employee Retention Tax Credit (ERTC) — to entice employers to…
Tax season is well underway. The pandemic has led to several changes to the tax rules for last year. Here's a summary of four taxpayer friendly changes that may affect your 2020 federal income tax return. 1. Limited Charitable Deduction Can…
The latest economic stimulus bill was recently signed by President Biden, with stimulus payments hitting bank accounts as soon as this weekend. Called the American Rescue Plan Act of 2021 (ARPA), the bill extends many provisions of earlier coronavirus legislation…
Before President Trump signed the latest economic stimulus law, several temporary COVID-19-related federal tax relief measures were set to expire on December 31, 2020. This article explains the current status of eight important temporary relief measures and whether the Consolidated Appropriations…
The Consolidated Appropriations Act (CAA) extends, liberalizes and expands the Paycheck Protection Program (PPP). Originally established by the CARES Act, the PPP expired on August 8, 2020. Now the CAA resurrects it. Here are the most important things small businesses should…
The massive COVID-19 relief bill signed by President Trump on December 27, 2020, contains a variety of tax breaks and authorizes direct payments to eligible individuals. The law is titled the Consolidated Appropriations Act of 2021 (CAA) but two sections…
President Trump signed the Consolidated Appropriations Act (CAA) into law on December 27, 2020. The legislation adds a few new tax breaks for businesses and extends a bevy of other business breaks that were set to expire at the end of…
The Consolidated Appropriations Act (CAA), signed into law on Dec. 27, provides relief in response to the COVID-19 pandemic, such as another round of “recovery rebate” payments to individuals and an expansion of the Paycheck Protection Program (PPP) loan program…
With the most recent stimulus bill signed by President Trump, the sick and family leave component of the Families First Coronavirus Response Act (FFCRA) has been extended. The significant change is that this is now optional for private employers with…