2021 Child Tax Credit

These FAQs were released to the public in Fact Sheet 2022-03 PDF, January 11, 2022. There have been important changes to the Child Tax Credit that will help many families receive advance payments. The American Rescue Plan Act (ARPA) of 2021 expands the Child Tax Credit (CTC) for tax year 2021 only. Below is a link…

Tips to Help You File an Accurate Return

Planning for the nation’s filing season process is a massive undertaking, and IRS teams have worked non-stop getting ready for the 2022 filing season. The IRS started accepting 2021 tax returns on Jan. 24, 2022. Our filing season preparation began early last year and included extensive planning and real-time collaboration inside and outside the IRS.…

Recovery Rebate Credit

The IRS has issued all first, second and third Economic Impact Payments. Missing a stimulus payment? You may be eligible to claim a Recovery Rebate Credit on your 2020 or 2021 federal tax return if you didn’t get an Economic Impact Payment or got less than the full amount. The first and second rounds of…

Important Links for Information on PPP Loans and EIDL Grants

1.  Small Business Administration Coronavirus Relief Options – See all funding relief options available to those seeking relief from the challenges created by the Coronavirus outbreak. 2.  SBA Business Loan Program Temporary Changes; Paycheck Protection Program Second Draw Loans – Guidance from the US Small Business Administration on new PPP loans to businesses that previously…

Updated List of Costs Eligible for PPP Loan Forgiveness

Costs eligible for loan forgiveness for first and second draw loans: 1.  PAYROLL COSTS Payroll costs include compensation to employees in the form of salary, wages, commissions, cash tips, vacation pay, allowance for dismissal and employer payments for insurance premiums (group health care, group life, disability, vision or dental insurance) and retirement. Please note the addition…

Economic Impact Payments

Please go to www.irs.gov/coronavirus-tax-relief-and-economic-impact-payments to check on the status of your payment. Payments started the last week of December with more payments occurring in early January 2021.

Omnibus Covid Relief Bill – PPP Loans

PLEASE BE AWARE, THIS IS A SUMMARY OF A VERY LARGE AND COMPLICATED PIECE OF LEGISLATION. ACCORDINGLY, WE ARE HERE TO ANSWER ANY QUESTIONS YOU MAY HAVE. In late December of 2020, Congress passed and President Trump signed into law the Consolidated Appropriations Act, 2021 (CAA 2021) which contains key provisions on PPP loans and…