IRS to send letters in January about Child Tax Credit payments
Families who received advance Child Tax Credit payments in 2021 will need to file a 2021 tax return and compare the advance Child Tax Credit payments they received with the amount of the credit they can claim on their 2021 tax return. To help taxpayers reconcile the advance payments, the IRS is sending in January […]
Employers eligible for tax credits for paid time off for Covid vaccine
Employers can now apply for tax credits for wages paid to employees who help family members who obtain a COVID-19 vaccination. Credits were made available to employers through the American Rescue Plan Act of 2021 (ARPA) for qualified wages paid to employees who took leave as a result of the coronavirus. According to updated guidance […]
IRS provides relief for certain employers claiming WOTC
Work opportunity tax credits (WOTC) is a federal income tax credit available to employers that hire certified members of certain groups specified in the Internal Revenue Code who face significant barriers to employment. On August 10, 2021, the IRS issued Notice 2021-43, which extends the 28-day deadline for employers to submit a request (Form 8850) […]
Patience is in order if awaiting tax refund this year
If you are expecting a tax refund this year, you may have to wait a bit longer than usual. Between staff shortages, a backlog of returns from the 2020 filing season, processing Recovery Rebate Credits, validating income for the Earned Income Tax Credit and Additional Child Tax Credit – not to mention applying changes in […]
COBRA subsidy details: Notification deadline approaching
As part of the American Rescue Plan Act signed into law in March, employers can receive a 100% subsidy for extended COBRA coverage for employees who were terminated or who lost coverage because their hours were involuntarily reduced or they were involuntarily terminated, making them eligible for COBRA. While employers must bear the cost of […]
Restaurant Revitalization Grants ready to roll soon
The Small Business Administration has announced that registrations for the $28.6 billion Restaurant Revitalization Fund grants will open at 9 a.m. EST Friday, April 30, with the application officially open at noon EST Monday, May 3. The online application will remain open to any eligible establishment until all funds are exhausted. If you plan to […]
More guidance issued on Massachusetts sales and meals tax changes
We advised you a couple months ago that beginning April 1, Massachusetts had enacted accelerated remittance of sales and meals tax. Few details were available at that time, but the state has recently updated its guidance so we wanted to provide you more information. According to the state, businesses that had $150,000 or more in sales […]
Webinar: How Does ARPA Help Your Business?
What: Webinar on how ARPA helps business owners When: 3 p.m. (ET) Tuesday, March 23 REGISTER HERE: How Does ARPA Help Your Business? President Biden recently signed the American Rescue Plan Act of 2021, which contains several Covid-relief measures. Many provisions impact business owners in general and restaurant owners in particular. Frank McLaughlin, CPA, a […]
More flexibility offered for employee FSA plans
Employees with flexible spending arrangements, or FSA, for health care or dependent care expenses now have a more flexibility to use these benefits. As you know, employers can offer employees FSAs to use throughout a plan year either for medical expenses or for dependent care expenses. Most FSAs contain a “use it or lose it” […]
How does the American Rescue Plan impact individual taxpayers?
The latest Covid-relief bill – the $1.9 trillion American Rescue Plan Act of 2021 (ARPA) – was signed into law by President Biden, and it provides several provisions specifically beneficial to restaurant owners and to small business owners and individuals in general. Much of the ARPA extends and expands on the provisions from earlier Covid-relief […]
