What’s in the Covid relief bill: Recovery rebates, extended unemployment and more
The Consolidated Appropriations Act of 2021 includes a number of provisions beneficial to individuals and business owners, particularly in light of ongoing economic turmoil in the wake of the coronavirus pandemic. In addition to the extension of the Paycheck Protection Program, the CAA contains another round of direct payments to individuals, extended unemployment insurance and […]
What’s in the Covid relief bill: Tax extenders
The Consolidated Appropriations Act of 2021 includes a number of provisions beneficial to individuals and business owners, particularly in light of ongoing economic turmoil in the wake of the coronavirus pandemic. In addition to the extension of the Paycheck Protection Program, direct payments and other tax provisions, the Taxpayer Certainty and Disaster Tax Relief Act […]
What’s in the Covid relief bill: PPP Provisions
The latest Covid-19 relief bill, the Consolidated Appropriations Act of 2021, provides more funding for new Paycheck Protection Program loans, simplifies the forgiveness application process and allows tax deductibility for business expenses paid with forgiven PPP loans, among other provisions. Included in the $900 billion Covid relief bill is $325 billion in aid for small […]
Antares Group, Inc. joins CPAmerica
Antares Group, Inc. has joined CPAmerica, Inc., an accounting association of independent, certified public accounting firms that provides shared best practices, networking opportunities and access to expert resources for member firms. Antares Group Inc. has been serving quick-service restaurant franchise owner/operators, other business owners and individuals with a full range of customized accounting and business […]
Coronavirus Relief Package allows PPP expense deduction
Congress has agreed to a deal to provide more aid to businesses and individuals as a result of the ongoing coronavirus pandemic. As of this writing, the package has not been formally approved, but one of the most significant provisions for business owners is that eligible expenses used with forgiven Paycheck Protection Program funds would […]
IRS allows SALT cap workaround for pass-throughs
When the Tax Cuts and Jobs Act was enacted in 2017, the $10,000 cap on state and local taxes deductions left residents in high tax states out in the cold. For example, many New Yorkers and Californians know it is not unusual for state income tax amounts to approach the cap from payroll deductions alone. […]
Looking to the future: Biden’s proposed tax plan
Between a more urgent need for Covid relief, economic stimulus and a narrowly divided Congress, Joe Biden’s proposed tax plan may not get much traction in the early days of his administration. It is important, however, to take a look at the president-elect’s priorities that may inform more targeted legislative actions. Below is a snapshot […]
Deadline extended for WOTC certification
Employers who hired individuals who qualify for Work Opportunity Tax Credits have a little more time to request certification. The WOTC is available to employers based on a percentage of wages paid to an individual certified as a member of a targeted group, such as a person who resides in a designated empowerment zone community […]
Ga. businesses should be aware of annual registration fraud
Several business owners in Georgia have reported receiving emails or letters in the mail appearing to originate from a state agency and stating that their annual registration is due by the middle of December. The forms further state the fee to file the annual registration is $150. If you receive a form like this, do not […]
SBA looks at ‘totality’ of borrower’s circumstances when determining need
The Small Business Administration has provided more clarity on the information requested of some PPP loan borrowers in a Loan Necessity Questionnaire. The SBA released this month PPP FAQ 53, which clarifies that the information provided on the questionnaire will help the SBA assess whether PPP loan borrowers’ certification – as required by the CARES […]