While everyone was reeling from the shock of the COVID pandemic, CK Accounting Services got to work researching how to help our clients. With our recurring accounting and payroll engagements, the CK team has a working knowledge of clients’ industries and companies.

Through the Con App, taxpayers can now qualify for both Paycheck Protection Program (PPP) loans and Employee Retention Credits (ERC) simultaneously, as long as the specific payroll costs are used only once. In other words, you cannot use an employee’s wages to claim both an ERC credit and PPP loan forgiveness for the same day of pay. As the first quarter of 2021 comes to an end, employers will have substantial planning and strategizing to do in order to maximize the benefits offered by both the ERC and PPP loans.

Wondering how to implement the Employee Retention Credit in QuickBooks Online? As a subscriber to the QuickBooks Online (QBO) Payroll community, our Accounting Services team prepared the guidance below to assist you in implementing the Employer Retention Credit (ERC) in your payroll software.

Over the past few weeks there have been several legislative updates impacting the Economic Injury Disaster Loan (EIDL) program and the Paycheck Protection Program (PPP) loans. In this blog is a summary of the most important changes, and we encourage you to call us at 630-953-4900 with any immediate questions.

On March 11, President Biden signed the American Rescue Plan Act (ARPA). In this blog we review the highlights of the ARPA, including stimulus checks, unemployment assistance, the child tax credit, and more. If you have any questions about how these provisions impact you, please contact us today.

On December 27, 2020, President Trump signed a number of bills, including one that breathes new life into the Employee Retention Credit (ERC). While the headline was that employers receiving Payroll Protection Program (PPP) loans could now also claim the ERC, did you know the credit was significantly enhanced? Especially in 2021, we see the expanded credit as an incredible opportunity for employers.

On January 19, 2021 additional guidance was released to assist borrowers in applying for the second round of PPP loans. These loans became available based upon legislation passed by Congress and signed by President Trump in late December and included in the Consolidated Appropriations Act of 2021.

One of the more tax-troubling issues this year has been the distribution of the Economic Impact Payments, also known as stimulus checks. These payments were meant to provide financial assistance to individuals and families struggling during the initial outbreak of the COVID-19 pandemic, but many people are reporting a missing stimulus check.