With all the changes COVID-19 has brought upon the world, it is easy for some to slip your mind. We wanted to remind you of the tax change to meals deductibility because of COVID. Certain meal expenses are now 100% deductible instead of 50% deductible.
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More Math That May Really Add Up: Employee Retention Credit (ERC) Templates
Throughout 2021 we have kept you informed of significant regulatory matters related to the Employee Retention Credit (ERC). With the modifications in 2021, we are now assisting many businesses to realize benefits from an ERC application and wanted to make resources available to assist other businesses in applying.
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Back to Business Grant Program
The State of Illinois has announced the $250 million Back to Business (B2B) grant program, which will issue small businesses recovery grants for those hit hardest by the COVID-19 pandemic.
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The COVID Era, What We Learned
The COVID era challenged the cliché “business as usual” and taught us a few things that will transform us in the months and years ahead as we open the economy and start gathering once again.
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Weathering the Storm; A Case Study of How CK Provided Resources in Times of Crisis
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.
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Considerations and How to Apply for the Employee Retention Credit
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.
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How to Implement the Employee Retention Credit in QuickBooks Online
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.
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Updates Regarding the Economic Injury Disaster Loan (EIDL) Program and Paycheck Protection Program (PPP) Loans
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.
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The Highlights of the American Rescue Plan Act (ARPA)
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.
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Why You Should Hire a Tax Professional During the COVID-19 Pandemic
The pandemic will have lasting tax implications that many people may have not considered. For some, it can mean simply reporting income or expenses differently. For others, it may mean having to pay additional income taxes that had not been planned for. Regardless of your specific situation, this might be the year that you should hire a tax professional to help address tax complications due to COVID-19.
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