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.

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.

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.

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.

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.