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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Understanding the Revisions to the Employee Retention Credit in 2021
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.
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The Second Round of PPP Loans: What You Need to Know
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.
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How to Claim Your Missing Stimulus Check on Your 2020 Tax Return
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.
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What Can We Expect for Future COVID-19 Relief?
AUDIO BLOG: In this audio blog, CK Principal Karen Snodgrass addresses some common questions surrounding potential future COVID-19 relief.
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Details on the COVID-Related Tax Relief Act (COVIDTRA) of 2020 Part Two
While the COVID-Related Tax Relief Act has been passed, it is now up to other governmental agencies (the Treasury and SBA, notably) to write the regulations associated with the Act. As these regulations are written we will keep you informed of additional developments. In the meantime, please contact us today with any questions.
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Details on the COVID-Related Tax Relief Act (COVIDTRA) of 2020
On December 27, 2020, President Trump signed the COVID-Related Tax Relief Act of 2020 (COVIDTRA). Here are the main, time sensitive provisions of COVIDTRA. In a future blog we will review some of the non-time sensitive provisions.
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Congress Confirms Expenses Are Deductible and PPP Loan Is Not Taxable
If you received a PPP loan, and expect to receive loan forgiveness, you can breathe a sigh of relief. The loan proceeds are not taxable and you will not have phantom income tax due to your not being able to deduct expenses paid with PPP loans.
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VIDEO: “Navigating the Evolving Tax Climate” Webinar Takeaways – Tax Planning for 2021
On Thursday, December 3rd, Natalie McHugh, Deanna Salo, and Karen Snodgrass joined Private Vista LLC for a webinar, “Navigating the Evolving Tax Climate: What to Do Now & How to Prepare for 2021”. Below are a few of the key takeaways from the presentation. We invite you watch the full presentation to hear all of the insights shared.
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Stimulus Payment Text Scam: What You Need to Know
The IRS has warned taxpayers of a clever stimulus payment text scam by internet scammers that tricks taxpayers into revealing their bank account information under the guise of receiving the $1,200 Economic Impact Payment (EIP).
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