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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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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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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