Make the most of the Employee Retention Credit

The Employee Retention Credit (ERC), which was created to encourage employers to keep their workforces intact during the COVID-19 pandemic, has been with us for a year. But questions about it remain for many employers. With the new American Rescue Plan Act (ARPA) extending the credit and expanding eligibility — and the credit worth as … Read more

Video: Employee Retention Credit Expanded

The Consolidated Appropriations Act, 2021, expanded the Employee Retention Credit which was implemented under the CARES Act. Important Update: Businesses that participated in the Paycheck Protection Program (PPP) are now permitted to use the Employee Retention Credit, but only for wages not covered under the PPP – a business cannot “double-dip.” Lucas Rihely, CPA, Partner, … Read more

Relief for Individual Taxpayers

President Trump signed into law billions of dollars in long-awaited COVID-19 and economic relief. The relief package is part of the nearly 5,600-page Consolidated Appropriations Act (CAA), which also contains numerous other tax, payroll and retirement provisions. Here are some of the provisions most likely to affect individual taxpayers. Recovery rebates The most headline-grabbing component … Read more

Key Provisions of the COVID-19 Aid Bill

After months of negotiations in Washington, an agreement has been struck on a new aid package to address the ongoing fallout from the COVID-19 pandemic. The legislation has been passed by both the U.S. House of Representatives and the U.S. Senate, and has been sent to President Trump to sign the Bill into law. Included … Read more

Post-Election Tax Thoughts

by Paul K. Rudoy, CPA/PFS The past week has been even more tumultuous than most Americans expected. Certainly more than most Americans would like to see in our divided nation. Although it will likely be into early 2021 before we will have clarity on the control of the United State Senate due to the runoffs … Read more

Cost-of-Living Tax Adjustments for 2021

The IRS has announced its 2021 cost-of-living adjustments to tax amounts that might affect you. Many increased to account for inflation, but some remained at 2020 levels. As you implement 2020 year-end tax planning strategies, be sure to take these 2021 adjustments into account in your planning. Also, keep in mind that, under the Tax … Read more