H2R CPA Partner, Lucas Rihely, CPA, discusses the Employee Retention Credit, which originated under the CARES Act, and has been amended multiple times since its implementation. Discussion points in this video include: 0:11 – Overview of Employee Retention Credit 0:55 – Defining a partial shutdown 2:40 – Paycheck Protection Program Coordination 3:25 – Example: Paycheck … Read more
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
The IRS has announced that the federal income tax filing deadline for individuals for the 2020 tax year is extended from April 15, 2021, until Monday, May 17, 2021. The IRS extended the deadline to provide relief to taxpayers facing challenges as a result of the pandemic and because it’s grappling with a rising backlog … Read more
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
The Consolidated Appropriations Act of 2021 (CAA) was signed into law in late December. The sprawling legislation contains billions of dollars in additional stimulus funding in response to the COVID-19 pandemic, as well as numerous unrelated provisions. Let’s take a closer look at the provisions that are most likely to affect your company’s bottom line. … Read more
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
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
This H2R CPA webinar was presented live on December 4, 2020. The webinar recording can be accessed here. A PDF of the webinar presentation can be accessed here. Webinar Summary Year-end tax planning for 2020 is an important step to help navigate the changes that may occur under a new administration. There is additional uncertainty this … Read more
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
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