The Employee Retention Credit is a refundable tax credit up to 70% of $10,000 in wages per employee paid by an eligible employer whose business has been financially impacted by COVID-19 Effective January 1, 2021, employers are eligible if they operate a trade or business during January 1, 2021, through June 30, 2021, and experience … Continue reading Employee Retention Credit – Better than PPP?
Self-employed & stuck with kids in 2020 due to lack of child-care? Were you unable to conduct business because you were subject to quarantines, including self-quarantines as advised by a healthcare provider? Or were you unable to work/telework to care for family members for reasons related to the coronavirus? Then you may be able to … Continue reading Qualified sick & family leave credits
The bill clarifies that Gross income does not include any amount that would otherwise arise from the forgiveness of a PPP loan, emergency EIDL grants and certain loans & repayment assistance, as provided by the Cares Act. Deductions are allowed for otherwise deductible expenses paid with the proceeds of a PPP loan that is forgiven, … Continue reading Consolidated Appropriations Act 2021: PPP & EIDL funded expenses
Have you experienced a job loss or lower income in 2020? Collected unemployment and wondering if you would qualify for the Earned income tax credit? Thanks to a temporary rule provided in the The Coronavirus Response & Relief Supplemental Appropriations Act of 2021, you may be able to increase your EITC and the Additional Child … Continue reading Earned Income Tax Credit 2020