PPP Extension to May 31
(authored by RSM US LLP) PPP extension clears Senate. Program to be extended to May 31, with 30 days provided after May 31 for SBA to process pending applications....
25 March, 2021
Author: Don Breckenridge
Economic Impact Payments Issued This Week
On March 22, 2021, The Internal Revenue Service announced that the next batch of Economic Impact Payments will be issued to taxpayers this week, with many of these coming by...
23 March, 2021
Restaurant Revitalization Fund
Authored by The National Restaurant AssociationRESTAURANT REVITALIZATION FUNDThe American Rescue Plan Act establishes a $25 billion “Restaurant Revitalization Fund” (RRF) within the U.S. Small Business Administration (SBA).Grants: An...
22 March, 2021
Claim Your Economic Impact Payments on Your 2020 Tax Return
One of the more tax-troubling issues this year is the distribution of what Congress refers to as the recovery rebates. You may know these payments as the Economic Impact Payments...
22 March, 2021
Update on 1040 Virtual Currency Question
On the 2020 Form 1040 we are required to answer this question: "At any time during [the prior year], did you receive, sell, send, exchange, or otherwise acquire any financial...
22 March, 2021
Big Increase in Child Tax Credit For 2021
An increased child tax credit is part of the March 2021 American Rescue Plan Act stimulus package. Even though the benefit of a tax credit traditionally isn’t available until after...
18 March, 2021
Are Your Unemployment Benefits Taxable?
Unemployment Benefits We've seen numerous changes to unemployment benefits throughout 2020 and 2021. Now, President Biden’s American Rescue Plan that Congress enacted in March of 2021 has extended the additional $300...
18 March, 2021
Accounting Considerations for PPP Loans and Employee Retention Credit
(authored by RSM US LLP) Our white papers have been updated with more information regarding the accounting for PPP loans and the Employee Retention Credit....
18 March, 2021