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Apply for PPP Forgiveness Before Loan Repayment Period Begins
A critical deadline is approaching for many businesses that have received loans under the Paycheck Protection Program (PPP). If a borrower does not apply for forgiveness within ten months after the last day of the “covered period,” its PPP loan payments will no longer be deferred and it must begin making payments to its lender.
Here Come the Child Tax Credit Payments: What You Need to Know
The first advance payments under the temporarily expanded child tax credit (CTC) will begin to arrive for nearly 39 million households in mid-July 2021 — unless, that is, they opt-out.
Illinois 2022 Budget To Raise New Tax Revenue
The Illinois General Assembly passed the Fiscal Year 2022 budget implementation bill, S.B. 2017, that intends to raise $650 million of new tax revenue based on changes to the computation of taxable income. Governor J.B. Pritzker is expected to sign the bill into law.
The Biden Administration Proposes Far-Reaching Tax Overhaul
President Biden recently announced his $1.8 trillion American Families Plan (AFP), the third step in his Build Back Better policy initiative. The announcement followed the previous releases of the proposed $2.3 trillion American Jobs Plan and the Made in America Tax Plan.
President Biden Details His Tax Proposals for Individuals
President Biden’s proposals for individual taxpayers were outlined in the April 28 address to Congress and in an 18-page fact sheet released by the White House. The American Families Plan contains tax breaks for low- and middle-income taxpayers and tax increases on those “making over $400,000 per year.”
Biden Administration Unveils Tax Blueprint as Part of American Jobs Plan
On March 31, the Biden administration unveiled a jobs and infrastructure plan, the American Jobs Plan, to address the nation’s pressing infrastructure needs. The plan calls for about $2 trillion in spending over eight years.
PPP Application Deadline Extended
President Biden has signed the PPP Extension Act of 2021. The new law extends the Paycheck Protection Program (PPP) application filing deadline from March 31, 2021 to May 31, 2021, thus providing potential PPP borrowers additional time to submit their applications.
Single Audit Extension
On March 19, 2021 the Office of Management and Budget (OMB) issued Memorandum M-21-20 that includes a six-month extension (beyond the normal due date) for single audit submissions of organizations with fiscal year-ends through June 30, 2021. The extension applies to organizations that have not yet submitted their single audit submission to the Federal Audit Clearinghouse as of March 19, 2021.
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 much as $28,000 per employee for 2021 — employers should brush up on the details.
Individual Federal and Illinois Income Tax Deadline for 2020 Tax Filings and Payments Pushed Back to May 17, 2021
The Internal Revenue Service and the State of Illinois have officially moved the 2020 income tax filing deadline for individuals to May 17, 2021 from April 15, 2021. Individual taxpayers can also postpone Federal and Illinois income tax payments due for the 2020 tax year to May 17, 2021 without incurring additional penalties or interest.