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Client Alerts
03.18.21
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.
03.17.21
The American Rescue Plan Act Provides Sweeping Relief Measures for Eligible Individuals and Families
On March 11, 2021, President Biden signed into law the American Rescue Plan Act (ARPA). The $1.9 trillion law is intended to provide far-reaching relief from the economic and other repercussions of the ongoing COVID-19 pandemic. In addition to funding for testing, contact tracing, vaccinations, education, and state and local governments, the ARPA includes extensive relief that could directly impact your finances.
03.11.21
The American Rescue Plan Act Has Passed: What Is in It for You?
President Biden has signed the American Rescue Plan Act (ARPA), which includes $1.9 trillion in funding for individuals, businesses and state and local governments.
02.26.21
PPP Revisions Target Smallest Businesses
The Biden administration has announced several reforms to the popular Paycheck Protection Program (PPP) to bring greater relief to the smallest and most vulnerable businesses. Among other things, the administration is imposing a two-week moratorium on loans to companies with 20 or more employees and focusing on smaller businesses. It is also changing several program rules to expand eligibility for the 100% forgivable PPP loans.
01.25.21
2021 Tax Calendar
To help you make sure that you do not miss any important 2021 deadlines, we have provided this summary of when various tax-related forms, payments and other actions are due.
01.20.21
Paycheck Protection Program: Update to Loan Forgiveness Applications
On January 19, 2021, revised PPP Loan Forgiveness Applications were released. The forms address significant changes in the recent law and simplify the loan forgiveness process for borrowers with loans of $150,000 or less.
01.15.21
Grants for Shuttered Venue Operators
The Consolidated Appropriations Act of 2021 (the Act), signed into law on December 27, 2020, includes $15 billion for Grants for Shuttered Venue Operators.
01.11.21
Paycheck Protection Program Reopening for First and Second Draw Loans
On January 8, 2021, the Small Business Administration (SBA) announced that the Payroll Protection Program (PPP) will reopen this week. The application deadline is March 31, 2021 or when the funds are exhausted.
01.11.21
New Stimulus Package Extends and Expands the Employee Retention Credit
The Employee Retention Credit (ERC) was created by the CARES Act on March 27, 2020 to encourage businesses to keep employees on their payroll and continue providing health care benefits during the coronavirus pandemic. The ERC is a refundable payroll tax credit for wages and health care costs paid by an employer whose operations were fully or partially suspended due to a COVID-19 related governmental order or experienced a significant reduction in gross receipts.
12.29.20
President Signs a New Stimulus Package
On December 21, 2020, Congress passed the Consolidated Appropriations Act 2021 (the “Act”), a massive tax, funding and spending bill that contains a nearly $900 billion coronavirus aid package. The emergency coronavirus relief package aims to bolster the economy, provide relief to small businesses and the unemployed, deliver checks to individuals, and provide funding for COVID-19 testing and the administration of vaccines.