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Client Alerts
08.11.21
IRS Issues ERC Guidance as Congress Mulls Early Termination
The IRS published new guidance last week on the Employee Retention Credit (ERC). The Credit was created in March 2020 to encourage employers to keep their workforces intact during the COVID-19 pandemic. Notice 2021-49 addresses various issues, particularly those related to the extension of the Credit through 2021 by the American Rescue Plan Act (ARPA).
07.27.21
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.
06.30.21
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.
05.06.21
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.
04.29.21
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.”
03.31.21
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.
03.22.21
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.
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.