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 […]

IRS Announces Extended Tax Filing Deadline

  The IRS has announced that the federal income tax filing deadline for individuals for the 2020 tax year is extended from April 15, 2021, until Monday, May 17, 2021. The IRS extended the deadline to provide relief to taxpayers facing challenges as a result of the pandemic and because it’s grappling with a rising […]

The American Rescue Plan Act Relief Measures for Eligible Families and Businesses

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 […]

The American Rescue Plan Act Has Passed: What’s in It for You?

Congress has passed the latest legislation aimed at providing economic and other relief from the COVID-19 pandemic that has haunted the country for the last year. President Biden has signed the 628-page American Rescue Plan Act (ARPA), which includes $1.9 trillion in funding for individuals, businesses, and state and local governments. The ARPA extends and […]

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’s also changing several program rules […]

2021 Employee Retention Credit Eligibility

The 2021 Appropriations Act lowered the revenue decline threshold for Employee Retention Credit eligibility for companies with fewer than 500 employees. For the first two quarters of 2021, companies must experience a greater than 20 percent reduction in gross receipts over the same quarters in 2019. Companies may also elect to use the immediately preceding […]