If you have a child or someone you support almost entirely, there’s a good chance you’re eligible for one of these tax breaks. The Child Tax Credit is a tax break that can benefit people with children under the age…
Blog Archives
PPP First Draw Forgiveness Application
The CARES Act AND the Economic Aid to Hard-Hit Small Business, Nonprofits, and Venues Act (signed into law on 12/27/20) lists the items that can be used to calculate Payroll Costs for a new loan request and “Eligible payroll costs” and “Eligible nonpayroll costs”…
Businesses Can Deduct 100% for Food or Beverages from Restaurants Beginning 1/1/2021
The Treasury Department and the Internal Revenue Service issued Notice 2021-25 providing guidance under the Taxpayer Certainty and Disaster Relief Act of 2020. The Act added a temporary exception to the 50% limit on the amount that businesses may deduct…
Unemployment
Colorado’s unemployment system (and unemployment systems across the country) has been targeted by complex and sophisticated criminal rings in an attempt to take advantage of the pandemic by fraudulently collecting benefits. In 2019, Colorado saw 88 fraudulent claims, while 2020…
Tax Day for Individuals Extended to May 17
The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. The IRS will be…
PPP Schedule C Filers
On March 3, the SBA released an interim final rule which officially implements changes to the Paycheck Protection Program that had previously been announced by the White House on February 22. One of the most impactful changes applies to borrowers who…
Posted in Taxes
IRS Expected to Audit More Small Businesses in 2021
After years of low examination rates, the IRS announced it will increase audits of small businesses: by 50 percent. This news comes during a time when complex tax law changes and economic stimulus programs in response to COVID-19 have made…
Expanded Paycheck Protection Program (PPP) for Small Businesses and Eligible Non-Profits
The Coronavirus Response and Relief Supplemental Appropriations Act of 2021, provides a second round of payments under the Paycheck Protection Program. Businesses with 300 or fewer employees that have experienced 25% revenue loss in any 2020 quarter and small 501(c…
Posted in Taxes
CARES Act Special $300 Deduction for People who Claim the Standard Deduction
The Coronavirus Aid, Relief and Economic Security (CARES) Act, enacted by Congress last spring, includes temporary tax changes helping charities including a special $300 deduction designed especially for people who choose to take the standard deduction, rather than itemizing their…
PPP Forgiveness Update
Although the CARES Act Payroll Protection Program’s (PPP) loan application period closed last August, businesses who received funding and now need to plan for loan forgiveness. The rules changed since the program began. On June 5, 2020, the Flexibility Act…