The Latest Tax Info You Need to Know
The American Rescue plan, which was signed by President Biden on March 11th, and other tax law changes affected finances and returns for both 2020 and 2021. Here are some of the details you need to know:
American Rescue Plan Targets Help to Restaurants
The $1.9 trillion coronavirus relief bill signed by President Biden on March 11, 2021, allocates help to struggling small businesses — especially restaurants — through grants, additional aid, and an expansion of existing credits such as the Employee Retention Tax Credit.
American Rescue Plan Features Several Tax Benefits
The new American Rescue Plan Act law signed by President Biden last week includes some items — including unemployment income and healthcare premium assistance — that may affect some 2020 tax returns.
PPP Loans Temporarily Expanded for Even Smaller Businesses
If you’re a sole proprietor, independent contractor or owner of a very small business, now’s your time to apply for a Paycheck Protection Program (PPP) loan. Thanks to a temporary rule change by the Biden Administration, the SBA will ONLY accept applications for PPP loans from firms with fewer than 20 employees during a 2-week priority window: February 24 through March 10, 2021.
Timely Tax Tips Help Ensure Correct Returns
When you provide your paperwork to Premier CPA Services, you’re entrusting us to file your tax return accurately and efficiently. We use sophisticated software to handle the math, find common errors and flag missing information. But we also use our years of experience to ensure you get all the valuable credits and deductions due to you.
Second Round of PPP Loan Funding Now Open
The SBA recently reopened the Paycheck Protection Program for both “First Draw” and “Second Draw” PPP loans for eligible small businesses. This second go-round is intended to make PPP loans more flexible, helpful and accessible, especially to hard-hit restaurants. Here’s how:
2020 Tax Preparation Checklists Now Available
As promised, we have put together two Checklists to help you pull together your tax preparation materials for 2020. With all of the CARES Act, Payment Protection Program loan and other changes to tax law last year, we expect plenty of questions and confusion.
2021 Appropriations Act Provides Additional Pandemic Relief
On December 27, 2020, President Trump signed into law the newest $900 billion COVID-19 relief bill. The legislation, part of the Consolidated Appropriations Act, 2021, provides additional pandemic relief and clarifies the deductibility of business expenses paid with forgiven Paycheck Protection Program (PPP) loans. Key provisions of the new law include:
8 Top Tax Tips for Year-end 2020
I think most of us will be glad when 2020 is finally over so we can look forward to a new start in 2021. As the year winds down in the next four weeks, take some time to look over your finances. There may be a few things you can do before the end of the year to get ready for the 2021 tax-filing season.