Employee Retention Credit

The recently signed stimulus package included considerable enhancements to the Employee Retention Credit (ERC). The new law, known as the Consolidated Appropriations Act (CAA) expands the ERC under the CARES Act that went into effect January 1, 2021, with the covered wage period extended until June 20, 2021. The new legislation is also retroactive to […]

Economic Recovery and Stimulus

President Donald Trump signed into law the Consolidated Appropriations Act, 2021 (“the Act”). The Act is made up of the Additional Coronavirus Response and Relief Act (ACRRA) and the Taxpayer Certainty and Disaster Relief Act of 2020. The approximately $900 billion of pandemic stimulus provides emergency relief for both individuals and businesses, and consists of […]

Guidance for PPP 2.0

The latest stimulus bill passed by Congress allocates $284 billion to small businesses through the Paycheck Protection Program (PPP). This new legislation is said to have tighter requirements with more relaxed tax regulations. PPP round two reopens the program for first-time borrowers provides better flexibility for spending PPP funds, and, under certain conditions, allows prior […]

IRS Changes to Schedule K-1

The Internal Revenue Service (IRS) made significant changes to the Schedule K-1 for the 2020 tax year to improve the quality of information reported by partnerships. This consists of modified instructions for partnerships required to report capital accounts to partners. All partnerships, including limited liability companies taxed as partnerships, are required to report partners’ capital […]

2020 COVID-19 Tax Credits for the Workplace

Tax credits for paid sick and family leave The Families First Coronavirus Response Act (FFCRA) provides two self-employed tax credits to help cover the cost of taking time off due to COVID-19. While most of the text in these laws apply to businesses with employees, it also applies to self-employed individuals. The tax credit for […]