The American Rescue Plan Act of 2021, that was passed in March of 2021, provided a temporary expansion of the child tax credit (CTC) for tax year 2021. The IRS is required to make monthly advance payments of the creditREAD MORE
Expertise: Individual Tax
On Wednesday August 4, 2021, the IRS issued Notice 2021-49 which expanded the Employee Retention Credit (ERC) through the third and fourth quarters of 2021, and provided further guidance and changes as follows: Expansion of the Credit Through End ofREAD MORE
PLEASE SEE FEBRUARY 8, 2022 UPDATE REGARDING RETROACTIVE CHANGES INCLUDED IN CALIFORNIA AB 87 (SB 113). On Friday July 16, 2021 California Governor Gavin Newsom signed Assembly Bill 150. This bill contains a mixture of tax relief measures, which includesREAD MORE
Summary of Grants for Transportation Service Providers Established by the Consolidated Appropriations Act of 2021, the Coronavirus Economic Relief for Transportation Services (CERTS) program was created to support transportation service providers affected by COVID-19. The window within which to submitREAD MORE
The American Rescue Plan Act of 2021, that was passed in March of 2021, provided a temporary expansion of the child tax credit (CTC) for tax year 2021. The IRS is required to pay one half of the year’s creditREAD MORE
Updated on 7/6/2022 If the grant you are looking for is not specifically listed below, note the general rule for grants, is they are ordinarily to be included in gross income, unless specifically identified in legislation as being non-taxable. ProgramREAD MORE
The American Rescue Plan Act of 2021, that was passed in March of 2021, allocated $28.6 Billion to the Restaurant Revitalization Fund, to be administered by the Small Business Administration (SBA). Grant Amounts For eligible business that were in operationREAD MORE
Below is a brief summary of the ERC rules for 2020 and 2021, which includes clarifications provided by IRS Notice 2021-23. For additional guidance on this credit see the IRS FAQs. 2020 Employee Retention Credit Summary Entity qualifies if: ShutREAD MORE
The American Rescue Plan Act of 2021, that was passed in March of 2021, provided an enhanced child and dependent care credit (CDCC) for tax year 2021. Refundable Credit for 2021 This 2021 credit is refundable provided either the taxpayerREAD MORE
The Employee Retention Credit (ERC) was originally created as part of the CARES Act, passed in March of 2020. This was a refundable payroll tax credit to be taken against quarterly employment taxes for qualified wages paid after March 12,READ MORE