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PPP application deadline extended

Robert Tighe

Posted By: Robert Tighe

Posted March 30, 2021 / No comments

President Biden has signed the PPP Extension Act of 2021. The new law extends the Paycheck Protection Program (PPP) application filing deadline from March 31, 2021, to May 31, 2021, thus providing potential PPP borrowers additional time to submit their applications. The law doesn’t provide the PPP with any additional funding. However, $7.25 billion in

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Make the most of the Employee Retention Credit

Robert Tighe

Posted By: Robert Tighe

Posted March 20, 2021 / No comments

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

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IRS Extends Deadline – Penalties Very Possible If You File After April 15th

Timothy King

Posted By: Timothy King

Posted March 19, 2021 / No comments

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 backlog

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The American Rescue Plan Act provides sweeping relief measures for eligible families and businesses

Keith Orr

Posted By: Keith Orr

Posted March 17, 2021 / No comments

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

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The American Rescue Plan Act has passed: What’s in it for you?

Robert Tighe

Posted By: Robert Tighe

Posted March 11, 2021 / No comments

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 is expected to sign 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

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Not disclosing all of your assets helps no one

Robert Tighe

Posted By: Robert Tighe

Posted February 27, 2021 / No comments

People sometimes keep assets hidden without letting their families know about their location or even that they exist. Similarly, they may have life insurance policies no one knows about. Using a fictional example, here’s why full disclosure of your assets to your family is recommended. George was a successful entrepreneur. He accumulated significant wealth during

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Did you make donations in 2020? There’s still time to get substantiation

Timothy King

Posted By: Timothy King

Posted February 27, 2021 / No comments

If you’re like many Americans, letters from your favorite charities may be appearing in your mailbox acknowledging your 2020 donations. But what happens if you haven’t received such a letter — can you still claim a deduction for the gift on your 2020 income tax return? It depends. What is required To support a charitable

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What are the tax implications of buying or selling a business?

Keith Orr

Posted By: Keith Orr

Posted February 26, 2021 / No comments

Merger and acquisition activity in many industries slowed during 2020 due to COVID-19. But analysts expect it to improve in 2021 as the country comes out of the pandemic. If you are considering buying or selling another business, it’s important to understand the tax implications. Two ways to arrange a deal Under current tax law,

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PPP revisions target smallest businesses

Robert Tighe

Posted By: Robert Tighe

Posted February 25, 2021 / No comments

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

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Now or later: When’s the right time to transfer your wealth?

Keith Orr

Posted By: Keith Orr

Posted February 11, 2021 / No comments

To gift or not to gift? It’s a deceptively complex question. The temporary doubling of the federal gift and estate tax exemption — to an inflation-adjusted $11.7 million in 2021 — is viewed by some people as a “use it or lose it” proposition. In other words, you should make gifts now to take advantage

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