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Friday, 20 May

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PPP forgiveness and repayment: What businesses need to know now

Timothy King

Posted By: Timothy King

Posted July 21, 2021 / No comments

A critical deadline is approaching for many of the businesses that have received loans under the Paycheck Protection Program (PPP), which was created in March 2020 by the CARES Act. If these borrowers don’t take action before the deadline expires, their loans will become standard loans, and the borrowers could be responsible for repaying the

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Here come the child tax credit payments: What you need to know

Robert Tighe

Posted By: Robert Tighe

Posted July 1, 2021 / No comments

The first advance payments under the temporarily expanded child tax credit (CTC) will begin to arrive for nearly 39 million households in mid-July 2021 — unless, that is, they opt out. Most eligible families won’t need to do anything to receive the payments, but you need to understand the implications and why advance payments might

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The Biden administration proposes far-reaching tax overhaul

Keith Orr

Posted By: Keith Orr

Posted May 5, 2021 / No comments

President Biden recently announced his $1.8 trillion American Families Plan (AFP), the third step in his Build Back Better policy initiative. The announcement followed the previous releases of the proposed $2.3 trillion American Jobs Plan and the Made in America Tax Plan. These plans propose major investments in various domestic initiatives, such as expanded tax credits for

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President Biden details his tax proposals for individuals

Timothy King

Posted By: Timothy King

Posted April 30, 2021 / No comments

President Biden’s proposals for individual taxpayers were outlined in an April 28 address to Congress and in an 18-page fact sheet released by the White House. The “American Families Plan” contains tax breaks for low- and middle-income taxpayers and tax increases on those “making over $400,000 per year.” Here’s a summary of some of the

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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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