News & Blog

The Story Behind Opportunity Zone Funds

Qualified Opportunity Zone.  The idea arose when the IRS and politicians found themselves with two issues. Firstly, politicians wanted to help revitalize low-income neighborhoods, crying out for help.   Secondly, the IRS noted that there were likely billions of dollars in appreciated property owned by US taxpayers. And that property was sitting on the sidelines, untaxed. By collaborating and merging these [...]

2021-07-22T15:30:20-04:00July 22nd, 2021|In the News|

Multi State Tax Issues in the Modern Era

In 1959, Public Law 86-272 was passed restricting states from imposing a net income tax from income derived within a state from interstate commerce if the company does not have nexus in that state. This set up the physical presence test, which looks for employees or property, such as buildings or inventory, domiciled within a state. This test also applied [...]

2021-07-12T16:57:51-04:00July 12th, 2021|In the News|

Advance Payment for Child Care Credits

The American Rescue Plan Act increased the maximum Child Tax Credit amount in 2021 to $3,600 per child for children under the age of 6 and $3,000 per child for children ages 6 through 17. The credit is usually available only when a person files his or her income tax return. Half of the advance child tax credit is being [...]

2021-06-29T09:17:26-04:00June 28th, 2021|In the News|

ASC-2016-02 Leases

ASU 2016-02 is effective for nonpublic entities for the calendar year 2022.  The effective date was changed from the calendar year 2021 as a result of COVID-19. Early adoption of the new standard is permitted for all entities.  All companies with lease agreements will be affected.  Industries that could be significantly impacted include those with multiple locations (retail operations) and [...]

2021-05-19T11:45:48-04:00May 19th, 2021|In the News|

Paid Leave for COVID-19 Vaccinations

IRS Releases Details on American Rescue Plan Tax Credit for Paid Leave to Help Small Businesses Through The American Rescue Plan Act of 2021 (ARP), President Biden offers a tax credit to small and mid-size employers with less than 500 employees.  This tax credit is referred to as the “ARP Tax Credit” or “paid leave tax credit.”  It is being [...]

2021-05-03T15:25:38-04:00May 3rd, 2021|In the News|

Restaurant Revitalization Program

Starting Friday, April 30 the U.S. Small Business Administration (SBA) will open registration for restaurants for the Restaurant Revitalization Fund (RRF).  Applications may be submitted Monday, May 3, 2021. What is the RRF? On March 11, 2021, the U.S. Small Business Administration announced details regarding the $28.6 billion Restaurant Revitalization Fund (RRF) created to help businesses recover from the economic [...]

2021-04-28T09:10:58-04:00April 28th, 2021|In the News|

SBA Updates for PPP and EIDL

SBA Updates for Paycheck Protection and Economic Injury Disaster Loan Programs The SBA’s PPP and EIDL Programs have been an invaluable support to numerous businesses since the initiation of the economic shutdown and mandates caused by COVID-19 in 2020. Each program has been enhanced and extended to help entrepreneurs as this pandemic continues. PPP Updates On March 30th, President Biden [...]

2021-04-06T11:12:19-04:00April 6th, 2021|In the News|

Qualified Disaster-Related Distributions From Retirement Plans

A qualified retirement plan may make a Qualified Disaster Loan to a qualified individual up to $100,000 from December 27, 2020, until June 25, 2021. The Consolidated Appropriation Act (CAA) defines qualified disasters as a major disaster that the President declares during the period beginning on January 1, 2020, and ending on February 25, 2021, but which must have occurred [...]

2021-03-31T08:42:49-04:00March 31st, 2021|In the News|

Individual Tax Filing is Extended to May 17, 2021

This year taxpayers will have an additional month to file returns, The IRS and Treasury Department announced the April 15 tax-filing deadline and tax payments will be postponed to May 17, 2021.  This date will also be the deadline for Individual taxpayers to submit an extension to file their returns until October 15, 2021. However, taxes that are due must [...]

2021-03-24T13:33:25-04:00March 23rd, 2021|In the News|

Shuttered Venue Operators Grants

The Consolidated Appropriations Act offers grants to Shuttered Venue Operators SVOs to offer relief to performing arts venues, movie theaters, and museums. This $15 billion grant program offers grants up to $10 million to eligible organizations. Applicants may qualify for grants equal to 45% of their gross earned revenue with a $10 million max. $2 billion SVO grants have been [...]

2021-02-24T09:06:41-05:00February 24th, 2021|In the News|
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