The American Rescue Act is expected to cost $1.9 trillion This stimulus bill follows closely behind prior relief legislation of the Consolidated Appropriations Act, 2021 ($900 billion) and the CARES Act ($2 trillion). A vote is anticipated by the end of February. It is expected that act that includes a third round of stimulus payments will pass with little opposition [...]
Over 4.5 million small business owners, 85% of round 1 PPP loans, are currently eligible for PPP loan forgiveness. The 1-page PPP loan forgiveness application lifts the burden of cumbersome paperwork from borrowers with first or second draw loan amounts of $150,000 or less. Form 3508S was released on January 19, 2021. Updated versions of forms 3508 and 3508EZ with [...]
On December 27, 2020, the Economic Aid Act was enacted, which provides additional months of debt relief payments for certain SBA borrowers. If your loan was approved on or before September 27, 2020, and was funded after September 28, 2020, it is eligible to receive debt relief payments by the SBA for 6 months. These are considered first-round Section 1112 [...]
The American Rescue Plan Act fully subsidizes premiums for COBRA health coverage from April 2021 through September 2021 and requires special COBRA election periods and extensive new COBRA notices. COBRA Subsidy The bill provides a 100% subsidy for COBRA continuation coverage for “assistance eligible individuals” — that is, COBRA qualified beneficiaries. This group includes any employees along with their spouses [...]
Consolidated Appropriation Act, 2021 (H.R. 133)- Second Draw Paycheck Protection Program (PPP) and Expanded Employee Retention Tax Credits (ERTC), was signed on December 27, 2020. The Consolidated Act authorizes the U.S. Small Business Administration (SBA) to guarantee Paycheck Protection Program (PPP) Second Draw Loans. The Paycheck Protection Program has $284 billion in available funds for small businesses to apply for [...]
PIN Opt-In Program from the IRS will be expanded to all taxpayers. Until now, an Identity Protection PIN, or IP PIN was for fraud victims and was used to prevent future fraudulently filed tax returns. Now, eligible taxpayers may obtain an IP PIN. IP PINs are valid for one calendar year, and a new IP PIN must be obtained each [...]
The relief package legislation highlights include $325 billion in business relief, $275 billion for another round of Paycheck Protection Program funding, and an extension of federal unemployment benefits of up to $300 per week. President Trump signed the Consolidated Appropriations Act that marks spending for business relief and another round of Paycheck Protection Program (PPP) funding, an extension of federal [...]
Year-end audit planning requires communication, compiling information, and comparing to last year’s report. Your company’s external audit can be a busy and stressful time. While worrying about your normal day-to-day responsibilities, you must take on the task of providing your auditors with information that they need to complete the audit. Sometimes, the tasks can seem overwhelming. It is easy to [...]
Protect Sensitive Data During the 2020 Holiday Shopping Season and as Tax Season Approaches. Your sensitive data is more vulnerable than you might think. Remote learning. Telecommuting. Online shopping. Gaming. Teleconferences. Socializing. Doctor visits. Many face-to-face meetings we had in Q1 of 2020 have gone digital. This has vastly increased opportunities for cybercriminals to hack company servers and personal computers. [...]
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