The American Rescue Plan Act of 2021 (ARPA), signed into law by President Biden on March 11, 2021, provides additional major relief to individuals and businesses that continue to be impacted by the COVID-19 pandemic. In this blog, we will cover the latest ARPA provisions related to individual taxpayers.
The ERC is a refundable payroll tax credit for wages paid and health coverage provided by an employer whose operations were either fully or partially suspended due to a COVID-19-related governmental order or that experienced a significant reduction in gross receipts.
We are excited to announce that we have moved and are now open at our new location!
The over 5,500-page emergency coronavirus relief package aims to bolster the economy, provide relief to small businesses and the unemployed, deliver checks to individuals and provide funding for COVID-19 testing and the administration of vaccines.
For non-employee compensation paid during 2020, payers must provide Form 1099-NEC (instead of Form 1099-MISC) to the recipients and to the IRS no later than January 31, 2021.
In another win for small businesses, they now have an extended period of time to spend PPP funds and still qualify for forgiveness of the loans.
Ascertaining lost revenue and income stemming from these extraordinary circumstances is key to minimizing the financial consequences of this pandemic.
Whether you convert your main residence to a rental property or buy a property to be held as a rental, there are several tax considerations to be aware of.
One of the most difficult issues for purposes of determining the amount of the deduction is determining what qualifies as trade or business income under Code section 199A. This article points out key factors that can help you and your business analyze your income to properly take full advantage of this new tax provision.
Harris CPAs has announced a merger with AnchorPoint Accounting of Boise, Idaho and Clark Anderson McNelis & Co. of Coeur d’Alene, effective January 1, 2020. The mergers adds a total of 11 professionals to Harris CPAs Meridian and Coeur d’Alene offices.
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