Now that the dust has settled on the three rounds of PPP loan funding, it important to consider the tax implications of these loans and the forgiveness thereof.
What Individuals Need to Know About the American Rescue Plan Act
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.
New Stimulus Package Extends and Expands Employee Retention Credit
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.
New Meridian Location for Harris CPAs
We are excited to announce that we have moved and are now open at our new location!
A Look At the New Stimulus Package Signed Into Law December 27, 2020
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.
Businesses Should Prepare Now to Issue New IRS Form 1099-NEC By January 31, 2021
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.
PPP Forgiveness Changes Passed as Trump Signs Bill
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.
Determining Real Estate & Construction’s Coronavirus Risk: A Checklist for Industry Leaders
Ascertaining lost revenue and income stemming from these extraordinary circumstances is key to minimizing the financial consequences of this pandemic.
Tax Implications & Benefits Of Holding Rental Property
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.
Rental Real Estate and the QBI Deduction
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.