In a labor-heavy field, the Employee Retention Credit (ERC) could offer significant benefits for many employers across the construction industry.
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.
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.
Below is a list of some of the most common questions plan sponsors face, along with our brief answers.
The Consolidated Appropriations Act signed into law on December 27, 2020 changed the ERC program and it is now available to employers who also received the PPP Loans and meet certain requirements.
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.
On January 6, 2021, the federal Small Business Administration (SBA) released interpretations of the new provisions for additional funds available under the Paycheck Protection Program.
The Internal Revenue Service reminds taxpayers of a special new provision that will allow more people to easily deduct up to $300 in donations to qualifying charities in 2020.
As the evolving COVID-19 pandemic brings uncertainties, organizations face immediate risks impacting their control environment.
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.