Making Long-Term Decisions About Working From Home

It can be a tough scenario to confront: First you sent your employees home to work remotely due to the COVID-19 pandemic. Now they want to stay there permanently. Should you allow employees to work from home more than they have in the past? Or do you think “This just isn’t working” for one or…

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Following Up on Coronavirus-Related Distributions from IRAs

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If you were adversely affected by the COVID-19 pandemic, you may have taken a tax-favored coronavirus-related distribution (CVD) from a traditional IRA last year. This privilege was allowed under the CARES Act, which was signed into law on March 27, 2020. What steps can you take now to achieve the optimal federal income tax results? CVD…

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Deadline Coming: Follow Up on Your PPP Loans

Payroll Protection Plan (PPP) loans were a lifeline for many small business owners during the worst of the pandemic-driven economic slowdown. In total, the Small Business Administration (SBA) approved nearly 12 million PPP loans, averaging $67,000. The PPP program stopped accepting loan applications on May 31, 2021. However, you still may need to complete the requisite…

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Advance Child Tax Credit Payment Recipients Can Still Opt-Out

Advance child tax credit (CTC) payment recipients can still opt-out even if they start receiving payments. These payments were created in the American Rescue Plan Act of 2021 and the IRS began sending out payments or depositing them in bank accounts on July 15. The IRS announced that families can use its Child Tax Credit…

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The Advance Child Tax Credit Explained

Eligible parents will automatically begin receiving advance Child Tax Credit payments from the federal government on July 15th, 2021. It is important taxpayers know the requirements and the implications of this credit. There are options to opt-out of the payments for those who do not want to claim the credit. Read below to learn more…

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HHS Revised Notice of Reporting Requirements for Provider Relief Funds

The U.S. Department of Health and Human Services (HHS) recently issued revised reporting requirements for recipients of Provider Relief Funds. The Provider Relief Fund (PRF) is for any provider of health care, services, or support in a medical setting, at home, or in the community. Funds were distributed to qualified providers for healthcare-related expenses or…

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Parents Will Receive Advance Tax Credit Payments Beginning July 15

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Eligible parents will soon begin receiving payments from the federal government. The IRS announced that the 2021 advance child tax credit (CTC) payments, which were created in the American Rescue Plan Act (ARPA), will begin being made on July 15, 2021. How have child tax credits changed? The ARPA temporarily expanded and made CTCs refundable…

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Is Your Healthcare Practice Eligible for the Employee Retention Credit?

tax credits

The Employee Retention Credit (ERC) was introduced by the CARES Act in 2020. The ERC was expanded under the Consolidated Appropriations Act of 2021 (CAA) and further extended under the American Rescue Plan Act of 2021 (ARPA). The ERC, which is intended to encourage employers to keep employees on the payroll even if they are not working during the…

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NJEDA Opens Pre-registration for Phase 4 of Small Business Relief

The New Jersey Economic Development Authority (NJEDA) announced Phase 4 of the Authority’s Small Business Emergency Assistance Grant Program on Wednesday, April 14, adding $85 million in funds from the CARES Act. Phase 4 will provide grants up to $20,000 to New Jersey small and medium sized businesses and non-profits that have been negatively impacted…

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Appropriations Law Addresses PPP Forgiveness, Tax Treatment

The Consolidated Appropriations Act (CAA), signed into law in late December 2020, allocated additional funding for forgivable loans through the Paycheck Protection Program (PPP) — for both first-time and so-called “second-draw” borrowers who’ve been hit by the economic effects of the COVID-19 pandemic. It also includes several critical provisions related to loan forgiveness and tax…

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