1. Advance child tax credit (CTC) payment recipients can still opt out even if they start receiving payments. 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 Update Portal to opt out of remaining payments. Any updates made by Aug. 2 will apply to the Aug. 13 payment and all subsequent monthly payments for 2021. Under a recent law, monthly advance CTC payments are being made to families under certain income thresholds. Parents may want to opt out so they receive the entire CTC…
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The PPP Extension Act of 2021 has been formally signed by President Biden, which extends the Paycheck Protection Program through May 31, 2021. The program, originally scheduled to expire on March 31, 2021, will continue accepting applications until May 31, 2021. We would like to note that May 31, 2021 is Monday, Memorial day so applications should be submitted by Friday, May 28. The extra time will allow the Small Business Association to process additional applications submitted prior to the new deadline as well as address: Loan application issues including validation error codes Delayed guidance Changes to the loan calculation amount…
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For those who are still planning on applying for the second round funding of the PPP program, the deadline remains March 31, 2021. Although there is a bill currently in Congress to extend the application period, it is best to plan accordingly and complete your application with the March 31 date in mind. We will inform you of any updates as they become available. Below are details from an earlier email outlining the program. Second Round Funding (PPP2) The Act provides additional PPP funding for small businesses. The last day to apply for second draw funding is March 31, 2021.…
Read MoreFederal Tax News
1. Are you thinking about buying a plug-in electric car or truck? Fortunately, a tax credit is available for qualified vehicles. The base amount of the credit is $2,500 per vehicle. The vehicle…
Read MoreNisivoccia Presents: Financial Market Update & Latest Trends Making Headlines
On Friday, April 23, 2021, Nisivoccia hosted the second feature in our Nisivoccia Presents webinar series. This series is designed to provide clients and friends with insightful, educational and informative…
Read MorePPP Deadline Extension plus Other Program Updates
The PPP Extension Act of 2021 has been formally signed by President Biden, which extends the Paycheck Protection Program through May 31, 2021. The program, originally scheduled to expire on March…
Read MorePPP Application Deadline is March 31, 2021
For those who are still planning on applying for the second round funding of the PPP program, the deadline remains March 31, 2021. Although there is a bill currently in…
Read MoreThe American Rescue Plan Act Tax Implications
President Joe Biden signed into law the American Rescue Plan Act (H.R. 1319) on March 11, 2021. Among the act’s many provisions are several tax items including the tax treatment…
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