RICH GETTING WORRIED ABOUT TAXES
Rich getting worried about taxes. On the campaign trail, President elect Biden stated he would raise taxes on the rich. Now that he is President that may be coming to fruition. Technical provisions in a 114 page document released by the U.S. Treasury could disrupt or dismantle some of the most popular ways the super […]
PPP LOAN FORGIVENESS RULES
PPP loan forgiveness rules. Loan forgiveness requirements are the same for both the first and second batch of Payroll Protection Program payment loans. To receive full loan forgiveness, employers need to maintain staffing and compensation levels during the covered period. Additiionally, money from the PPP loan must be spent on eligible expenses during the covered […]
ONE MILLION ADDITIONAL STIMULUS CHECKS
One million additional stimulus checks. The Internal Revenue Service, the U.S. Department of the Treasury, and the Bureau of the Fiscal Service stated that they have distributed nearly one million payments in nine batches of Economic Impact Payments from the American Rescue Plan. The announcement brings the total distributed so far to approximately 165 million […]
COBRA PREMIUM ASSISTANCE CREDIT
Cobra premium assistance credit. In our ongoing coverage of all the changes to the tax codes, not just the past ones with former President Trump, but the new ones with President Biden, we are going to take a look at another aspect of the American Rescue Plan, the COBRA health care continuation benefit credit and […]
TAX PROVISIONS IN THE AMERICAN RESCUE PLAN
Tax provisions in the american rescue plan. Retroactive tax benefits help many people now preparing 2020 tax returns. The Internal Revenue Service stated that an overview of some of the key provisions in the American Rescue Plan included advanced payments of the Child Tax Credit for eligible couples or families. Several provisions affect the 2020 […]
