CPA Blog

More Flexibility For Flexible Spending Accounts

More Flexibility For Flexible Spending Accounts Due to the pandemic, the IRS has provided greater flexibility to employee benefit plans offering health flexible spending arrangements (FSAs) or dependent care assistance programs. Under the COVID-related Consolidated...

CPA Blog

Changes To The Employee Retention Credit

Changes To The Employee Retention Credit Since the SBA just announced that the Paycheck Protection Program is done for now, it’s time to turn to other benefits for small business owners that are struggling to get back on their feet. Thankfully the Employee Retention...

CPA Blog

SBA Restaurant Revitalization Fund

SBA Restaurant Revitalization Fund As of May 3rd, the SBA launched their much-anticipated Restaurant Revitalization Fund to help struggling restaurants get the support they need in order to keep their doors open as America slowly reopens for business after the...

CPA Blog

Self-Employed Sick Leave Credit

Self-Employed Sick Leave Credit Under the Families First Coronavirus Response Act (FFCRA), eligible self-employed individuals will determine their qualified sick and family leave equivalent tax credits with the new IRS Form 7202, Credits For Sick Leave And Family...

CPA Blog

Changes To The Child Tax Credit For 2021

Changes To The Child Tax Credit For 2021 Before President Biden signed the American Rescue Plan Act of 2021, the child tax credit was $2,000 for each qualifying child under the age of 17, with a maximum of $1,400 per child being allowed to be refunded based on AGI...

CPA Blog

EIDL Update: How To Request EIDL Increase

EIDL Update: How To Request EIDL Increase The SBA has increased the availability of funds for the Economic Injury Disaster Loan up to $500,000 which is an increase from the $150,000 previous maximum funds available. The SBA will be sending emails to let previous EIDL...