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...

CPA Blog

Refunds for Unemployment Exclusion & IRA Contribution Due Date

Refunds for Unemployment Exclusion & IRA Contribution Due Date IRS Refunds for Unemployment Exclusion On March 31, 2021, the IRS announced that it will begin sending refunds to taxpayers who received unemployment benefits and are eligible for the exclusion...

CPA Blog

Using A Portal For Document Exchange

Using A Portal For Document Exchange Throughout the year, and especially at this time of year, tax preparers are exchanging documents with clients on a daily basis which is why it is vital to keep such document exchanges secure. Most of these documents include very...