Blog for CPAs
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 pandemic. This $28.6 billion grant program...
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 Leave For Certain Self-Employed...
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 limitations. However, for tax year 2021...
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 borrowers know how to request the...
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 on up to $10,200 of benefits but who filed their tax return before...
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 sensitive information, making it...