Blog for CPAs
SBA Targeted EIDL Advance and the Supplemental Targeted Advance
As small businesses all across the country attempt to reopen and recover from the pandemic, the SBA has expanded its reach in the form of an Targeted EIDL Advance and a Supplemental Targeted Advance. The first thing to know is, if the business did not apply for...
Proposed $15,000 First Time Homebuyer Tax Credit
The proposed $15,000 first time home buyer tax credit made available through the First Time Homebuyer Act is now officially a bill, heading to Congress. Under the current verbiage of the bill, this First Time Homebuyer Tax Credit will be available to taxpayers for...
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 Appropriations Act (CAA) and the American Rescue...
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 Credit (ERC) can be a real boon for small...
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...