Wolters Kluwer Examines the Tax Provisions of the American Rescue Plan Act
US House approves plan, now heads to US Senate President Joe Biden is seeking to prioritize an emergency package of relief provisions for individuals and…
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COVID-19, Non COVID Tax Form Changes Highlighted By IRS Officials
Changes have been made in tax forms for the 2020 filing season IRS officials pointed out in a recent webinar. The changes take into account…
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IRS Guidance Clarifies COVID-19 Relief for Van Pools
The IRS released Frequently Asked Questions (FAQ) to provide temporary relief to employers who operated van pools but experienced reduced ridership due to the Coronavirus…
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Biden Administration Announces Changes to PPP to Help Small and Minority-owned Businesses
The Biden administration on Monday, February 22 announced changes to the payroll protection program with the goal of helping small and minority owned firms as…
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CARES Act Self-Employment Credits: Calculating the Amount
Self-employed individuals may claim a refundable credit for a qualified sick leave or family leave equivalent amount if they cannot work due to COVID-19. The…
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Wolters Kluwer Examines President Joe Biden’s Tax Proposals Ahead of Presidents’ Day
Busy tax legislation agenda follows Democrat election victories When elected, many Presidents have been quite successful in getting a substantial portion of their tax proposals…
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Accounting for EIPs and Recovery Rebate Credits on 2020 Tax Returns
The economic stimulus provided by the 2020 Recovery Rebate Credits is not over yet. Many eligible individuals may receive additional refunds of the credits, but…
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Lenders with $1B or Less in Assets May Apply for First and Second Draw PPP Loans on Friday, 1/15
The SBA and Treasury announced that it will re-open the Paycheck Protection Program (PPP) loan portal to PPP-eligible lenders with $1 billion or less in…
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Taxpayers Should Consider Benefits of Some Late MACRS Elections and Revocations
Taxpayers generally cannot make late MACRS depreciation elections and revocations without IRS consent. The IRS grants permission only in extraordinary circumstances after the taxpayer files…
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SBA and Treasury Announce Reopening of PPP and Provide Application Forms
Late Friday evening, January 8, the SBA and the Treasury announced that the Paycheck Protection Program (PPP) will re-open the week of January 11 for…
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