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Stay up-to-date with all the latest news and updates about the coronavirus (COVID-19) as it relates to you, your business, your employees, tax laws, and more.

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CARES Act: The Coronavirus Aid, Response, and Economic Security Act


10 Financial Statement Areas To Watch For COVID-Related Effects
The COVID-19 pandemic is still adversely affecting many businesses and not-for-profit organizations, but the effects vary, depending on the nature of operations and geographic location. Has your organization factored the effects of the pandemic into its financial statements? You might not have considered this question since last year if your organization prepares statements that comply with U.S. Generally Accepted Accounting Principles only at year end.
IRS Issues ERC Guidance As Congress Mulls Early Termination
The IRS has published new guidance on the Employee Retention Credit (ERC). The credit was created in March 2020 to encourage employers to keep their workforces intact during the COVID-19 pandemic.
Child Tax Credit: Changes for 2021
The American Rescue Plan, signed in March 2021, made changes to the Child Tax Credit for 2021. For 2021, the credit amounts increase, are refundable, and include children who turn age 17 in 2021. Further, the American Rescue Plan directs the IRS to advance half of the estimated 2021 credit beginning in July.
Child Tax Credit Guidance
A new IRS webpage provides guidance to taxpayers on advance child tax credit (CTC) payments in 2021. The credit was temporarily expanded and made refundable for 2021 by the American Rescue Plan Act.
Restaurant Revitalization Fund
The American Rescue Plan Act passed in March 2021 established the Restaurant Revitalization Fund (“RRF”) to provide funding to restaurants and other eligible businesses. The RRF is administered by the Small Business Administration (SBA) and will provide funding equal to pandemic-related revenue loss.
IRS Get My Payment Tool
The IRS’s Get My Payment tool provides taxpayers with information about the status of their 2021 Economic Impact Payments. So, what information can you expect to receive when using the tool? Among other things, a payment status will inform you of whether your payment has been processed and whether it will be sent by direct deposit or mail. It will also provide a payment date if available.
Keep It All In The Family: Transferring Your Vacation Home
If your family owns a vacation home, you know what a relaxing refuge it can be. This is especially true these days due to the limited travel options you may have because of COVID-19 pandemic restrictions. However, without a solid plan and ground rules that all family members agree to, conflict and tension may result in a ruined vacation — or worse yet, selling the home.
PPP Application Deadline Extended
President Biden has signed the PPP Extension Act of 2021. The new law extends the Paycheck Protection Program (PPP) application filing deadline from March 31, 2021, to May 31, 2021, thus providing potential PPP borrowers additional time to submit their applications. The law doesn’t provide the PPP with any additional funding. However, $7.25 billion in additional funding was recently provided in the American Rescue Plan Act.
Make The Most of the Employee Retention Credit
The Employee Retention Credit (ERC), which was created to encourage employers to keep their workforces intact during the COVID-19 pandemic, has been with us for a year. But questions about it remain for many employers. With the new American Rescue Plan Act (ARPA) extending the credit and expanding eligibility — and the credit worth as much as $28,000 per employee for 2021 — employers should brush up on the details.
Tax Deadline - Our Commitment to You
April 15th is still an important date.  Despite the recent news of the IRS extending the federal tax deadline, our tax professionals are working hard to complete client tax returns by the original April 15th deadline to the extent possible.
The American Rescue Plan Act Provides Sweeping Relief Measures For Eligible Families And Businesses
On March 11, 2021, President Biden signed into law the American Rescue Plan Act (ARPA). The $1.9 trillion law is intended to provide far-reaching relief from the economic and other repercussions of the ongoing COVID-19 pandemic. In addition to funding for testing, contact tracing, vaccinations, education, and state and local governments, the ARPA includes extensive relief that could directly impact your finances.
Restaurant Revitalization Grants
The restaurant industry has been hit especially hard during the COVID-19 pandemic.  In efforts to provide some relief to the industry, the American Rescue Plan Act of 2021 (ARPA) signed into law on March 11, 2021 includes $28.6 billion for a Restaurant Revitalization Fund.  The money will be available until expended, and the U.S. Small Business Administration (SBA) will administer the Fund.

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