Careers

Category: Legislation

  • Need a New Business Vehicle? Consider a Heavy SUV

    Need a New Business Vehicle? Consider a Heavy SUV

    Are you considering buying or replacing a vehicle that you’ll use in your business? If you choose a heavy sport utility vehicle (SUV), you may be able to benefit from lucrative tax rules for those vehicles. Bonus depreciation Under current law, 100% first-year bonus depreciation is available for qualified new and used property that’s acquired…

  • Changes to Premium Tax Credit Could Increase Penalty Risk for Some Businesses

    Changes to Premium Tax Credit Could Increase Penalty Risk for Some Businesses

    The premium tax credit (PTC) is a refundable credit that helps individuals and families pay for insurance obtained from a Health Insurance Marketplace (commonly known as an “Exchange”). A provision of the Affordable Care Act (ACA) created the credit. The American Rescue Plan Act (ARPA), signed into law in March 2021, made several significant enhancements…

  • EIDL, Restaurant Grants Offer Relief to Struggling Small Businesses

    EIDL, Restaurant Grants Offer Relief to Struggling Small Businesses

    The American Rescue Plan Act (ARPA), signed into law in early March, aims at offering widespread financial relief to individuals and employers adversely affected by the COVID-19 pandemic. The law specifically targets small businesses in many of its provisions. If you own a small company, you may want to explore funding via the Small Business…

  • COBRA Provisions Play Critical Role in COVID-19 Relief Law

    COBRA Provisions Play Critical Role in COVID-19 Relief Law

    During the COVID-19 pandemic, many employees and their families have lost group health plan coverage because of layoffs or reduced hours. If your business has had to take such steps, and it’s required to offer continuing health care coverage under the Consolidated Omnibus Budget Reconciliation Act (COBRA), the recently passed American Rescue Plan Act (ARPA)…

  • New Law Tax Break May Make Child Care Less Expensive

    New Law Tax Break May Make Child Care Less Expensive

    The new American Rescue Plan Act (ARPA) provides eligible families with an enhanced child and dependent care credit for 2021. This is the credit available for expenses a taxpayer pays for the care of qualifying children under the age of 13 so that the taxpayer can be gainfully employed. Note that a credit reduces your…

  • New COVID-19 Relief Law Extends Employee Retention Credit

    New COVID-19 Relief Law Extends Employee Retention Credit

    Many businesses have retained employees during the COVID-19 pandemic and enjoyed tax relief with the help of the employee retention credit (ERC). The recent signing of the American Rescue Plan Act (ARPA) brings good news: the ERC has been extended yet again. The original credit As originally introduced under last year’s CARES Act, the ERC…

  • Parents and Other Eligible Americans to Receive Direct Payments

    Parents and Other Eligible Americans to Receive Direct Payments

    The American Rescue Plan Act, signed into law on March 11, provides a variety of tax and financial relief to help mitigate the effects of the COVID-19 pandemic. Among the many initiatives are direct payments that will be made to eligible individuals. And parents under certain income thresholds will also receive additional payments in the…

  • Estimated Tax Payments: Deadline for First 2021 Installment Coming Up

    Estimated Tax Payments: Deadline for First 2021 Installment Coming Up

    April 15 is not only the deadline for filing your 2020 tax return; it’s also the deadline for the first quarterly estimated tax payment for 2021 if you’re required to make one. You may have to make estimated tax payments if you receive interest, dividends, alimony, self-employment income, capital gains, prize money or other income.…

  • PPP Adjusted to Prioritize Very Small Businesses

    PPP Adjusted to Prioritize Very Small Businesses

    When the Small Business Administration (SBA) launched the Paycheck Protection Program (PPP) last year, the program’s stated objective was “to provide a direct incentive for small businesses to keep their workers on the payroll.” However, according to federal officials, the recently issued second round of funding has distributed only a small percentage of the $15…