Author: relanetAdmin

The U.S. Small Business Administration launched the registration portal for the $28.6 billion Restaurant Revitalization Fund (RRF) on April 23, and is now accepting applications for the program. Restaurants and other food providers hard-hit during the COVID-19 pandemic have been anxiously awaiting direct aid to help them recover after more than a year of government-imposed
-> Continue reading Registration Now Open for Restaurant Revitalization Fund

On March 17, the IRS announced that the federal income tax filing deadline for individuals will be automatically extended from April 15, 2021 to May 17, 2021. However, if you will be receiving a refund, you are encouraged to file before that date so that you can receive your tax refund as soon as possible.
-> Continue reading 2020 Tax Deadline Delayed for Individuals

On March 11, President Biden signed into law the American Rescue Plan, which aims to provide additional relief to Americans that are struggling due to the ongoing COVID-19 pandemic. As part of this relief, up to $10,200 in unemployment compensation that you received in 2020 may now be tax free. To qualify for this relief,
-> Continue reading Up to $10,200 of Unemployment Compensation Now Tax Free

The IRS has announced that they have finished making all first and second rounds of Economic Impact Payments. These Economic Impact Payments (commonly known as “stimulus payments”) were mandated by law to be paid to U.S. citizens and resident aliens, including children, and were generally paid via direct deposit to your bank account. If you
-> Continue reading Did You Get Your Stimulus Payments?

On February 22, 2021, the Biden administration announced a new exclusive Paycheck Protection Program (PPP) loan application period for businesses and non-profits with fewer than 20 employees. This application period began on February 24, 2021 and lasts for 14 days. According to the U.S. Small Business Administration (SBA), the goal of this exclusive application period
-> Continue reading Wider Availability Announced for Small Business PPP Loans

The ongoing coronavirus pandemic has caused a lot of disruption in people’s lives. Some have lost jobs, others have started side jobs, and coronavirus relief has changed the tax laws for everyone. With this in mind, we wanted to share some possible surprises that might be waiting for you on your 2020 tax return. Take
-> Continue reading Possible Pandemic Tax Surprises

The Small Business Administration (SBA), and the Treasury Department have published updated Paycheck Protection Program (PPP) loan forgiveness guidance and forms, including a one-page form that borrowers who received no more than $150,000 can use to apply for forgiveness. The newly released form, called the PPP Loan Forgiveness Application Form 3508S, can be used by
-> Continue reading Updated PPP Loan Forgiveness Applications Released

The IRS has announced that it will begin accepting and processing 2020 tax returns on Friday, Febrary 12, 2021. This is later than the usual January starting date. The IRS says that the delay is due to extra time that was needed to program and test its computer systems after the the passage of the
-> Continue reading Tax Filing Season to Begin February 12

The Consolidated Appropriations Act, 2021, which was signed into law on December 27, 2020, directs the Department of the Treasury to deliver additional Economic Impact Payments (known more popularly as “stimulus payments”) to U.S. citizens and residents. These payments are generally $600 for singles and $1,200 for married couples filing a joint return. In addition,
-> Continue reading New Round of Stimulus Payments Authorized

The Consolidated Appropriations Act, 2021, signed into law on December 27, 2020, specifies that business expenses paid with forgiven PPP loans are tax-deductible. This supersedes previous IRS guidance which stated that these expenses could not be deducted. The Appropriations Act clarifies that “no deduction shall be denied, no tax attribute shall be reduced, and no
-> Continue reading New Law Permits Deduction of PPP Expenses