Finally, the Small Business Administration (SBA) is about to open the application portal for the long-awaited Shuttered Venue Operators Grant (SVOG) Program, which is designed to help entertainment venues and cultural institutions weather the pandemic shut-downs. Background On December 27, 2020, the President signed into law the Consolidated Appropriations Act (CAA), which was the second […]
Tax Deadline Extended for SOME but NOT ALL Tax Returns and Payments
The IRS announced a change in the deadline for certain federal tax return and payment due dates. Here is what is extended as of this posting (March 19, 2021): 2020 Individual 1040 returns are now due May 17, 2021 2020 Individual 1040 tax payments are now due May 17, 2021 You can read the announcement […]
More PPP Loan Funds Available For Small Businesses
There is additional money available from the Small Business Administration (SBA) for a new round of Paycheck Protection Program (PPP) loans courtesy of the Emergency Coronavirus Relief Act of 2020. Here’s what you need to know: Requirements to Take Out a 2nd PPP Loan If you received PPP loan proceeds in 2020, and wish to […]
Phase 4 COVID-19 Relief Bill
The U.S. Senate and House of Representatives passed an emergency $900 billion COVID-19 relief bill which the President signed into law December 27, 2020. Highlights include: Additional 2020 recovery rebates for individuals. The provision provides a refundable tax credit in the amount of $600 per eligible family member. The credit is $600 per taxpayer ($1,200 […]
IRA eligibility in 2021
There are cost of living adjustments that may affect a taxpayer’s pension plan and other retirement-related savings next year. People should familiarize themselves with these adjustments, so they aren’t caught off guard. Here are some highlights of the 2021 changes: The income ranges for these actions all increased for 2021: • Determining eligibility to make deductible […]