SBA to Provide $28.6 Billion in Grants For Restaurants & Bars

-The Restaurant Revitalization Fund (RRF)

restaurant full of customers

The $1.9 trillion stimulus package, known as the American Rescue Package (the “Rescue Package”), enacted on March 11, 2021, established a $28.6 billion Restaurant Revitalization Fund (“Restaurant Fund”) for restaurants and other food establishments. Section 5003 of the Rescue Package instructs the Small Business Administration (“SBA”) to award tax-free federal grants (“Grants”) to eligible entities. Continue reading “SBA to Provide $28.6 Billion”

Businesses Can Temporarily Deduct 100% Beginning Jan. 1, 2021-Dec.31,2022Money on a table

The Treasury Department and the Internal Revenue Service today issued Notice 2021-25 providing guidance under the Taxpayer Certainty and Disaster Relief Act of 2020. The Act added a temporary exception to the 50% limit on the amount that businesses may deduct for food or beverages. The temporary exception allows a 100% deduction for food or beverages from restaurants. Continue reading “Businesses Can Temporarily Deduct 100%”

Tax Day For Individuals Extended

Tax Day for Individuals Extended To May 17: Treasury, IRS extend filing & Payment Deadline

The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. The IRS will be providing formal guidance in the coming days. Continue reading “Tax Day Extension”

Get Your Taxes Filed Earlier, Not Later.

There is more reward in filing sooner than just, getting your potential tax refund faster. There are several benefits to filing your taxes early. With W2’s out of the way and tax season officially in full swing. You are either ready to file your tax return or you are looking at the calendar seeing how far April 15 th is and determining just how long you can put off getting your taxes prepared. If you are tax procrastination camp, the points below may convince you to file earlier.  The IRS has already stated that they will not be moving the 2021 tax deadline back. Continue reading “When Should You File Your Taxes?”

The Retention Credit has Been Extended Until June 30, 2021

 

For employers who qualify in 2021, including PPP recipients. Under the Consolidated Appropriations act, 2021, expands the credit and allows employers to claim a credit against 70% of qualified wages paid. Additionally, the amount of wages that qualifies for the credit is now $10,000 per employee per quarter for the first two quarters of 2021. So, an employer could claim $7,000 per quarter per employee or $14,000 for 2021.

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Employer Tax Credit Form, Employee Retention Credit Guidance

The IRS on Tuesday issued a new form and instructions for employers to use to obtain advance payments of three tax credits that were created, also issued guidance on the employee retention credit to help businesses cope with the coronavirus pandemic. Employers may file new Form 7200, Advance Payment of Employer Credits Due to COVID-19, to obtain advances of employment taxes that are refundable as a result of the new tax credits: the employee retention credit, the qualified sick leave credit, and the qualified family leave wages credit. Continue reading “Employer Tax Credit Form, Employee Retention Credit Guidance”