Federal American Rescue Plan Act of 2021 (ARPA)

Navigating the Difficulties of Using ARPA Funding   The Federal American Rescue Plan Act of 2021 (ARPA), a $1.9 trillion stimulus package, was signed on March 11, 2021. Among the allocations provisions, county governments and municipalities with populations over 50,000 will receive direct assistance. The ARPA will provide states with funding for allocation to other qualifying [...]

2021-09-13T11:17:58-05:00September 13th, 2021|COVID-19, GOVERNMENTS|

Questions About the Employee Retention Credit? We’ve Got Answers.

Originally part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the Employee Retention Credit (ERC) is one important way in which the federal government is helping businesses affected by the pandemic. The ERC provides refundable payroll tax credits to qualifying businesses as part of an effort to incentivize businesses to keep their workers [...]

2021-08-31T08:41:45-05:00August 24th, 2021|BUSINESS TAX, COVID-19, SMALL BUSINESS|

Homeowner Assistance Fund – What Tribes and Applicants Need to Know

As part of the American Rescue Plan Act, signed into law on March 11, 2021, the Treasury created the Homeowner Assistance Fund (HAF), which allocates $498 million of funding to Tribes or Tribal housing entities with a fund utilization deadline of September 30, 2026. The objectives of the HAF program are to prevent mortgage delinquencies, [...]

2021-08-18T12:43:49-05:00August 4th, 2021|COVID-19, GOVERNMENTS|

American Rescue Plan for Governments: The Resources Available

Throughout the COVID-19 pandemic, the federal government has provided numerous financial stimulus packages to support the community and the economy. However, local governments have seen their largest funding source come from the signing of the American Rescue Plan Act (ARPA). The CARES Act funding primarily landed with states and counties, but for the first time [...]

2021-08-13T09:59:33-05:00July 29th, 2021|COVID-19, GOVERNMENTS|

Strategic Use of ARP Government Funds for Long-Term Success

The U.S. Department of Treasury states that the American Rescue Plan (ARP) Act will deliver $350 billion for eligible state, local, territorial, and Tribal governments to respond to the COVID-19 emergency and bring back jobs. The guidance includes information on how the substantial infusion of resources is to help turn the tide on the pandemic, [...]

2021-07-23T13:43:54-05:00July 19th, 2021|COVID-19, GOVERNMENTS|

Employee Retention Credit for Nonprofit Organizations

The Employee Retention Credit (ERC) is a refundable payroll tax credit for which business organizations, including tax-exempt organizations, may be eligible. The ERC was initially created as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act in March 2020, then extended and modified by the Taxpayer Certainty and Disaster Tax Relief Act of [...]

COVID-19 Vaccination and Recovery Paid Leave Qualifies for Sick Leave Credit

With the federal quarterly payroll tax deadline right around the corner, keep in mind that your business or nonprofit might qualify for tax credits to reimburse the cost of providing sick and family leave to employees due to COVID-19, including for vaccination. The American Rescue Plan Act (ARPA), passed in March of 2021, made refundable [...]

2021-06-23T14:35:02-05:00June 18th, 2021|BUSINESS TAX, COVID-19, SMALL BUSINESS|

Hired Any Recently Unemployed Workers? Let Them Know About New Exclusion of Unemployment Compensation

Your business’s employees who were unemployed for part of 2020 will be pleased to know that a portion of that income might not be taxable at the federal level — and possibly at the state level, as well. The American Rescue Plan, enacted on March 11, 2021, allows individuals with modified adjusted gross income (AGI) [...]

2021-05-12T09:20:59-05:00May 5th, 2021|BUSINESS TAX, COVID-19|

Strategic Decision Making: Are You Taking Advantage of the Newly Expanded ERC?

The American Rescue Plan Act of 2021, enacted in March of this year, further extended the availability of the ERC to eligible employers for wages paid during the third and fourth quarters of 2021. Additional guidance on this most recent enhancement of the ERC is expected from the IRS at a later time. The IRS [...]

2021-06-24T09:56:26-05:00May 4th, 2021|BUSINESS SUPPORT, COVID-19, SMALL BUSINESS|

EIDL Loans – Good News from the Small Business Administration

Many businesses have taken advantage of the Economic Injury Disaster Loan (EIDL) program under the CARES Act since March of 2020. According to the Small Business Administration (SBA), loans totaling $200 billion have been approved for over 3.7 million businesses throughout the United States. The most recent stimulus bill that was signed into law in [...]

2021-04-05T10:28:51-05:00April 5th, 2021|COVID-19, SMALL BUSINESS|

New IRS Notice Provides Guidance to Employee Retention Credit and the Paycheck Protection Program

The IRS has been busy. On March 1, 2021, they released a 102-page document that answers taxpayer questions about both the Employee Retention Credit (ERC) and the Paycheck Protection Program (PPP). Notice 2021-20 more clearly defines ERC eligibility – something that was sorely needed – but it is noteworthy for another reason: it explains how [...]

2021-03-31T09:20:47-05:00March 31st, 2021|BUSINESS SUPPORT, COVID-19, SMALL BUSINESS|

U.S. Treasury and IRS Postpone Individual Income Tax Filing Deadline

Updated 3.17.2021 With the ever-changing environment surrounding the Coronavirus pandemic, the U.S. Treasury announced that the tax filing deadline for individuals of April 15, 2021, will be pushed back to May 17, 2021. This will allow taxpayers additional time to gather materials and file their taxes in the midst of the COVID-19 pandemic. It is [...]

2021-03-17T17:04:13-05:00March 17th, 2021|BUSINESS TAX, COVID-19, INDIVIDUAL TAX, STATE & LOCAL TAX|

Funding for Governments: The American Rescue Plan and How it Differs from the CARES Act

On March 11, 2021, the American Rescue Plan Act was signed into law, initiating the latest round of federal stimulus funding in response to the COVID-19 pandemic. The total amount of funding provided by the American Rescue Plan is $1.9 trillion, which is in line with the $2.2 trillion provided by the CARES Act. Although [...]

2021-07-23T13:41:45-05:00March 16th, 2021|COVID-19, GOVERNMENTS|

Congrats, Your PPP Loan Was Forgiven! … Now How Do You Report It?

Three cheers for PPP loans! The Paycheck Protection Program (PPP), a federal initiative, has provided a lifeline to millions of small businesses as they've struggled through the COVID-19 pandemic. Though its rollout was not perfect, the program has helped keep doors open and workers employed. Its importance in keeping the economy trudging along can't be [...]

2021-04-23T10:59:45-05:00March 15th, 2021|BUSINESS TAX, COVID-19|

President Biden Signs American Rescue Plan into Law

President Biden signed the latest measure to help mitigate the financial effects of the COVID-19 pandemic on Americans on Thursday, March 11, 2021. The bill is robust in scope, seeking to further vaccination efforts and also allocating funds to boost unemployment and reopen schools, among many provisions. The American Rescue Plan includes: Direct payments of [...]

2021-03-11T14:47:57-06:00March 11th, 2021|COVID-19|

Could the COVID-19 Pandemic Raise Your Tax Bill?

In response to widespread social and economic hardship during the COVID-19 pandemic, sweeping legislation and relief programs sought to aid struggling Americans and businesses. Meanwhile, millions of Americans temporarily (if not permanently) turned to remote work and freelance opportunities from the comfort of their homes. Even into 2021, the unpredictable impacts of COVID-19 continue to [...]

2021-02-19T10:56:50-06:00February 19th, 2021|COVID-19, INDIVIDUAL TAX|

Comparison: COVID-19 Employer Relief Options

Information updated as of April 2021.   Which COVID-19 relief benefit is right for your business, nonprofit, or governmental entity? The answer depends! Do you have over 500 employees, over 100 employees, under 50 employees, or are you self-employed? Is your business quarantined or are you able to continue working as normal, or by telework? [...]

COVID-19 Relief: Your Employee Retention Credit Questions Answered

The Employee Retention Credit — enacted as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act — helps employers whose businesses have suffered financially as a result of COVID-19 to keep employees on their payrolls. It’s one of several provisions in the act aimed at keeping people employed through the economic downturn. The [...]

2021-01-20T12:53:14-06:00January 20th, 2021|COVID-19, SMALL BUSINESS|

The Consolidated Appropriations Act (CAA) Includes COVID-19 Relief to Individuals

Congress passed, and the President signed, the nearly 5,600-page Consolidated Appropriations Act (CAA), which includes COVID-19 and economic relief. The CAA includes over $900 billion in wide-ranging COVID-19 and economic relief. We’ve compiled some of the key provisions that affect individuals and their tax situations: Direct Payments of $600 to Americans Individuals making up to [...]

2021-01-11T14:38:42-06:00January 11th, 2021|COVID-19, INDIVIDUAL TAX|

Recent Stimulus Includes Important Provisions for Provider Relief Funds

When the President signed the Consolidated Appropriations Act (CAA) into law, several key provisions immediately affected health care providers: Provider Relief Fund Providers are now allowed to calculate lost revenue based upon initial guidance issued in June 2020. The Act states -  “Provider may calculate such lost revenues using the Frequently Asked Questions guidance released [...]

2020-12-31T10:41:27-06:00December 31st, 2020|COVID-19, HEALTHCARE|