The American Rescue Plan Act extended the Employee Retention Tax Credit (ERTC) for the third and fourth quarters of 2021. It has also expanded the pool of eligible employers who can take the credit to include businesses started during the pandemic. A Recovery Startup Business (RSB) is a business that was started after February 15, […]
PPP Forgiveness – Timing and Deadlines
If your business received Paycheck Protection Program (PPP) funds as part of the COVID-19 pandemic and you still have not applied for or received forgiveness, you may be wondering about the deadline and/or next steps. While some banks may be pressuring you to apply for forgiveness right away, or you are feeling stressed because you […]
Child Tax Credit Payouts – What to Expect
The Child Tax Credit (CTC) is not new, but it was expanded as part of the American Rescue Plan Act of 2021, and you may be wondering what that means and how it will impact your situation. The biggest takeaway is that instead of waiting until filing your 2021 tax return (in 2022) to take […]
Business Expenses – What is NOT Deductible?
While it seems like a straightforward question, there can sometimes be confusion about what expenses can be deducted from your business for tax purposes and what expenses cannot be. Deductions are critical in helping to lower your tax bill, but knowing what expenses you can deduct is critical to keeping you out of trouble in […]
Requesting a Private Letter Ruling
You may someday find yourself in a unique tax situation and want to remove any uncertainty of the tax treatment of that situation. In that case, you can request a Private Letter Ruling (PLR) from the Internal Revenue Service. A PLR is a written statement that interprets and applies tax law to your particular facts. […]