COVID-19 Tax & Business Implications
The first advance payments under the temporarily expanded child tax credit (CTC) will begin to arrive for nearly 39 million households in mid-July 2021 — unless, that is, they opt-out. Most eligible families won’t need to do anything to receive the payments, but you need to understand the implications and…
Read MoreMore than 30% of borrowers of Paycheck Protection Program (PPP) loans in 2020 have not submitted for loan forgiveness. PPP loan borrowers may submit a loan forgiveness application any time before the loan maturity date. This maturity date would be either two or five years from the loan date depending…
Read MoreMitch Gerstein, CPA, was quoted in the June 17, 2021, Small Business section of the Philadelphia Inquirer regarding PPP loans for small business owners. Mitch Gerstein, a senior tax adviser at Isdaner & Company in Bala Cynwyd, agrees that focusing just on the ERTC and not paying down their PPP…
Read MoreIf you are eligible, this tax credit could be even more lucrative for your small business than the Paycheck Protection Program (“PPP”) loans. Plus, you may be eligible even if you received a PPP loan! Consider these questions: Was your business fully or partially closed during 2020 due to governmental…
Read MoreEligible parents will soon begin receiving payments from the federal government. The IRS announced that the 2021 advance child tax credit (CTC) payments, which were created in the American Rescue Plan Act (ARPA), will begin being made on July 15, 2021. How have child tax credits changed? The ARPA temporarily…
Read MoreGood news for restaurants and business owners – temporary 100% deduction of restaurant meals! The IRS recently released guidance addressing when the temporary 100% deduction for restaurant meals is available and when the 50% limitation on the deduction for food and beverages continues to apply for IRC 274 purposes (Notice…
Read MoreMitch Gerstein’s quote appeared in the March 30, Philadelphia Inquirer article “Didn’t get $1,400 stimulus checks? Took money from retirement accounts? Q&A with readers.” Read the full article.
Read MorePresident Biden has signed the PPP Extension Act of 2021. The new law extends the Paycheck Protection Program (PPP) application filing deadline from March 31, 2021, to May 31, 2021, thus providing potential PPP borrowers additional time to submit their applications. The law doesn’t provide the PPP with any additional…
Read MoreThe American Rescue Plan Act of 2021 (ARPA), signed by President Biden on March 11, 2021, extended and significantly modified the payroll tax credits for qualifying sick leave and family leave wages. Below is a summary of the key provisions. Background: Both Covid-19-related credits were initially provided by the Families First…
Read MoreThis Alert will make you aware of improvements made by the American Rescue Plan Act (ARPA) to the child and dependent care tax credit for the 2021 tax year, i.e., the credit available for expenses a taxpayer pays for the care of qualifying individual(s) under the age of 13 so…
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