COVID-19 Tax & Business Implications

Here come the child tax credit payments: What you need to know.

July 8, 2021

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 More

Is Your PPP Loan Forgiveness Deadline Fast Approaching?

June 21, 2021

More 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 More

Gerstein Quoted About PPP Loans in Philadelphia Inquirer

June 17, 2021

Mitch 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 More

Is your small business is eligible for the Employee Retention Tax Credit (“ERTC”)?

June 17, 2021

If 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 More

Many Parents Will Receive Advance Child Tax Credit Payments beginning July 15

May 26, 2021

Eligible 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 More

IRS Provides Guidance On Temporary 100% Expense Deduction For Meals

April 26, 2021

Good 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 More

Mitch Gerstein quoted in Philadelphia Inquirer Article – Tax Season Questions

March 30, 2021

Mitch 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 More

PPP Application Deadline Extended

March 30, 2021

President 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 More

ARPA Modifications, Extension of Paid Sick Leave & Family Leave Credits

March 25, 2021

The 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 More

ARPA Enhanced Child & Dependent Care Credit

March 22, 2021

This 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…

Read More