COVID-19 Tax & Business Implications

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…

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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…

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ARPA Offers Relief for Families & Businesses

March 22, 2021

The American Rescue Plan Act provides sweeping relief measures for eligible families and businesses. On March 11, 2021, President Biden signed into law the American Rescue Plan Act (ARPA). The $1.9 trillion law is intended to provide far-reaching relief from the economic and other repercussions of the ongoing COVID-19 pandemic.…

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Isdaner & Company Quoted in Philadelphia Inquirer Tax Article

March 22, 2021

The article appears in the Philadelphia Inquirer Cutting through a bonkers tax season: Here are the biggest new changes. The American Rescue Plan Act has made many tax changes.

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ARPA Modifications to the Employee Retention Tax Credit in 2021

March 21, 2021

This post summarizes the changes made to the Employee Retention Tax Credit (ERTC) because of the American Rescue Plan Act of 2021 (ARPA). We would be happy to assist you in analyzing whether claiming the modified and extended ERTC might benefit your business. Background Congress originally enacted the ERTC in…

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New Law: Parents and Others to Receive ARP Direct Payments

March 17, 2021

The American Rescue Plan Act, signed into law on March 11, provides a variety of tax and financial relief to help mitigate the effects of the COVID-19 pandemic. Among the many initiatives are direct payments that will be made to eligible individuals. And parents under certain income thresholds will also…

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ARPA’s Temporary Expansion of Child Tax Credit for Tax Year 2021

March 17, 2021

There have been significant enhancements made to the child tax credit (CTC) by the American Rescue Plan Act of 2021 (ARPA). These enhancements temporarily expand the eligibility for, and the amount of, the child tax credit (CTC) for tax years beginning in 2021 and require the IRS to make monthly…

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American Rescue Plan: What Is In It For You

March 15, 2021

President Biden on March 11 signed the latest legislation aimed at providing economic and other relief from the COVID-19 pandemic that has haunted the country for the last year.  The 628-page American Rescue Plan Act of 2021 (ARPA), includes $1.9 trillion in funding for individuals, businesses, and state and local…

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Save Time Now By Determining Your Economic Payment Amounts

March 9, 2021

Economic Impact Payments (EIP) (aka stimulus payments) received for the two rounds of payments are not taxable however they reduce a taxpayer recovery rebate credit on their 2020 federal income tax return. Everyone who received a payment should have received Notice 1444 (first round) and/or Notice 1444-B (second round). The…

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New PPP Forms & Applications: Deadline March 31

March 5, 2021

The Small Business Administration issued new Paycheck Protection Program (PPP) guidance for self-employed individuals filing Form 1040, Schedule C to calculate their maximum loan amount using Gross Income instead of Net Profit. This new calculation is explained in SBA Interim Final Rule on Loan Amount Calculation and Eligibility. Click the…

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