Insights
Business highlights in the new American Rescue Plan Act
President Biden signed the $1.9 trillion American Rescue Plan Act (ARPA) on March 11. While the new law is best known for the provisions providing relief to individuals, there are also several tax breaks and financial benefits for businesses. Here are some of the tax highlights of the ARPA. The Employee Retention Credit (ERC). This…
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The Restaurant Revitalization Fund
The $1.9 trillion COVID-19 relief bill enacted on March 11, 2021, the American Rescue Plan Act of 2021 (ARP), established a $28.6 billion Restaurant Revitalization Fund (RRF), which will be administered by the Small Business Administration (SBA). Funding for the New Program Of the $28.6 billion set aside for the RRF, $23.6 billion is available…
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HR News You Can Use
On March 11, 2021, President Biden signed into law The American Rescue Plan Act (ARPA). This legislation includes several notable items for employers, including an extension of tax credits for voluntary COVID related sick leave and emergency family leave as well as premium assistance for COBRA coverage. Extension of Families First Coronavirus Response Act (FFCRA)…
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Educators can now deduct out-of-pocket expenses for COVID-19 protective items
On February 4, 2021, the IRS announced (Rev. Proc. 2021-15 PDF) that eligible educators can deduct unreimbursed expenses for COVID-19 protective items to stop the spread of COVID-19 in the classroom. Eligible COVID-19 protective items include, but are not limited to: face masks disinfectant for use against COVID-19 hand soap hand sanitizer disposable gloves tape, paint…
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What Sureties and Bonding Agents Look For In a Contractor’s Financial Statements
Danny Shobe, CPA, CCIFP Member, Charleston Office As you look to enter a New Year after celebrating another Christmas and New Year’s holiday season, most of you are shifting your focus to closing out the books for your business including the preparation of the year-end financial statements and tax returns. Obviously this can be a…
Read MoreEmployee Retention Credit Changes in the Consolidated Appropriations Act, 2021
CARES Act As part of the CARES Act passed in March of 2020, Congress created two mutually exclusive incentives that would provide funds to business owners designed to allow them to keep employees on staff throughout the pandemic: Paycheck Protection Program (PPP) Employee Retention Credit (ERC) The ERC is a refundable payroll tax credit that…
Read MoreFlexible Savings Account modifications
Increased Carryover for 2020 – Plan Year 2020 Dependent Care FSAs and Health Care FSAs may be amended to allow a carryover of all unused contributions into the 2021 plan year. Increased Carryover for 2021 – Plan Year 2021 Dependent Care FSAs and Health Care FSAs with a plan year ending in 2021 may be…
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Small Businesses: Cash in on depreciation tax savers
As we approach the end of the year, it’s a good time to think about whether your business needs to buy business equipment and other depreciable property. If so, you may benefit from the Section 179 depreciation tax deduction for business property. The election provides a tax windfall to businesses, enabling them to claim immediate…
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2020 ACA Reporting Reminder
2020 ACA Reporting Reminder. The Affordable Care Act (ACA) is the Patient Protection and Affordable Care Act as amended by the Health Care and Education Reconciliation Act of 2010. The ACA requires certain employers to report to the IRS annually regarding the health care coverage they offer to full-time employees. Under Section 6056 of the…
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The Importance of Inventory Management
Inventory management is especially important this year. As year-end draws near, many businesses will be not only be generating their fourth-quarter financial statements but also looking back on the entire year’s financials. And what a year it’s been. The COVID-19 pandemic and resulting economic fallout have likely affected your sales and expenses, and you’ve probably noticed…
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