Employee Retention Credit Now Available to Businesses that Took Out PPP Loans

With the new COVID-19 stimulus package enacted on December 27, 2020, there have been significant boosts made to the employee retention credit (ERC) that became available to businesses with the passage of the first stimulus package in early 2020. Originally the credit was not available to any businesses that took a Paycheck Protection Program (PPP) loan, but with the new changes it is now available to be utilized by these businesses. However, to prevent double dipping, there is a limitation in place that any wages used as eligible expenses to claim forgiveness of the PPP loan amount cannot also be used for the purposes of claiming this tax credit.

On January 14, 2021, President-elect Joe Biden outlined a proposed $1.9 trillion dollar deal to help fight the Coronavirus and economic downturn. The main focuses of the proposal were funds to go towards an additional $1,400 direct payment to individuals, mandated paid leave for workers, accelerating the vaccine distribution, safely reopening schools, minimum wage increases, […]

Virtual Currency Activity? The IRS Wants to Know About it

Virtual currency: Is it an investment? Is it currency? Is it a side hustle? For a growing number of us, the answer matters. Included in “us” is the IRS, which no surprise, wants a piece of the action.