Additional Extension and Due Date Updates

Posted by Michael D. Kelly, CPA PPP Extension Act of 2021 On March 30, President Biden signed into law the PPP Extension Act of 2021. The Paycheck Protection Program, which was scheduled to expire on March 31, 2021, has been extended through June 30, 2021 through this bill. The full legislative text can be reviewed here: H.R. 1799 – PPP … Continued

Certain State Tax Deadlines Extended

Posted by Valerie C. Middlebrooks, CPA Just as many CPAs and taxpayers anticipated, states have started to extend their tax return due dates. Read our previous update titled, Tax Deadline for Individuals Extended to May 17. As of this publication, Delaware, Pennsylvania, and New Jersey are three of the states that have pushed their individual tax filing and payment due … Continued

Individual Provisions of the American Rescue Plan Act of 2021

Posted by Jordon N. Rosen, CPA, MST, AEP® (Distinguished) On March 11, President Biden signed into law the American Rescue Plan Act of 2021 (ARPA). The $1.9 trillion bill is extensive and we have outlined important details for our clients and friends to be aware of. The full legislative text can be reviewed here: H.R.1319 – American Rescue Plan Act of … Continued

American Rescue Plan Act – What we know so far

Posted By Valerie C. Middlebrooks, CPA, Jonathan A. Patterson, CPA, CVA, and Jordon N. Rosen, CPA, AEP   On March 11, President Biden signed into law the American Rescue Plan Act of 2021 (ARPA). The $1.9 trillion bill is extensive and we have outlined important details for our clients and friends to be aware of. The full legislative text can … Continued

Tax Deadline for Individuals Extended to May 17

Posted By Valerie C. Middlebrooks, CPA On March 17, the IRS announced that the federal income tax filing and payment deadline for individual 2020 returns has been extended to May 17, 2021. Learn more about the Individual Tax Day Extension. Please keep in mind that the announcement is only for individual taxpayers and, as of today, the technical details surrounding … Continued

Post-Election Tax Outlook: Income Tax Components

Posted By: Jordon N. Rosen, CPA, MST, AEP® (Distinguished) With the results of the 2020 presidential and congressional elections behind us, President Biden has begun pursuing his agenda to tackle many pressing issues, including the downturn in the economy, which was brought on by the COVID-19 pandemic. Along with additional stimulus checks for individuals and various grant programs, there are numerous tax-related … Continued

COVID-19 Update: PPP Round Two Loan Applications Open

Posted by Jonathan A. Patterson, CPA, CVA   On January 8 and again on January 19, the SBA, in consultation with the Treasury Department, released additional Paycheck Protection Program (PPP) forms and guidance related to first round and second round draws. BLS has compiled the following important links to simplify your efforts in finding important forms and change information. Helpful … Continued

Delaware Relief Grants Portal Reopened

Posted by Kathy Dean-Bradley, CPA   The Delaware Division of Small Business announced that they have reopened their application portal on January 19, 2021 to small businesses and nonprofit organizations that have not already applied for this State of Delaware relief program. Below is a summary of details related to the reopening of the portal.   Those businesses and nonprofits … Continued

COVID-19 Relief Bill Provisions Affecting Individuals

Posted by Jordon N. Rosen, CPA, AEP (Distinguished) Since March, BLS has been keeping our clients and friends apprised of new legislation and changes that have occurred due to COVID-19. This edition of our BLS Important Update is an overview of key provisions in recent COVID relief legislation (COVID-related Tax Relief Act of 2020 (the Act) and the Taxpayer Certainty … Continued

Two Key Provisions of the COVID-19 Relief Bill – PPP and ERC

Posted By: Jonathan Patterson, CPA, CVA The COVID-19 Relief Bill was signed by President Trump on Sunday, December 27 and BLS prepared COVID-19 Relief Bill – What we know so far, which provided highlights of significant sections of the bill. There are two key provisions within the COVID-19 Relief Bill – Second Round PPP Loans and Extension of Employee Retention … Continued