Posted by Kathy Dean-Bradley, CPA On April 21, the Internal Revenue Service and the Treasury Department issued a fact sheet detailing information about the tax credits available under the American Rescue Plan. The intent is to help small businesses and nonprofit organizations receive a tax credit for providing paid time off to employees receiving the vaccine and time needed … Continued
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
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
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
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
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
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
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
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
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
