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So far Victor Garrido, CPA, EA has created 101 blog entries.
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Employee Retention Credit – Eligibility and Processing – Update August 2021

In August 2021, there have been several updates to the Employee Retention Credit guidance plus the National Conference of CPA Practitioners was extremely critical with some of this recent guidance. As you can read on this post, there are still different areas of this tax credit that are litigious and unclear for tax professionals. We

By |2021-08-20T17:28:09+00:00August 20th, 2021|Categories: Business|Tags: , , , , , , , , , , , |

Status update – PPP Direct Borrower Forgiveness Portal

In the SBA Release Number: 21-72 issued on 8/18/2021, the SBA mentioned that in the last two week the PPP Direct Borrower Forgiveness Portal accepted more than 340K submissions. This might be an excellent tool for some lenders that are not processing on time some of the PPP forgiveness applications if they signed up for

By |2021-08-19T09:54:42+00:00August 19th, 2021|Categories: Business|Tags: , , , , , , |

What to do when you get an IRS notice

Our advice to our clients is to provide us the notice from the tax authority as soon as they receive it, so we can review it, check your tax returns and other tax records and either explain in plain English the letter to the taxpayer or reply to the IRS notice. In some cases, we

By |2021-08-20T11:46:01+00:00August 18th, 2021|Categories: Individuals|Tags: , , , , , , , , |

Unemployment fraud and how to avoid identity theft

During the pandemic, the news and newspapers have reported billions of dollars stolen through unemployment fraud and identity theft. Axios reported, “Unemployment fraud during the pandemic could easily reach $400 billion, according to some estimates, and the bulk of the money likely ended in the hands of foreign crime syndicates—making this not just theft, but

By |2021-08-19T16:50:12+00:00August 14th, 2021|Categories: Individuals|Tags: , , , , , |

PPP forgiveness streamlined – Direct forgiveness option and Covid Revenue reduction score for 2nd round

The U.S. Small Business Administration (SBA) published new guidance in mid July 2021 designed to simplify and speed up the forgiveness process for businesses and not-for-profits with Paycheck Protection Program (PPP) loans of $150,000 or less. The $150k forgiveness application is just a one page attestation with no payroll (or other) support required. The SBA

By |2021-08-13T19:16:46+00:00August 13th, 2021|Categories: Business|Tags: , , , , , , , , |

Common questions about the advance child tax credit payments

In the COVID Tax Tip 2021-117, the IRS reminds and clarifies advance child tax credit information to the taxpayers. Note that the advance child tax credit is an early payment on potential tax credits (these are estimates) to be claimed on their 2021 tax return during the 2022 tax filing season (January to April 2022).

By |2021-08-12T15:19:58+00:00August 12th, 2021|Categories: Individuals|Tags: , , , |

CDC Founders First – $60k Grant for diverse small businesses in Philadelphia or New Jersey – Deadline 8/20/21

The CDC Founders First  is awarding grants of $60,000 to 20 small businesses in Philadelphia/New Jersey. The program qualifications are below: Must be located in the Philadelphia/New Jersey metro area (Philadelphia, Camden, Burlington, Mercer, Morris and Essex Counties)Must have a current staff of 2-20 employeesWill have the ability to add 1-2+ net new premium wage jobs

By |2021-08-12T14:36:57+00:00August 12th, 2021|Categories: Business|Tags: , , , , , |

Work Opportunity Tax Credit – Extension Deadline to submit a request to a DLA

In the IR-2021-168, the IRS provides relief for certain employers claiming the Work Opportunity Tax Credit (WOTC). The WOTC is a federal income tax credit available to employers that hire certified members of certain groups specified in the Internal Revenue Code who face significant barriers to employment, including Designated Community Residents or Qualified Summer Youth

By |2021-08-14T17:25:53+00:00August 11th, 2021|Categories: Business|Tags: , , , |

IRS Taxpayer Bill of Rights

As part of the IRS Tax Tip 2021-112, the IRS reminded the taxpayers their Bill of Rights. We highly recommend reaching out to a tax professional once you get a notice from any tax authority to ensure it is address on a professional and timely matter. We noted that some of the notices received by

By |2021-08-19T11:18:26+00:00August 5th, 2021|Categories: Individuals|Tags: , , , , , |

Businesses, charities, and others must update responsible party within 60 days of any change

In the IRS IR-2021-161, the IRS reminded that businesses, charities, and others with Employer Identification Numbers must update responsible party information within 60 days of any change. IRS regulations require EIN holders to update responsible party information within 60 days of any change by filing Form 8822-B, Change of Address or Responsible Party - Business.

By |2021-08-19T15:53:50+00:00August 1st, 2021|Categories: Business|Tags: , , , , , , , , , , |
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