Last week, the SBA made a press release of the SBA Restaurant Revitalization Fund which will be available to restaurants and similar businesses - https://www.sba.gov/funding-programs/loans/covid-19-relief-options/restaurant-revitalization-fund As of right now, the sample application is 16 pages long and it requires a high level detail on several areas. From the information available so far, the funds will be provided as a
Tonight there was a SBA press release about the Restaurant Revitalization Fund program. SBA Administrator Isabella Casillas Guzman on 4/17/2021 announced key details on application requirements, eligibility, and a program guide for the Restaurant Revitalization Fund (RFF). Under this announcement, details on application requirements, eligibility, and a program guide are now available in English at
Tomorrow morning the Phase 4 of NJEDA will open providing additional funding for COVID impacted businesses. Phase 4 funds aim to reimburse lost revenue as result of the business interruption caused by the pandemic between March 1, 2020 and the date of the grant agreement, providing the necessary resources to any eligible business that has
The IRS reminds foreign bank and financial account holders the FBAR deadline remains April 15 in their Issue Number: IR-2021-83. Who Must File A United States person, including a citizen, resident, corporation, partnership, limited liability company, trust and estate, must file an FBAR to report: a financial interest in or signature or other authority over
For those taxpayers that filed their taxes before the $10,200 unemployment exclusion was approved in the middle of the 2020 tax season, the IRS will automatically recalculate the Federal taxes and plans to start issuing refunds in May 2021. From the official IRS guidance, we can read: "... This law change occurred after some people filed
The IRS is reminding taxpayers that the 2021 estimated tax payments are due on April 15, 2021 as the estimated tax payments were not extended. Note that they were extended in prior year tax period. As a result, some taxpayers might be confused on this year's due date for estimated tax payments. Additionally, the tax
Today, in the issue number IR-2021-79, the IRS has communicated that increases the deductibility of meal expenses from 50% to 100% for years 2021 and 2022 to promote the restaurant industry, which has been especially impacted during the pandemic. Beginning Jan. 1, 2021, through Dec. 31, 2022, businesses can claim 100% of their food or
In the IRS Issue number IR-2021-75, the IRS indicates that there is $1.3 billion of refunds that have not been claimed by the taxpayers in 2017. Keep in mind, that the law provides a three-year window to claim a refund. Normally, April 15, 2021, is the deadline to claim a refund from tax year 2017
In the IRS Issue Number: IR-2021-76, the IRS indicated some of the reason why taxpayers might have received Recovery Rebate Credits (If you did not receive stimulus money and you were entitled to it, the Recovery Rebate is calculated when you file your 2020 tax return). Some of the reasons highlighted by the IRS are:
The IRS provided additional guidance for the Employee Retention Credit for the first two quarter of 2021. The IRS notice addresses some of the changes from 2020 Employee Retention Credit. From the Journal of Accountancy's article, "... As a result of the changes made by the Consolidated Appropriations Act, eligible employers can claim a refundable
