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So far Victor Garrido, CPA, EA has created 313 blog entries.
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IRS to recalculate taxes on unemployment benefits; refunds to start in May

As you might now around March 2021, the IRS approved the $10,200 income exclusion for unemployment benefits. The IRS notice IR-2021-71 mentioned that there is no need to file an amended return and that the IRS will recalculate taxes on unemployment benefits. The IRS expects that the refunds will start in May, 2021 for those

By |2025-01-10T02:12:30+00:00April 2nd, 2021|Categories: Individuals|Tags: , , , , , |

Shuttered Venue Operators Grant – SVOG – open April 8, 2021

The Shuttered Venue Operators Grant (SVOG) program was established by the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, and amended by the American Rescue Plan Act. The program includes over $16 billion in grants to shuttered venues, to be administered by SBA’s Office of Disaster Assistance. Eligible applicants may qualify for grants

By |2025-01-12T09:06:05+00:00April 2nd, 2021|Categories: Business|Tags: , , , , , , , |

Restaurant Revitalization Fund to be released in April 2021

The U.S. Small Business Administration (SBA) is targeting early April to launch a phased rollout of the $28.6 billion Restaurant Revitalization Fund (RRF), a senior SBA official testified during a Senate Small Business Committee hearing. The American Rescue Plan Act, P.L. 117-2, created the RRF to provide restaurants with grants equal to their pandemic-related revenue

By |2025-01-12T07:43:49+00:00March 28th, 2021|Categories: Business|Tags: , , , , , |

Face masks and other personal protective are tax deductible medical expenses

On Friday 3/26/21, the Internal Revenue Service issued Announcement 2021-7 clarifying that the purchase of personal protective equipment, such as masks, hand sanitizer and sanitizing wipes, for the primary purpose of preventing the spread of coronavirus are deductible medical expenses.   Amounts Paid for Certain Personal Protective Equipment Treated as Medical Expenses Announcement 2021-7 This

By |2025-01-13T16:24:54+00:00March 28th, 2021|Categories: Individuals|Tags: , , , , , |

Tax deadline for individuals moved to May 17, 2021

The Treasury Department and Internal Revenue Service announced yesterday that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. The IRS will be providing formal guidance in the coming days. We assume the State and local authorities might

By |2025-01-12T16:40:34+00:00March 18th, 2021|Categories: Individuals|Tags: , , , , , |

Unemployment benefits – First $10,200 will not be taxable if earnings under $150k

The American Rescue Plan includes a tax break for unemployed workers for the first $10,200 if the earnings are under $150k. This new tax break has been available after some taxpayers have already filed their personal tax return. As a result, in some cases, the taxpayers might have to file an amended return (1040X) to

Philadelphia – Business support in the last year

The City of Philadelphia has wrote a post on how the different departments (Commerce, Revenue, etc.) have supported local businesses during the last twelve months of pandemic. We are aware of the continued efforts of these departments through the pandemic, in times of civil unrest, etc. and value all the assistance that they provide to

By |2025-01-06T18:13:13+00:00March 15th, 2021|Categories: Business|Tags: , , , , |

Hospitality in Philadelphia and impacted by Covid 19? – Apply to the Chirp grant on Monday

Philadelphia County is receiving approximately $17 million in funding to provide grants to eligible businesses through this program. Grants are available to eligible businesses in the range from $5,000 - $50,000. Businesses must: Be physically located in Philadelphia County, in operation as of February 15, 2020, and intend to continue operating within one year of

By |2025-01-09T07:48:19+00:00March 14th, 2021|Categories: Business|Tags: , , , , , |

Third stimulus payment round on its way

The third stimulus payment is on its way to taxpayers that qualify based on level of income. Payments will begin to be reduced for individuals making $75,000 or above in Adjusted Gross Income ($150,000 for married filing jointly.) The reduced payments end at $80,000 for individuals ($160,000); people above these levels are ineligible for a

By |2025-01-12T17:44:41+00:00March 14th, 2021|Categories: Individuals|Tags: , , , , , , |

SBA Extends Deferment Period for all COVID-19 EIDL and Other Disaster Loans until 2022

The SBA has published the following press release regarding the deferment for all Covid-19 EIDL and other disaster loans. "WASHINGTON –The U.S. Small Business Administration announced extended deferment periods for all disaster loans, including the COVID-19 Economic Injury Disaster Loan (EIDL) program, until 2022. All SBA disaster loans made in calendar year 2020, including COVID-19

By |2025-01-12T07:53:34+00:00March 12th, 2021|Categories: Business|Tags: , , , , , |
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