As previously published in our post earlier in the year, the change in the Employee Retention Credit (ERC) was something positive for the business owners, but it left many questions and professionals waiting for guidance. Note that during this waiting period, there were auto proclaimed experts on ERC while professionals were patiently waiting. Please, do
PPP keeps changing, if last week, it allowed ITIN holders, individuals with prior criminal records unrelated to fraud, etc. Now, they are allowing self-employed individuals (Schedule C) to use the revenues/sale amount to calculate the maximum loan amount (capped at around $20k based on the maximum annual salary of $100k). This change will allow taxpayers
The IRS sent earlier February notices to around 260,000 taxpayers as they have not filed their 2019 federal tax return. However, the IRS has not yet processed all 2019 returns so it is asking to disregard this letter. Keep in mind that certain IRS processes are taking significantly longer than expected, so please, review the
The IRS has published some recommendations on what to look for to select a tax return preparer. See an extract from the IRS publication below: The Internal Revenue Service today reminded taxpayers to choose a tax return preparer with care. Even though the vast majority of tax return preparers provide honest, quality service, some
From tomorrow February 24th, 2021, the PPP will accept applications from business owners that were not accepted in the past, such as non-citizens with ITIN. Please, see below some details extracted from the SBA note: "These simple progressive steps by the Biden-Harris Administration further demonstrate the commitment to racial and gender equity, reaching low and
Governor Phil Murphy and Lt. Governor Sheila Oliver recently announced $5 million in funding for Phase 2 of the Small Business Lease Emergency Assistance Grant Program. This commercial rent relief program grants up to $10,000 for COVID-impacted small businesses and nonprofits located in NJRA’s 66 legislatively designed communities. From today at 9am you can apply
The Use and Occupancy tax for restaurants will be based on the occupancy allowed by Philadelphia Department of Public Health. This is in line with the previous post published on our site to pay the proportionate taxes and how to request a refund. Emergency Use & Occupancy Tax Regulation: Yesterday, February 18, the Department
If you did not get the first and/or second stimulus payments and you qualify based on your income level, then, you still have a chance to receive that money when you file your 2020 tax return. Inside the 2020 tax return, you have to report if you received those payments and the monetary amount. If
Out of the $288 billion for the second round of PPP, around $103 billion (around 36%) have been approved as of earlier this week. The SBA has released some relevant details on how the majority of the loans are for amounts under $100k. Release Date: February 10, 2021 Release Number: 21-15 This week, the
In the press release on Tuesday February 9, 2021, the City allowed a 50% indoor seating capacity (current 25%) if the restaurant met certain HVAC requirements. HVAC system is fully operational and ventilates the entire indoor dining area. At least 20 percent outside is air circulated by HVAC system. Filtration MERV 11 or higher. At
