Business

Home|Business

Employee Retention Credit – New guidance published by the IRS

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

By |2021-03-08T08:19:17+00:00March 4th, 2021|Categories: Business|Tags: , , , |

PPP change for Schedule C (self-employed) – You can now use Sales/Revenue

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

By |2021-03-08T08:20:35+00:00March 3rd, 2021|Categories: Business|Tags: , , , , |

Tax Time IRS Guide: Select a tax return preparer with care

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

By |2021-03-02T04:34:04+00:00February 28th, 2021|Categories: Business, Individuals|Tags: , , |

PPP expands its reach – Access non US citizens, prior non-fraud felony convictions, etc.

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

By |2021-02-23T17:25:37+00:00February 23rd, 2021|Categories: Business|Tags: , , , , |

NJ Small Business Lease Emergency Assistance Grant Program

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

By |2021-02-22T19:26:30+00:00February 22nd, 2021|Categories: Business|Tags: , , , , |

Restaurants in Philadelphia – Emergency Use and Occupancy

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

By |2021-02-23T21:33:38+00:00February 19th, 2021|Categories: Business|Tags: , , , , , , , |

Status 2nd round PPP – Around 36% approved (SBA Press released 21-15)

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

By |2021-02-10T18:31:34+00:00February 10th, 2021|Categories: Business|Tags: , , |

Philadelphia – Enhanced Ventilation for Increased Dining Capacity

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

By |2021-02-15T17:38:06+00:00February 9th, 2021|Categories: Business|Tags: , , , , , , |

Form 7202 – Self-employed individuals to claim COVID-19 sick and family leave

Self-employed individuals to claim COVID-19 sick and family leave tax credits under FFCRA Eligible self-employed individuals will determine their qualified sick and family leave equivalent tax credits with the new IRS Form 7202, Credits for Sick Leave and Family Leave for Certain Self-Employed Individuals. They’ll claim the tax credits on their 2020 Form 1040 for

By |2021-02-23T20:57:36+00:00February 8th, 2021|Categories: Business, Individuals|Tags: , , , , , |

IRS Tips to help people choose a reputable tax preparer

The IRS in their Tax Tip 2020-14 communication provided some tips to choose a reputable tax preparer. Check the preparer's qualifications. People can use the IRS Directory of Federal Tax Return Preparers with Credentials and Select Qualifications. This tool helps taxpayers find a tax return preparer with specific qualifications. The directory is a searchable and sortable listing

By |2021-02-07T19:20:59+00:00February 7th, 2021|Categories: Business, Individuals|Tags: , , , , |
Go to Top