American Rescue Plan tax credits available to small employers to provide paid leave to employees receiving COVID-19 vaccines and that credit should be claimed in the 941 Employer's Quarterly Federal Tax Return. We recommend business owners to reach out to the payroll department or payroll company to get advantage of this tax credit. For further
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
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:
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
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
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
