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
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
The New Jersey Economic Development Authority (NJEDA) today announced it will open pre-registration for Phase 2 of its Small Business Emergency Assistance Loan Program at 9:00 a.m. EST on Wednesday, February 10, 2021. The $10 million program expansion will support New Jersey small businesses and nonprofits impacted by the COVID-19 pandemic. Eligibility - To be
The paid sick and family leave credits, which previously were available only until the end of 2020, have been extended for periods of leave taken through March 31, 2021. The IRS has released IR-2021-26 to provide more clarity on this topic. See link to FAQs below. The following information was released through the IRS Newswire
The IRS is reminding the taxpayers that unemployment is subject to taxes. Remember unemployment compensation is taxable Millions of Americans received unemployment compensation in 2020, many of them for the first time. This compensation is taxable and must be included as gross income on their tax return. Taxpayers can expect to receive a Form 1099-G showing their unemployment
As you are aware, restaurants and gyms have been severely impacted during COVID. In Philadelphia, there were significant restrictions for any indoor activity. especially for the period November 2020 to mid January 2021. The City has created a new program to provide some relief to those businesses The eligibility for this program is the following
Our partners and team members review daily articles, posts, etc. from different sources (this is not a comprehensive list) and communications from other CPAs, EAs, accountants, and tax professionals. We have noted a faster pace of changes in the tax and accounting professional industry, with many examples in the recent years. Example 1 - Tax
Back on January 8, 2021, the SBA release the new guidance for PPP: A borrower is generally eligible for a Second Draw PPP Loan if the borrower: Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses; Has no more than 300 employees; and Can demonstrate
In some of our previous posts, we mentioned that the financial institutions, Chambers of Commerce, small business groups, etc. were pushing for the increase of the threshold of form 3508 from the initial amount of $50,000 to the $150,000. In fact, some of the financial institutions stopped the forgiveness process intake (or never started it)
After being involved with a large number of applications, we have summarized some relevant tips when you apply. Keep in mind that each financial institution is different, they have different intake process (online portal, email, etc.) and different requests. Have the 1st round PPP information available - a) PPP 1st round SBA loan number and
