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
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
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 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
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
