The COVID-related Tax Relief Act of 2020 was signed by President Trump as part of the Consolidated Appropriations Act. A second round of stimulus checks was included in this new law. Taxpayers are eligible for a rebate payment up to $600 ($1,200 for joint filers) plus $600 for each qualifying...
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A new COVID-19 relief package was passed by the House and Senate on 12/21/2020 and is awaiting the President’s signature. It includes changes to the existing PPP program and approves a second round of the PPP funding. Original PPP Loan Changes The new law includes a long-awaited fix regarding the...
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The Families First Coronavirus Response Act, has been signed by the President and includes mandatory paid leave requirements and related tax credits that will affect many small businesses. These rules were effective April 1, 2020. Required Paid Leave Employers with fewer than 500 employees are now required to provide two...
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November 24, 2020 by Staff
For states where you are not filing sales tax, review your 2020 sales into those states to determine if you are close to the Wayfair thresholds. You may have to register and begin collecting sales tax by the beginning of 2021. Most states’ thresholds are based on calendar year sales. ...
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November 13, 2020 by Staff
The TCJA limited the state and local tax (SALT) itemized deduction to $10,000, which essentially increased the federal income tax on many small business owners operating as passthrough entities (PTE) (i.e. partnerships and S corporations). For federal purposes, a PTE’s income is taxed on the individual income tax return and...
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