The Employee Retention Tax Credit (ERTC) encourages companies to maintain their workforce by providing eligible businesses with a fully refundable tax credit on qualified employee wages.
One year ago today, as we are writing this, Governor Pritzker ordered all restaurants and related food service businesses to stop “on-premises” consumption. The original order was to last two weeks. The rest is history – without a doubt, the darkest year ever for the restaurant and bar industry.
On Wednesday, March 17, 2021, the Treasury Department and IRS announced that the federal income tax filing due date for individuals (1040) for the 2020 tax year will be postponed from April 15, 2021 to May 17, 2021. Illinois and various other states have already followed the lead of IRS and are extending their due dates for 1040s to May 17th as well.
President Biden signed the $1.9 trillion American Rescue Plan Act of 2021 (ARP) on March 11, 2021. The ARP provides relief funding to families and individuals, state and local governments, businesses and tax-exempt organizations.
Revenue and value are of paramount importance when considering whether to acquire a company. It is vitally important to evaluate the target’s customer base to be sure it can generate revenue or driving value as desired.
The world as we know it has changed significantly within the last year with the spread of the COVID-19 virus and pandemic. Individual governments have reacted to the virus to protect the health and economic welfare of their citizens using different methods.
You may have already heard the news that the Illinois Department of Employment Security (IDES) is reporting an increase in fraudulent unemployment claims in recent months.
On December 27, 2020, the President signed the Consolidated Appropriation Act (Act), which includes legislation offering $900 Billion in COVID-19 Relief. Many of the Act’s provisions were designed to help business owners who are struggling with the effect of the pandemic on their businesses.
Out with 2020 and in with 2021! It’s time to prepare 1099s!
That’s right, for us accounting geeks, we get to start focusing on getting those 1099s prepared and delivered – and we don’t need FedEx or UPS to get it done!
GREAT NEWS! As part of the federal stimulus act that was passed in Congress last night, eligible business expenses paid with forgiven PPP loans are tax-deductible. As we previously discussed, the Treasury guidance had indicated the opposite. This latest legislation reverses that and allows deductions for these business expenses.