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Tax

The Latest on The Unemployment Tax Credit

By now, you’ve heard about the tax break on unemployment compensation that was apart of President Biden’s $1.9 trillion American Rescue Plan (ARP). With the 1st $10,200 of unemployment benefits becoming tax free for some filers under the ARP many were left wondering if they would have to file an amended return if they already

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Text reads "$1,400 stimulus check eligibility"
Corporate Tax

What You Need to Know About The Latest Stimulus Check

The headliner of the ARP is the 3rd round of stimulus checks. The IRS uses your most recent tax return to determine your eligibility. So, depending on when you most recently filed your taxes, the IRS will most likely be using 2019 or 2020. You will receive the full $1,400 stimulus check if you meet the following conditions:

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Corporate Tax

Is October 31, 2020 the deadline to apply for PPP Loan Forgiveness?

The top right corner of the PPP Loan Forgiveness Applications is misleading. The document lists October 31, 2020 as the “Expiration Date”. Many borrowers are led to believe the application is due October 31, 2020. Well, the good news is there is no need to worry and rush to get this submitted by the end

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Corporate Tax

Payroll Tax Deferral: Proceed With Caution

The latest panacea to the pandemic is the Payroll Tax Deferral, whereby employers can opt not to withhold the Social Security tax (Medicare must be continued to be withheld) on employees whose annualized salary does not exceed $104,000 ($2,000 per week). Deferral is the key word here! The deferral period of the 6.2% tax began on September 1, 2020

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Tax

The Home Office Deduction in 2020

The coronavirus forced many corporations and small businesses to move non-essential employees to work from home indefinitely. Some companies like Google have extended its work-from-home policy through the end of 2020. Facebook has implemented a work-from-home policy forever. Likewise, self-employed workers might be using their homesmore frequently to operate instead of Starbucks or shared work

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Corporate Tax

Let’s Review: The Home Office Deduction in 2020

The coronavirus forced many corporations and small businesses to move non-essential employees to work from home indefinitely. Some companies like Google have extended its work-from-home policy through the end of 2020. Facebook has implemented a work-from-home policy forever. Likewise, self-employed workers might be using their homes more frequently to operate instead of Starbucks or shared work

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