2021 – 03/01 A $1.9 trillion COVID-19 relief package was passed by the House on Feb. 27 and is now with the Senate. It includes direct payments of $1,400 to eligible individuals and each qualified dependent. Payments start to phase out at $75,000 in income for individuals and go to zero for individuals making $100,000. Also included: an expanded child tax credit, which would give eligible families up to $3,600 per child over a year; rent payment relief; enhanced unemployment benefits; K-12 school and higher education reopening assistance; money for COVID-19 vaccines and testing; $350 billion in state, local and tribal government relief; and much more. We’ll keep you updated about the bill’s status.
Similar Posts
ERISA and EAPs: What’s the deal?
2022 – 03/23 In recent years, more and more businesses have increased efforts to support the well-being of their employees. This means not only providing health care benefits, but also offering other initiatives designed to help workers cope with challenges such as substance dependence, financial planning, legal woes and mental health issues. Among the options…
Engaging in customer-focused strategic planning
2021 – 10/20 When creating or updating your strategic plan, you might be tempted to focus on innovative products or services, new geographic locations, or technological upgrades. But, what about your customers? Particularly if you’re a small to midsize business, focusing your strategic planning efforts on them may be the most direct route to a…
Advance Payment of Employer Credits
2020 – 07/17 Did your company file for COVID-19-related employer tax credits and experience delays in the processing of Form 7200, “Advance Payment of Employer Credits Due to COVID-19?” If so, you’ll soon be hearing from the IRS. Form 7200 is used by qualified employers to request an advance payment of the CARES Act’s employee…
If you run a business from home, you could qualify for home office deductions
2021 – 2/22 During the COVID-19 pandemic, many people are working from home. If you’re self-employed and run your business from your home or perform certain functions there, you might be able to claim deductions for home office expenses against your business income. There are two methods for claiming this tax break: the actual expenses…
ESOPs offer businesses a variety of potential benefits
2020 – 09/02 Wouldn’t it be great if your employees worked as if they owned the company? An employee stock ownership plan (ESOP) could make this a reality. Under an ESOP, employee participants take part ownership of the business through a retirement savings arrangement. Meanwhile, the business and its existing owner(s) can benefit from some…
Recovery Rebate Credit
2022 – 01/18 Taxpayers who didn’t receive their third Economic Impact Payment (EIP) may be eligible to claim a 2021 Recovery Rebate Credit on their tax returns based on their 2021 tax year information. The IRS said that individuals may have received their third EIP through initial and “plus-up” payments in 2021. The IRS suggests…
ERISA and EAPs: What’s the deal?
2022 – 03/23 In recent years, more and more businesses have increased efforts to support the well-being of their employees. This means not only providing health care benefits, but also offering other initiatives designed to help workers cope with challenges such as substance dependence, financial planning, legal woes and mental health issues. Among the options…
Engaging in customer-focused strategic planning
2021 – 10/20 When creating or updating your strategic plan, you might be tempted to focus on innovative products or services, new geographic locations, or technological upgrades. But, what about your customers? Particularly if you’re a small to midsize business, focusing your strategic planning efforts on them may be the most direct route to a…
Advance Payment of Employer Credits
2020 – 07/17 Did your company file for COVID-19-related employer tax credits and experience delays in the processing of Form 7200, “Advance Payment of Employer Credits Due to COVID-19?” If so, you’ll soon be hearing from the IRS. Form 7200 is used by qualified employers to request an advance payment of the CARES Act’s employee…
If you run a business from home, you could qualify for home office deductions
2021 – 2/22 During the COVID-19 pandemic, many people are working from home. If you’re self-employed and run your business from your home or perform certain functions there, you might be able to claim deductions for home office expenses against your business income. There are two methods for claiming this tax break: the actual expenses…
ESOPs offer businesses a variety of potential benefits
2020 – 09/02 Wouldn’t it be great if your employees worked as if they owned the company? An employee stock ownership plan (ESOP) could make this a reality. Under an ESOP, employee participants take part ownership of the business through a retirement savings arrangement. Meanwhile, the business and its existing owner(s) can benefit from some…
Recovery Rebate Credit
2022 – 01/18 Taxpayers who didn’t receive their third Economic Impact Payment (EIP) may be eligible to claim a 2021 Recovery Rebate Credit on their tax returns based on their 2021 tax year information. The IRS said that individuals may have received their third EIP through initial and “plus-up” payments in 2021. The IRS suggests…
ERISA and EAPs: What’s the deal?
2022 – 03/23 In recent years, more and more businesses have increased efforts to support the well-being of their employees. This means not only providing health care benefits, but also offering other initiatives designed to help workers cope with challenges such as substance dependence, financial planning, legal woes and mental health issues. Among the options…
Engaging in customer-focused strategic planning
2021 – 10/20 When creating or updating your strategic plan, you might be tempted to focus on innovative products or services, new geographic locations, or technological upgrades. But, what about your customers? Particularly if you’re a small to midsize business, focusing your strategic planning efforts on them may be the most direct route to a…
Advance Payment of Employer Credits
2020 – 07/17 Did your company file for COVID-19-related employer tax credits and experience delays in the processing of Form 7200, “Advance Payment of Employer Credits Due to COVID-19?” If so, you’ll soon be hearing from the IRS. Form 7200 is used by qualified employers to request an advance payment of the CARES Act’s employee…
If you run a business from home, you could qualify for home office deductions
2021 – 2/22 During the COVID-19 pandemic, many people are working from home. If you’re self-employed and run your business from your home or perform certain functions there, you might be able to claim deductions for home office expenses against your business income. There are two methods for claiming this tax break: the actual expenses…
ESOPs offer businesses a variety of potential benefits
2020 – 09/02 Wouldn’t it be great if your employees worked as if they owned the company? An employee stock ownership plan (ESOP) could make this a reality. Under an ESOP, employee participants take part ownership of the business through a retirement savings arrangement. Meanwhile, the business and its existing owner(s) can benefit from some…
Recovery Rebate Credit
2022 – 01/18 Taxpayers who didn’t receive their third Economic Impact Payment (EIP) may be eligible to claim a 2021 Recovery Rebate Credit on their tax returns based on their 2021 tax year information. The IRS said that individuals may have received their third EIP through initial and “plus-up” payments in 2021. The IRS suggests…