Our Blog & News
This Month’s Posts:
Update For Taxpayers Who Qualified For The $10,200 Exclusion on Unemployment Benefits But Filed Too Early to Get It
Taxpayers who received unemployment benefits during 2020 could exclude the first $10,200 of benefits received from their taxable income as long as their total income reported on their tax returns was less than $150,000. This rule wasn't enacted until March causing...
Where’s My Refund?
If you have filed your tax return and are waiting on your refund, you can get an update on the status of the processing of your federal tax return by going to the IRS link: https://www.irs.gov/refunds and clicking on the Check My Refund Status button. Be prepared to...
Additional Plug-In Vehicles Qualify for Tax Credit of Up To $7,500
Plug-in electric drive motor vehicles are picking up steam. According to the IRS: Internal Revenue Code Section 30D provides a credit for Qualified Plug-in Electric Drive Motor Vehicles including passenger vehicles and light trucks. For vehicles acquired after...
Last Month’s Posts:
New $100K Subsidy Available For Practices That Started After 2/15/20
On March 11, 2021, President Biden signed the $1.9 Trillion American Rescue Plan Act of 2021 into law. ARPA included a provision expanding the Employee Retention Tax Credit (ERTC) to include “Recovery Startup Businesses (RSB)” – those that opened after 2/15/20 with...
PPP Loan Forgiveness
Business owners who received a PPP loan have 10 months following the end of the 24-week Covered Period to submit to their lender for forgiveness. Assuming you received your PPP loan in mid-April, you have until July 31st to complete the forgiveness application with...
ERTC Update
For starters, the American Rescue Plan Act of 2021 (“ARPA”) extended the ERTC (Employee Retention Tax Credit) through the end of 2021. Practice owners that haven’t fully recovered to 2019 revenue levels might now be eligible for a tax credit of $7k per non-family...
Additional EIDL Advance Funds May Be Available
As we wrote in February at https://schwartzaccountants.com/2021/02/additional-eidl-advance-funds-may-be-available/, the SBA has started reaching out to inform practice owners who didn’t receive the full $10k EIDL Advance last April that they might be eligible for an...
Businesses Can Temporarily Deduct 100% of Meals As Of 1/1/21
IR-2021-79, April 8, 2021 WASHINGTON — The Treasury Department and the Internal Revenue Service today issued Notice 2021-25 providing guidance under the Taxpayer Certainty and Disaster Relief Act of 2020. The Act added a temporary exception to the 50% limit on the...
Still No Update By HHS On The PRF Self-Reporting Requirement
We checked the Provider Relief Fund (PRF) Reporting Portal Frequently Asked Questions (FAQs) available at: https://hrsac19.my.salesforce.com/sfc/p/#t00000004XgP/a/t0000001FId8/wN.4dTa.NRiNhwh_0CBblH6gvvedhqOt7_.5OS7rP6U We found no updates on when you need to comply...
MASS Finally Conforms With Federal Rules For PPP Loans and EIDL Advances
During March, Massachusetts passed legislation to make PPP Loan Forgiveness and EIDL Grants not taxable to Massachusetts business owners. Other grants, including the those issued by the MGCC or the HHS, continue to be taxable for federal and Mass taxes. According to...