Category: Tax

Tax

College Tax Credits Can Ease Costs of Higher Education by Joanie B. Stein, CPA


Posted on January 19, 2021 by Joanie Stein

A college education is a significant expense. To help reduce the financial burden of paying for higher education, college students and their families may qualify for certain tax credits and other tax-advantaged savings programs offered through public and private sources. The American Opportunity Tax Credit The American Opportunity Tax Credit (AOTC) provides a maximum annual […]

How to Apply for Loans Under the Revived Paycheck Protection Program by Andrew Leonard, CPA


Posted on January 14, 2021 by Andrew Leonard

The Small Business Administration (SBA) and U.S. Treasury Department recently announced the opening dates for the second round of the Paycheck Protection Program (PPP2) and released the application forms small businesses, nonprofits and other qualifying entities should use when applying for first-time and second-draw loans under the revived program. Lenders with $1 billion or less […]

Which COVID-19-Related Payroll Tax Credit Is My Business Eligible to Receive? by Cherry Laufenberg, CPA


Posted on January 13, 2021 by Cherry Laufenberg

In the wake of the COVID-19 pandemic, the U.S. enacted laws providing a variety of financial-relief measures to support businesses struggling to maintain operations and payroll through the crisis period. Key among those provisions are tax credits for businesses that retain employees despite full or partial suspensions of their operations and that continue to pay […]

It’s Time for Business to Begin Tax Reporting for 2020 by Lewis Taub, CPA


Posted on January 11, 2021 by Lewis Taub

In the rush to put 2020 in the rearview mirror and welcome in the promises of a New Year, employers should remember that there are some critical tax-reporting deadlines they must prepare to meet in the next few weeks. For example, businesses have until Feb. 1, 2021, to file Forms W-2, Wage and Tax Statements, and […]

Second Stimulus Bill of 2020 Revives Paycheck Protection Program Loans by Joseph C. Leuchter, CPA


Posted on January 05, 2021 by Joseph Leuchter

The $900 billion stimulus bill signed into law on Dec. 27, 2020, expands upon various provisions of the CARES Act to provide ongoing economic relief to individuals and businesses that continue to struggle amid the COVID-19 pandemic. The new law revives the Paycheck Protection Program (PPP), bringing an additional $284 billion in potentially forgivable loans […]

What’s in the New COVID-19 Stimulus Bill for Businesses? by Andrew Leonard, CPA


Posted on December 28, 2020 by Andrew Leonard

On December 27, President Trump signed the $900 billion economic-assistance package approved by Congress earlier in the week to help Americans weather the ongoing financial strains of the COVID-19 health crisis. The legislation calls for direct stimulus payments to qualifying taxpayers, an additional 11-weeks of federal emergency-unemployment benefits and greater flexibility for taxpayers to qualify […]