In response to a surge in questionable claims, IRS Commissioner Danny Werfel recently issued a directive to halt the immediate processing of new applications for a pandemic-related small business tax benefit. The employee retention credit (ERC), which was designed to...
COVID-19
What to Know About Unemployment Benefits and Taxes
Millions of Americans who received unemployment benefits in 2020 got a new tax break from the American Rescue Plan Act of 2021, which changed the rules to the way the federal government usually taxes unemployment benefits. Here’s what to know. How the American Rescue...
SBA Changes for Independent Contractors and Sole Proprietors
The Small Business Administration (SBA) recently implemented changes to the Paycheck Protection Program (PPP) that affect self-employed individuals who applied for the loan. Sole proprietors and independent contractors have the ability to take advantage of full...
What’s Included in the American Rescue Plan Act?
Biden signed into law the American Rescue Plan Act of 2021 on March 11, 2021. The $1.9 trillion economic relief package is not the first federal legislative relief package aimed at addressing the economic fallout of the COVID-19 pandemic, but it is the first major...
Bipartisan Senators Propose $908 Billion Pandemic Relief Bill. Here’s What’s Included.
A group of 10 centrist lawmakers recently unveiled an approximately $908 billion economic relief plan, which has brought life back into stalled talks centered around pandemic relief packages. A second stimulus check, funding for state and local budgets, as well as...
As Economic Relief Talks Stall, Try These Financial Resources for Small Businesses
The Covid-19 pandemic continues to create financial frustrations for small businesses nationwide. With talks of a second economic stimulus at a standstill among government leaders, small-business owners looking for financial assistance need to find additional...
How the CARES Act Changed the Rules for 401(k) Withdrawals
Retirement savings plans like 401(k)s are typically difficult to withdraw before age 59.5, and if you do manage to get at your savings early, the move doesn’t come without steep tax withholdings. Enter the Covid-19 pandemic, however, and, at least temporarily, those...