by KNSS | Mar 29, 2021 | 2021 March Newsletter
From IRS News – IR-2021-67, March 29, 2021 The Internal Revenue Service today announced that individuals have until May 17, 2021 to meet certain deadlines that would normally fall on April 15, such as making IRA contributions and filing certain claims for...
by KNSS | Mar 18, 2021 | 2021 March Newsletter, COVID-19
Last week, President Biden signed the most recent government stimulus bill, the American Rescue Plan Act of 2021. This $1.9 trillion stimulus package was passed with hopes of speeding up an economic recovery due to the Pandemic. Two key elements of the bill focused...
by KNSS | Mar 8, 2021 | 2021 March Newsletter, COVID Misc Practices
The SBA announced on 2/22/21 at: https://www.sba.gov/article/2021/feb/22/sba-prioritizes-smallest-small-businesses-paycheck-protection-program: The SBA will Allow sole proprietors, independent contractors, and self-employed individuals to receive more financial...
by KNSS | Mar 8, 2021 | 2021 March Newsletter, COVID Misc Practices
The IRS has issued guidance on the Employee Retention Credit (IRS Notice 2021-20). In short, the current rules require that employers looking to claim the ERTC must amend the applicable 2020 quarterly payroll tax filings (Form 941) and must also reduce the deduction...
by KNSS | Mar 1, 2021 | 2021 March Newsletter, COVID Misc Practices
Just checked the IRS website to read about the updated Employee Retention Tax Credit (ERTC) rules at: https://www.irs.gov/newsroom/faqs-employee-retention-credit-under-the-cares-act, and was greeted by this message: Alert: Note that the Taxpayer Certainty and Disaster...
by KNSS | Mar 1, 2021 | 2021 March Newsletter, COVID Misc Practices
According to the Mass Department of Revenue at: Tax Filing Season Frequently Asked Questions | Mass.gov, Massachusetts is not currently providing the same tax-free treatment to the PPP Loans and EIDL advance as the federal government. There is still a chance that...
