by KNSS | May 3, 2021 | 2021 May News
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...
by KNSS | May 3, 2021 | 2021 May News
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...
by KNSS | May 3, 2021 | 2021 May News
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...
by KNSS | May 3, 2021 | 2021 May News
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...
by KNSS | May 3, 2021 | 2021 May News
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...
by KNSS | May 3, 2021 | 2021 May News
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...
