Special Rules Apply to 2020 EITC and Child Credit
Because of the pandemic, many individuals have seen their employment (earned) income plummet. In that situation, two very important tax credits, the Earned Inco
Mom & Pop Businesses Move to Front of the Line for PPP Loans
At the direction of the White House and effective on Wednesday, February 24, 2021, the SBA will establish a 14-day, exclusive PPP loan application period for bu
The Workforce Evolution Will Continue Into 2021
Never has the US seen a year, nor a labor market, quite like that of 2020. Moving into the new year, 2021 is expected to continue upon the COVID-19-induced labo
Tax Relief for Victims of 2020 Natural Disasters
Most of us will always remember the year 2020, as much as we may like to forget it. On top of the COVID-19 emergency, street protests (both peaceful and not), a
Buckle Up for 2021: 4 Compliance Trends to Watch
Businesses must understand the compliance trends with the potential to shape 2021.
Interaction between PPP Loans and the Employee Retention Credit
The Consolidated Appropriations Act, 2021 (CCA), which was passed by Congress and signed by the president late last December, included a very tax-beneficial pr
Solar Tax Credit Extended for Two Years
A federal tax credit for the purchase and installation costs of a residential solar system has been extended through 2023. The credit for 2021 and 2022 is 26% o
Tax Deductions Without Itemizing
Most taxpayers think they have to itemize their deductions to claim them on their tax return. However, that is not entirely true. There are certain deductions t
Unemployment Fraudsters May Create a Tax Nightmare for Unsuspecting Taxpayers
The Department of Labor has announced that there has been up to $63 billion in improper unemployment payments during COVID-19. Unsuspecting taxpayers could be v
What Is a Joint Venture?
When multiple business entities make a decision to start a new business together as a cooperative arrangement, they form what is known as a joint venture.