Apr 2, 2021 | COVID-19 Information, Nonprofit Updates, Small Business Accounting, Uncategorized
Kyle Robbins, CPA, audit partner, is the leader of our Nonprofit Practice Group. He is an audit and compliance expert for nonprofits and emerging industries companies. The recent signing of the American Rescue Plan Act provided $16 billion in grants to...
Mar 22, 2021 | COVID-19 Information, Tax Updates
The following information outlines improvements made by the American Rescue Plan Act (ARPA) to the child and dependent care tax credit for the 2021 tax year, i.e., the credit available for expenses a taxpayer pays for the care of qualifying individual(s) under the age...
Mar 18, 2021 | COVID-19 Information, Tax Updates
The following is an overview of the significant enhancements made to the child tax credit (CTC) by the American Rescue Plan Act of 2021 (ARPA). These enhancements temporarily expand the eligibility for, and the amount of, the child tax credit (CTC) for tax years...
Mar 18, 2021 | COVID-19 Information, Tax Updates
The following information reviews the modification and extension of the employee retention tax credit (ERTC) by the American Rescue Plan Act (ARPA), signed by President Biden on March 11, 2021. This information will assist you in analyzing whether claiming the...
Mar 18, 2021 | COVID-19 Information, Tax Updates
Here is an overview of changes contained in the recent COVID relief legislation (the 2021 American Rescue Plan Act, or ARPA) that improve and expand the earned income tax credit (EITC). Expansion of EITC for Taxpayers with No Qualifying Children For tax years...
Feb 12, 2021 | COVID-19 Information, Tax Updates
The state of Utah recently announced that they will tax Paycheck Protection Program (“PPP”) loans in the year the loans are forgiven, while allowing full deductibility of expenses paid for with forgiven PPP loan proceeds. This came as a surprise to many as it...
