The American Rescue Plan not only expanded the amount of the Child Tax Credit, but also created a newly advanceable monthly payment that commenced on July 15th and is expected to continue monthly for the remainder of the 2021 tax year. The advance monthly payments are new and were rolled out … [Read more...] about 2021 Child Tax Credit and Advance Payments: A Deeper Dive
COVID-19
Single Audit: Covid-19 Relief Funds Received May Trigger Federal Single Audit
As a result of the Covid-19 pandemic, the U.S. government has implemented a number of programs to provide economic support to businesses. The most notable has been the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which provided $2.2 trillion of funding for individuals, Paycheck … [Read more...] about Single Audit: Covid-19 Relief Funds Received May Trigger Federal Single Audit
Enhanced Child Tax Credit is Here!
The American Rescue Plan included a significant overhaul of the child tax credit. It not only expanded the amount of the credit, but it also created a newly advanceable monthly payment; and many taxpayers will see the impact of these changes very soon. Expanded Child Tax Credit For 2021, the … [Read more...] about Enhanced Child Tax Credit is Here!
COVID-19 Shuttered Venue Operators Grant
The Small Business Administration is funding the Shuttered Venue Operators Grant (SVOG) designed to provide assistance to entertainment and restaurant entities affected by the COVID-19 pandemic. Eligible entities include: live venue operators or promoters; theatrical producers; live performing arts … [Read more...] about COVID-19 Shuttered Venue Operators Grant
Employer Tax Credit for COVID-19 Vaccination Paid Time Off
One of the tax relief provisions included in the American Rescue Plan includes a refundable tax credit to eligible employers for paid time off (PTO) related to obtaining a COVID-19 vaccine. Eligible employers include businesses and tax-exempt organizations with less than 500 employees and certain … [Read more...] about Employer Tax Credit for COVID-19 Vaccination Paid Time Off
Succession Planning and Selling or Buying a Business During COVID-19
If you missed the Niagara University Family Business Center live webinar featuring Jim Segarra, Managing Partner of Tronconi Segarra & Associates discussing succession planning and selling or buying a business in the COVID-19 era, you can download the slides that he and Jamie Batt, Partner at … [Read more...] about Succession Planning and Selling or Buying a Business During COVID-19