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COVID-19 News

IMPORTANT UPDATE: IRS Extends Individual Tax Return Deadline to May 17, 2021

  • Federal individual tax return (Form 1040) has been extended: what to expect, how to plan ahead, and when to file
  • New Yorkers: will NYS extend the state filing deadline?

The IRS has released a statement confirming media rumors of Continue reading

 

A Tale of Two Loans: PPP Postponement Proposal & EIDL Extension

It’s been a big week for COVID-19 relief loan programs.

PPP Loan: Proposed Application Deadline Extension

Amidst the … Continue reading

 

Delaying April 15th Can Mean Delayed (Or No) Stimulus Checks

  • March 15th marks the first half of tax season as the deadline for business returns
  • Will the IRS groundhog see an early spring on 4/15? Or two more months of tax season winter?

Today marks the completion of the … Continue reading

 

Deadline Dilemma: Why Tax Season NEEDS to End On April 15

  • Accountants rally to push back the filing deadline for the second year in a row
  • An extended tax season is not the solution to an already stressful filing season
  • DSJCPA remains on track for an April 15th filing deadline
Continue reading
 

Unemployment Exemption Could Mean Major Savings For Struggling Households

  • House expected to release new tax code exempting unemployment benefits from federal taxes

Today, the House of Representatives holds the final seal of approval on a new tax legislation that has the potential to save thousands of dollars for millions … Continue reading

 

No Employees? No Problem. SBA Releases New PPP Guidance.

  • SBA confirms new PPP rules for individuals who file Schedule C on their return
  • What does this change mean for sole proprietors?

Good news is here for the 41 million self-employed workers in the US: the SBA has just announcedContinue reading

 

Snail Mail Fail, Part 2: Hey IRS, Keep Up!

  • IRS’s overflow of 2019 mail continues into the 2021 tax season due to pandemic staffing limits
  • Lawmakers urge IRS to check unprocessed mail before sending notices to taxpayers
  • Other crucial IRS operations continue on delay

The 2019 tax filing year … Continue reading

 

Smallest Firms Get First Dibs at PPP2

  • Biden begs lawmakers to pass almost $2 trillion stimulus plan
  • President bumps small businesses to the front of PPP lunch line now until March 9

Last week, Biden made a final plea to Congress to push his $1.9 trillion American Continue reading

 

Moving Forward to “Lookback”: Temporary Tax Relief for Moms & Dads

  • What are the Earned Income Tax Credit (EITC) and the Additional Child Tax Credit (ACTC)?
  • The new “lookback” allows struggling households to apply 2019 incomes for maximum benefit from the credits.

The EITC and ACTC are two of the most … Continue reading

 

Employee Retention Tax Credit: Then Vs. Now

So you think you know the ERC? The Employee Retention Tax Credit (ERC) was recently extended and revamped by the Consolidated Appropriations Act (CAA), including major changes and some key provisions extended through to mid-2021.

Do your business’ wages Continue reading