Resources

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American Rescue Plan Act signed into law

March 17, 2021

The American Rescue Plan Act (ARPA) of 2021 passed Congress and President Biden signed the bill into law on March 12, 2021. The ARPA approves $1.9 trillion in spending for individuals, businesses, governments, and certain…

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IRS clarifies employee retention credit eligibility for PPP loans and 2020 claims

March 8, 2021

The IRS has released additional guidance in Notice 2021-20 on the Employee Retention Tax Credit (ERC) with clarifications on the retroactive changes for expanded eligibility applicable to 2020. Employers who received a Paycheck Protection Program…

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New PPP calculation released for Form 1040, Schedule C filers

March 8, 2021

Form 1040, Schedule C taxpayers received an updated interim final rule (IFR) on the Paycheck Protection Program (PPP) from the Small Business Association (SBA). The IFR clarifies guidance released on Feb. 22 that made changes…

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Smallest businesses get PPP updates, special filing period

March 3, 2021

The nation’s smallest businesses are getting revamped Paycheck Protection Program (PPP) rules and a special filing period announced in recent changes from the Biden-Harris administration. Small businesses with fewer than 20 employees make up 98%…

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Tax considerations for contractors for the 2020-2021 tax season

February 25, 2021

The 2020-2021 tax season is unprecedented for many reasons, and it’s forcing many business owners to take a closer look at their tax situation with their CPAs to ensure all available opportunities are optimized. Much…

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Webinar: PPP Update for Contractors

February 24, 2021
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7 attributes that affect the saleability and value of contracting firms

February 15, 2021

From contemplating the sale of your business to establishing a value for gift and estate taxes, understanding the value of your business is important. This article will review 7 factors that affect the saleability and…

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Key COVID-19-related funding updates for contractors

February 15, 2021

The COVID-19 pandemic continues to hold a firm grip on the marketplace, and many businesses are beginning to feel the COVID fatigue. As the complications from the pandemic continue well into 2021 for both contractors…

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IRS announces 2021 standard mileage rates for business, charitable, medical, and moving purposes

January 19, 2021

The Internal Revenue Service recently issued the 2021 optional standard mileage rates. These rates, which adjust every year to account for inflation of fuel costs, vehicle cost and maintenance, and insurance rate increases, will once again affect the way…

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Everything you need to know about the expanded ERTC

January 19, 2021

The employee retention tax credit (ERTC) is intended to provide liquidity to employers during the pandemic and was greatly expanded in the Consolidated Appropriations Act of 2021 thanks to Sections 206 and 207 of the Taxpayer Certainty and Disaster…

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