![]() Employers are eligible if they experienced a 20% or more decrease in gross receipts in any quarter in 2021 as compared to the same quarter in 2019.The credit availability is extended through December 31, 2021.Employee Retention Credits Extension and Expansion.Second Draw loans are available if a borrower’s gross receipts fell by at least 25% in any quarter in 2020 as compared to the same quarter in 2019. ![]() YOU ARE ELIGIBLE EVEN IF YOU HAVE NO OTHER EMPLOYEES. Schedule C and F filers may use their gross receipts to calculate the owner’s payroll for eligibility.Application deadline extended to May 31 for both First Draw and Second Draw loans.Paycheck Protection Program (PPP) Extension.C corporations with a calendar year are still due on April 15.Contributions to retirement and health plans may be made up to May 17.First-quarter estimates are still due on April 15.Extended to May 17 for individuals only.Changes made to the 2020 tax deadline and unemployment recalculation along with extensions to the Paycheck Protection Program, Employer Retention Program, and Economic Injury Disaster Loans Program pave a hopeful path to recovery for many local employers. ![]() We’ll start with the highlights, but for those of you who want the details, you’ll find them below.Ĭhanges continue to roll out under the Biden Administration and our tax advisors are working hard to stay on top of them many of these will affect small businesses, including those with no employees. WOW! There’s a lot to talk about in this week’s e-blast.
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