Infrastructure Bill Ends Employee Retention Credit Early
Yesterday President Biden signed the long-debated Infrastructure Bill into law. Along with significant changes to our nation’s roadways and transit, the bill hosts a number of new changes, including an early end to the Employee Retention Credit. The $1.2 trillion… Read More
[UPDATE] What Employers Need to Know About the Employee Retention Credit
The latest IRS Notice 2021-23 provides additional rules on the Employee Retention Credit (ERC) with respect to quarter one and quarter two of the 2021 tax year. The new notice supplements IRS Notice 2021-20 and clarifies that under Section… Read More
Biden Seeks to Make PTC Eligibility Expansion Permanent
The Biden administration is once again finding ways to bolster the Affordable Care Act. This time the advancement comes in the form of ACA subsidies and the costs of healthcare obtained through state and federal health exchanges. In the newly released $1.8 trillion American Families Plan… Read More
IRS Suspends Excess Repayment of APTCs for 2020 Tax Year
The latest ACA advancement to be introduced by the Biden administration comes via the American Rescue Plan and applies to the use of Advanced Payments of Premium Tax Credits (APTCs) and Premium Tax Credits (PTCs). Specifically, the IRS announced that recipients of PTCs will not be… Read More
IRS Experiences Paper Mail Backlog, Employers Should E-file ACA Returns
The COVID-19 pandemic created hardships for everyone and everything, including the IRS. On numerous occasions, the agency announced a significant backlog in processing paper returns. As of late March, the agency had a backlog of over 12 million returns. IRS Commissioner Charles Rettig recently… Read More
PPP Loans Are Now Available, Both First Draw and Second Draw PPP Loans
Last Friday, the Small Business Administration (SBA) announced that the Paycheck Protection Program (PPP) will reopen this week with First Draw PPP loans to be available starting on January 11 and Second Draw PPP Loans to be available starting on January 13. The PPP was renewed… Read More