New Lease Accounting Standard Reminder
Just a reminder the Financial Accounting Standards Board (FASB) previously issued Lease Accounting Standard as codified in Accounting Standard Codification (ASC) No. 842, is fast approaching for nonpublic entities maintaining GAAP financial statements. Effective January 1, 2022, ASC 842 fundamentally changes the accounting for lessees with operating leases [...]
New Monthly Child Tax Credits – Understanding the Impact on Your Tax Liability and Knowing When to Opt-Out
Beginning July 15, all eligible households will start receiving the advanced Child Tax Credit payments every month through December of this year. These payments represent 50% of the estimated Child Tax Credit you may claim on your 2021 income tax return. Eligibility for these payments is based on [...]
ARP Legislative Summary
On Thursday, March 11th, President Biden signed the $1.9 trillion COVID relief bill, the American Rescue Plan (ARP). This is a tremendously large piece of legislation and there is a lot to unpack, but we wanted to call your attention to a few key items that are particularly [...]
Understanding the Business Suspension Qualification for the 2020 ERC
The IRS has released the follow Q&A article to help businesses determine if they were fully or partially suspended due to government order, and would therefore be eligible for the retroactive 2020 Employee Retention Credit. This FAQ is not included in the Internal Revenue Bulletin, and therefore may [...]
Retroactive Employee Retention Credit (ERC) for 2020
The Consolidated Appropriations Act that the President just signed into law GREATLY enhances the Employee Retention Credit (ERC) that was created under the CARES act. Under the new stimulus bill the ERC is improved in different ways for 2020 and for 2021. We will share information on the [...]
December COVID Relief Bill Highlights
The long awaited second COVID stimulus bill is here, and there’s a lot to unpack. Here’s a quick overview of the highlights, we’ll be sharing more details on specific programs as more information becomes available. Stimulus Payments $600 for individuals and $1,200 for married couples filing jointly, plus [...]