Blog for CPAs

Changes To The Employee Retention Credit

Since the SBA just announced that the Paycheck Protection Program is done for now, it’s time to turn to other benefits for small business owners that are struggling to get back on their feet. Thankfully the Employee Retention Credit (ERC) can be a real boon for small...

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SBA Restaurant Revitalization Fund

As of May 3rd, the SBA launched their much-anticipated Restaurant Revitalization Fund to help struggling restaurants get the support they need in order to keep their doors open as America slowly reopens for business after the pandemic. This $28.6 billion grant program...

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Self-Employed Sick Leave Credit

Under the Families First Coronavirus Response Act (FFCRA), eligible self-employed individuals will determine their qualified sick and family leave equivalent tax credits with the new IRS Form 7202, Credits For Sick Leave And Family Leave For Certain Self-Employed...

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Changes To The Child Tax Credit For 2021

Before President Biden signed the American Rescue Plan Act of 2021, the child tax credit was $2,000 for each qualifying child under the age of 17, with a maximum of $1,400 per child being allowed to be refunded based on AGI limitations.   However, for tax year 2021...

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EIDL Update: How To Request EIDL Increase

EIDL Update: How To Request EIDL Increase

The SBA has increased the availability of funds for the Economic Injury Disaster Loan up to $500,000 which is an increase from the $150,000 previous maximum funds available. The SBA will be sending emails to let previous EIDL borrowers know how to request the...

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