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Vaccinated? Claim Tax Credits for Your Employees and Yourself

Vaccinated? Claim Tax Credits for Your Employees and Yourself

As the nation suffers from the ravages of the super-contagious COVID-19 Delta variant, the federal government desperately wants all American workers and their families to get vaccinated. If you have employees, you probably feel the same way. Indeed, more and more...
Double Benefits: Claiming Both the ERC and Tax-Free PPP

Double Benefits: Claiming Both the ERC and Tax-Free PPP

First, say thanks to the Consolidated Appropriations Act, 2021 (CAA), enacted December 27, 2020. It opened the door (retroactively and going forward) for PPP participants to also claim the employee retention credit (ERC). Reminder. Tax credits are the best. They...

PPP Extended—Act Fast or Miss Out

This is likely it—your last chance to obtain first- and second-draw Paycheck Protection Program (PPP) monies. A new law, the PPP Extension Act of 2021, extends the expiration date to the later of May 31 or when the money runs out. Note the phrase “when the money runs...
Who Qualifies for First-Draw PPP Money Today?

Who Qualifies for First-Draw PPP Money Today?

Two things to know about the Paycheck Protection Program (PPP) first draw enacted on December 27, 2020: The first draw is for those who missed getting in on the original PPP, which expired on August , 2020. Don’t think of a PPP draw as a loan.  It is not a...
COVID-19 Relief Law Turbocharges Employee Retention Credit

COVID-19 Relief Law Turbocharges Employee Retention Credit

Before the December 27, 2020, enactment of the new COVID-19 relief law, you may have chosen the PPP loan and given no thought to the employee retention credit. Remember, under the original law, you had to choose between the retention credit and the PPP loan. Millions...