President Biden recently announced his $1.8 trillion American Families Plan (AFP), the third step in his Build Back Better policy initiative. The announcement followed the previous releases of the proposed $2.3 trillion American Jobs Plan and the Made in America Tax Plan. These plans propose major investments in various domestic initiatives, such as expanded tax credits for families, offset with tax increases on high-income individual taxpayers and corporations.
Do you still need to file your personal income taxes? Due to the ongoing pandemic, the IRS has extended certain deadlines for individuals which would normally fall on April 15, including the federal tax-filing deadline, making IRA contributions and filing for unclaimed refunds.
The Small Business Administration (SBA) recently announced they would be opening applications for the Shuttered Venue Operators Grant (SVOG) on April 8, 2021. KerberRose is here to help you understand eligibility for the grant funds, how you can prepare to apply, and common accounting or auditing questions for post-grant consideration.
On March 11, 2021, President Biden signed into law the American Rescue Plan Act (ARPA). The $1.9 trillion stimulus package is intended to provide comprehensive relief from the economic and other repercussions of the ongoing COVID-19 pandemic. In addition to funding for testing, contact tracing, vaccinations, education, and state and local governments, the ARPA includes extensive relief that could directly impact your individual finances.
On Tuesday, March 30, President Biden signed the PPP Extension Act of 2021 into law, which extends the Paycheck Protection Program (PPP) application filing deadline from March 31, 2021, to May 31, 2021. This offers potential PPP borrowers additional time to submit their applications and provides more time for the Small Business Administration (SBA) to process applications. The law does not provide the PPP with any additional funding; however, $7.25 billion in additional funding was recently provided in the American Rescue Plan Act.
The IRS is delaying the federal income tax filing deadline for individuals for the 2020 tax year until May 17, 2021. While we are waiting on formal guidance from the IRS in the coming days, here's what we know:
Congress has passed the latest legislation aimed at providing economic and other relief from the COVID-19 pandemic. On March 10, the 628-page, $1.9 trillion American Rescue Plan Act (ARPA) was passed by the U.S. House of Representatives and signed into law by President Biden.
On Monday, February 22, 2021, the Biden administration announced several reforms with a focus on equity to the popular Paycheck Protection Program (PPP) to bring greater relief to the smallest and most vulnerable businesses. Among other things, the administration is imposing a two-week moratorium on loans to companies with 20 or more employees and focusing on smaller businesses. It’s also changing several program rules to expand eligibility for the 100% forgivable PPP loans.
Economic Aid to Hard Hit Small Business, Non-Profits and Venues Act: Read About PPP Loans
If you are due to receive an Economic Impact Payment (EIP), commonly referred to as a Stimulus Check, you might already know about the Get My Payment tool on the IRS website. Any taxpayer can use this tool to check the status of their EIP, as long as they have their Social Security Number (SSN) or Individual Tax Identification Number (ITIN), date of birth, street address, and ZIP code or postal code. Some taxpayers, however, have experienced issues when using the Get My Payment tool.