Great. One more tax to pay. But this one can save you money. Let us help make it easy… complete with pictures.
Cape Cod CPA Tax News
The Employee Retention Tax Credit (ERTC for short, ERC for even shorter) is coming around for its sequel.
The IRS has released its statistics from 2019 filed tax returns… great, maybe now they can start answering the phone.
This is interesting data and will be utilized for all kinds of important matters, such as: census data, political wrangling, arguments for/ against income inequality, arguments for/ against “paying their fair share”, informing tax policy and enforcement matters, and measuring contests… to name just a few.
What’s the breakdown? Keep going and find out!
A pragmatic person may ask “How is this going to get paid for?”… drumroll please… TAXES!
SALT Workaround? Strategies to unfold as to where and how revenue is recognized, to entity selection, to ownership considerations, to the type and timing of revenue recognition. Lets Go!
This is not a drill! We cover all the recent updates and new information regarding tax deadline shifts – what is included and what is not, the second draw opportunity for the Paycheck Protection Program and the targeted EIDL advance application.
So, what was in the bill? It was a quick 600+ pages of dolling out dollars!
Beyond having a great idea, product, or service; beyond being able to lead a team; beyond being able to get your message out and generate attention; beyond doing the work… your business needs cash!
A few things to be aware of as we slide into tax season.
The SBA pushed out guidance on the new “PPP Second Draw Loans” yesterday. While we still don’t have sight of the application and the “portal” isn’t open for banks to submit loan packages we do have more answers – not all, but more.
This “second-draw” of forgivable loans is aimed at “harder hit” small businesses.