Archives for covid relief bill

New COVID Relief Bill Expanded Employee Retention Credit Benefits

January 7, 2021 | by | Comments Off on New COVID Relief Bill Expanded Employee Retention Credit Benefits

Richard A. Huffman, CPA, MST Tax Partner   The recently enacted stimulus law expands and clarifies the CARES Act Employee Retention Credit (ERTC), key details are as follows: Beginning on January 1, 2021 and through June 30, 2021, the provision: Increases the credit rate from 50% to 70% of qualified wages. Expands eligibility for the credit by reducing the gross receipts decline from 50% to 20% over a prior quarter. Qualified wages are increased from $10,000 in total per employee to $10,000 per quarter per employee. Qualified wage restrictions apply at 500 employees, rather than 100. Removes the 30-day wage
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Categories: Industry News and Newsletter and Updates.
Tags: accountant, accounting firm, business owner, businesses, cares act, covid relief bill, cpa, cpa firm, credit, employee credit, employee retention credit, ertc, irvine, orange county, ppp, small business, so cal, stimulus, tax, tax benefit, tax firm, taxation, wfy, and wright ford young.

New COVID Relief Bill Signed Into Law

December 22, 2020 | by | Comments Off on New COVID Relief Bill Signed Into Law

Richard A. Huffman, CPA, MST Tax Partner   The House and Senate passed the Consolidated Appropriations Act, 2021 (CAA, 2021) which is expected to be signed into law by the President. The CAA, 2021 bill includes the renewal and expansion of popular provisions in earlier COVID relief bills with the significant provisions summarized as follows: Paycheck Protection Program (PPP) forgivable loan expenses allowed as a tax deduction (overriding IRS ruling disallowing the deduction). Uncertainty remains whether California and other states will conform. Reopen PPP for first time borrowers who have not yet applied or who previously withdrew their application. Second
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Categories: Industry News and Newsletter and Updates.
Tags: accountant, accountants, accounting, accounting firm, business, ca, caa, california, certified public accountants, consolidated appropriations act, coronavirus, covid, covid relief, covid relief bill, covid19, cpa, cpa firm, firm, irvine, newsletter, oc, orange county, pandemic, ppp, ppp loans, small business, southern california, tax, tax deduction, tax firm, taxation, taxes, trump, wfy, wright ford young, and wright ford young & co.