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Starting a New Business? Get Up to $100,000 in Tax-Free Money

Author: Candice Gerlach No Comments

https://candicegerlachcpa.com/starting-a-new-business-get-up-to-100000-in-tax-free-money/ You likely already know that the employee retention credit (ERC) is a good deal—if you qualify. Now, thanks to the recently enacted American Rescue Plan Act of 2021 (ARPA), you can qualify for up to $100,000 of ERC in the third and fourth quarters of 2021 if you begin the business after February 15, […]

Deducting Disaster Losses for Individuals

Author: Candice Gerlach No Comments

https://candicegerlachcpa.com/deducting-disaster-losses-for-individuals/ We seem to be living in an age of natural disasters. Uninsured losses to personal non-business property such as your home, personal belongings, or personal car due to a disaster can be deductible. But the rules are complex and not as generous as they used to be. Only Casualty Losses Are Deductible Damage to […]

Are You Taxed If the SBA Makes Loan Payments on Your Behalf?

Author: Candice Gerlach No Comments

The Small Business Administration (SBA) Paycheck Protection Program (PPP) loans and Economic Injury Disaster Loans (EIDLs) have gotten the most attention from businesses seeking a quick cash infusion during the COVID-19 pandemic. But the SBA has several other loan programs that pre-date the pandemic and don’t require a disaster for eligibility. These include the following: […]

COVID-19 Relief Law Turbocharged Employee Retention Credit

Author: Candice Gerlach No Comments

When Congress passed the CARES Act in March 2020, most businesses took advantage of the Paycheck Protection Program (PPP) loan to help keep them afloat. Congress also authorized a second option to help employers—an employee retention credit fully refundable against the business’s payroll tax liabilities. Since a business could do only one or the other, […]

COVID-19: The IRS Goes Easy on Taxpayers Who Owe Back Taxes

Author: Candice Gerlach No Comments

Many taxpayers are struggling to pay their taxes due to the coronavirus (COVID-19) pandemic. Some 11.23 million Americans owe a total of more than $125 billion in back taxes to the IRS. This number is likely to grow. During the first wave of the pandemic in March, the IRS implemented the People First Initiative, which […]

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