A critical deadline is approaching for many of the businesses that have received loans under the Paycheck Protection Program (PPP), which was created in March 2020 by the CARES Act. If these borrowers do not take action before the deadline expires, their loans will become standard loans, and the borrowers could be responsible for repaying … Continued
The first advance payments under the temporarily expanded child tax credit (CTC) will begin to arrive for nearly 39 million households in mid-July 2021. Taxpayers do have the option to opt out of the advance payments. Most eligible families won’t need to do anything to receive the payments, but you need to understand the implications … Continued
Message From Our Managing Partner This will mark the 2nd consecutive year that April 15th will come and go without a major deadline. And while there is no April 15th, we have been working incredibly hard and put in long hours to get clients their financial statements, tax returns, W-2’s, 1099’s, PPP information, … Continued
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 … Continued
President Biden’s proposals for individual taxpayers were outlined in an April 28 address to Congress and in an 18-page fact sheet released by the White House. The “American Families Plan” contains tax breaks for low- and middle-income taxpayers and tax increases on those “making over $400,000 per year.” Here’s a summary of some of the … Continued
In 2019, the AICPA issued Statement on Auditing Standards (SAS) No. 136, Forming an Opinion and Report on Financial Statements of Employee Benefit Plans Subject to ERISA. SAS 136 prescribes certain new performance requirements for financial statement audits of ERISA employee benefit plans. In addition, SAS 136 changes the form and content of the related … Continued
Recent legislation and administrative action have resulted in quite a few tax changes and new incentive programs that are assisting businesses recover as re-openings are occuring. The Consolidated Appropriations Act (CAA) and American Rescue Plan Act (ARPA) expanded and updated many of the incentive programs provided by the Families First Coronavirus Response Act (FFCRA) and … Continued
For Immediate Release: April 9, 2021 Contact: Samantha Lake (slake@cfma.org; 609-945-2494) Princeton, NJ — Construction Financial Management Association (CFMA), the only non-profit organization dedicated to serving the educational needs of today’s construction financial professionals, announces the honorees of the first 40 Under 40 program, which recognizes the next generation of construction financial management leaders. “As CFMA … Continued
Today, President Biden signed the PPP Extension Act of 2021. The new law extends the Paycheck Protection Program (PPP) application filing deadline from March 31, 2021, to May 31, 2021, thus providing potential PPP borrowers additional time to submit their applications. The law doesn’t provide the PPP with any additional funding. However, $7.25 billion in … Continued
The Employee Retention Credit (ERC), which was created to encourage employers to keep their workforces intact during the COVID-19 pandemic, has been with us for a year. But questions about it remain for many employers. With the new American Rescue Plan Act (ARPA) extending the credit and expanding eligibility — and the credit worth as … Continued
