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Category: Coronavirus / COVID-19

May 24, 2021

Eligible Parents Will Begin Receiving Advance Child Tax Credits July 15

The 2021 advance child tax credit (CTC) payments, which were established under a recent law, will begin being made on July 15, 2021, the IRS announced. The tax agency also stated that “roughly 39 million households — covering 88% of children in the United States — are slated to begin receiving monthly payments without any further action required.” Background Taxpayers are allowed a child tax credit for each qualifying child. The credit was temporarily expanded and made refundable for 2021 by… Read more ›

May 7, 2021

The Biden Administration Proposes Far-reaching Tax Overhaul

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. American Families Plan: Proposed tax changes for the wealthy The American Families… Read more ›

April 30, 2021

President Biden Details His Tax Proposals for Individuals in the American Families Plan

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 proposals. Extended tax breaks – American Families Plan Extend the Child Tax Credit (CTC) increases in the American Rescue Plan Act (ARPA) through 2025 and… Read more ›

April 13, 2021

Some Business Meals 100% Deductible in 2021 and 2022

Restaurants have struggled mightily during the COVID-19 pandemic. Thankfully, they’re specifically targeted for a new tax relief measure found in the massive Consolidated Appropriations Act (CAA), which became law on December 27, 2020. The new provision creates a temporary but meaningful tax incentive to spend more on business-related food and beverage costs. Preexisting tax breaks for certain food and beverage and entertainment costs are available in other limited circumstances. Here are the details. Unfavorable Treatment under Tax Cuts and Jobs… Read more ›

March 31, 2021

PPP Application Deadline Extended

President Biden has 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 additional funding was recently provided in the American Rescue Plan Act. PPP basics The PPP was established in March 2020 by the CARES Act. The… Read more ›

March 25, 2021

Make the Most of the Employee Retention Credit

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 much as $28,000 per employee for 2021 — employers should brush up on the details. Credit history The CARES Act, which was enacted in March… Read more ›

March 18, 2021

IRS Extends Federal Tax Deadline to May 17

The IRS has announced that the federal tax filing deadline will be extended this year from Thursday, April 15 to Monday, May 17, 2021. New legislation that passed recently, which provides economic, tax and other relief from the pandemic, has created a complex tax filing season for individuals, businesses and tax preparers, leading to the extended deadline. The extension does not impact all tax deadlines, however. First-quarter estimated tax payments are still due April 15. Deadlines for state tax returns… Read more ›

March 17, 2021

The American Rescue Plan Act (ARPA) Provides Sweeping Relief Measures for Eligible Families and Businesses

On March 11, 2021, President Biden signed into law the American Rescue Plan Act (ARPA). The $1.9 trillion law is intended to provide far-reaching 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 finances. Recovery rebates Under ARPA Under the ARPA, many people will receive a third round of direct payments (which… Read more ›

March 11, 2021

Maryland State Income Tax Filing Deadline Extended to July 15

The State of Maryland has extended the state income tax filing deadline from April 15 to July 15. The extension applies to individual, pass-through, fiduciary and corporate income tax returns, and is the result of economic relief-related legislation expected to impact 2020 state and federal tax filings. Read more in this March 11 press release published by the State of Maryland Comptroller’s Office. https://content.govdelivery.com/accounts/MDCOMP/bulletins/2c630db For more information, contact CBM Tax Practice Director Richard Morris using our online contact form.

March 11, 2021

The American Rescue Plan Act Has Passed: What’s In It For You?

Congress has passed and President Biden has signed into law the latest legislation aimed at providing economic and other relief from the COVID-19 pandemic that has haunted the country for the last year. The 628-page American Rescue Plan Act (ARPA) includes $1.9 trillion in funding for individuals, businesses, and state and local governments. The ARPA extends and expands some of the critical provisions in the CARES Act and the Consolidated Appropriations Act (CAA). It also includes some new provisions that… Read more ›