The Employee Retention Tax Credit (ERC) is a refundable payroll tax credit created to provide relief to business owners affected by the pandemic and help keep their employees on payroll. Generally, eligible businesses can claim the credit for tax years 2020 and 2021.  ERC credit can be claimed retroactively for 2020 and 2021 credits ERC…

Several states have enacted elective pass-through entity taxes as a workaround to the federal cap on individuals’ state and local tax deductions. When a pass-through entity tax is chosen, the tax is applied to the entity rather than the owners directly. Generally, qualifying pass-through entities include entities taxed as S-Corporations and Partnerships; some states also…

The third stimulus payment was an advance payment of the 2021 Recovery Rebate Credit. If you did not receive a third stimulus payment check or an amount less than you were eligible for, you could claim the Recovery Rebate Credit on your 2021 tax return. Since March 2021, more than 175 million third economic stimulus…

The American Rescue Plan Act (ARPA) expanded the child tax credit for the tax year 2021 to help ease the financial burden on families caused by the pandemic. In 2021, the child tax credit amount increased. In addition, the age limit of a qualifying child increased to 17. It also made the tax credit fully…