In December 2020, Congress passed the “Taxpayer Certainty and Disaster Tax Relief Act of 2020,” which allows individuals to use their 2019 earned income instead of their earned income from 2020 to figure their Earned Income Tax Credit (EITC). This new “lookback” tax rule provides relief to the millions of Americans that lost their jobs…

What is the Employee Retention Tax Credit? The Employee Retention Tax Credit (ERTC) is a refundable tax credit that was created as an incentive for business owners impacted by the pandemic to keep their staff on payroll. The ERTC was first enacted on March 28, 2020, as part of the CARES Act. The Consolidated Appropriations…

The Consolidated Appropriations Act, also known as CAA or the “Act”, was signed into law on December 27th to give critical aid to individuals and businesses affected by the pandemic. The new $900 stimulus package provides direct payments to individuals, enhanced unemployment, rental assistance, targeted aid for small businesses, and much more. Here we take…

If you are self-employed or own a business, consider setting up a retirement plan if you don’t already have one. New accounts for retirement plans, such as all 401(k)plans, profit-sharing, and defined benefit plans must be established on December 31st, 2020. Many can be funded by the income tax return filing due date.  Make sure you all take…