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New PPP & New ERC = More Cash

Double Benefits: Claiming Both the ERC and Tax-Free P.P.P. First, say thanks to the Consolidated Appropriations Act, 2021 (C.A.A.), enacted December 27, 2020. It opened the door (retroactively and as we advance) for P.P.P. participants to claim employee retention credit (ERC). A friendly reminder: tax credits are the best. They usually reduce taxes dollar-for-dollar. (The ERC is not quite as good …

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Paycheck Protection Program Deadline Ends Soon

The governmental Paycheck Protection Program is coming to an end soon. This supplemental program is set to expire on May 31st, 2021 This means that the last day to obtain an S.B.A. loan number for the P.P.P. is May 31, 2021. A day later and you will be too late to take advantage of this program. What Does This Mean? …

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The $500K EIDL Loan – Have You Gotten Yours?

Beginning April 6, 2021, the U.S. Small Business Administration (SBA) is expanding its Economic Injury and Disaster Loan (EIDL) program, the organization announced in a press release. Small businesses who originally took out an EIDL loan for up to $150,000 for six months can extend that loan for up to 24 months and receive additional funds for a total of …

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Tax Increase Proposed by Biden

President Biden is planning to float historic tax increase – the highest tax rate on investment gains to date. Yes, you heard that right. The new administration is getting down to business and it’s happening fast. Here are some of the plans in the works: Campaign Tax Plan (Proposed) American Rescue Plan (Passed) American Jobs Plan (Released, Not Yet Passed) …

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Capital Gains Tax May Go as High as 43.8%

A 43.8% capital gains tax rate is coming. That’s right – president Biden is eyeing a new tax increase that would raise the tax rate as high as 43.8%. We reported this information late last year and it’s leaking to the media now. The new proposed tax hike would raise the top capital gains tax rate to 43.8% (Cap Gains + NIIT) Three …

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S Corp Taxes – 10 Proven Ways to Reduce Yours!

When it comes to reducing your S Corp taxes, there are a few things you can do. Here are 10 quick tips to get you started: Reduce S Corporation Owner’s Wages Deduct Your Health Insurance if You are the owner of an S Corp Employ Your Child Sell Your Home to Your S Corporation Before Converting it to a  Rental …

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Employee Retention Credit: New Rules Help You

You can spend your money on wages—then claim the Employee Retention Credit and get a big chunk of it back. Thanks to Congress’ Con App 2021 and the American Rescue Act, the Employee Retention Credit (ERC) has been extended and expanded, making it possible for the ERC to put more money in your pocket than ever before. Con App makes …

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Our Clients Are Getting the $500K EIDL Loan

Have you applied for the SBA’s Economic Injury Disaster Loan (EIDL)? It’s a great working capital product for small businesses! Your business can potentially qualify for a term loan of up to $500K @ 3.75% for 30 years. It is paid monthly and no payments are due the first year. The EIDL loan is a hot topic on every one …

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Your Employee Retention Credit (ERC) Questions Answered Here

Are Wages Paid to the Sole Corporate Owner considered Qualified Wages for the Employee Retention Credit? Does the Corporate Owner qualify for the Employee Retention Credit? Read on to find these answers in the conclusion. Are wages paid to employees who are related individuals considered qualified wages for ERC? No. Wages paid to related individuals are not taken into account for …

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FBAR Deadline For Offshore Accounts Is Still April 15

The Internal Revenue Service reminds U.S. citizens, resident aliens, and any domestic legal entity that the deadline to file their annual Report of Foreign Bank and Financial Accounts (FBAR) is still April 15, 2021. The extension of the federal income tax filing due date and other tax deadlines for individuals to May 17, 2021, does not affect the FBAR requirement. …