Small Business-related provisions under the ARPA What Covid Relief is still available for Small Businesses in 2021? The two best avenues for small business Covid relief in 2021 are the (1) Second PPP Loan and (2) 2021 Employee Retention Credit for all 4 quarters of 2021. The deadline for the second PPP loan is currently…
Read MoreFrequently Asked Questions about the American Rescue Plan Act (ARPA): INDIVIDUAL STIMULUS CHECKS (RECOVERY REBATES) Will I get a Stimulus Check? Stimulus checks of $1,400, plus $1,400 per dependent, will be sent to single tax filers with adjusted gross income (AGI) up to $75,000 per year, heads of households with AGI up to $112,500 and…
Read MoreWho Is Eligible for the Second Stimulus Payments? Tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns will receive the full payment of $600 for individuals and $1,200 for married couples. For filers with income above those amounts, the payment amount is reduced…
Read MoreDear Friends and Clients, As the facts and situation around COVID-19 (coronavirus) continue to evolve and in step with government directives, Gatherwright Freeman will remain open and continue to serve our clients. We will be working with you remotely via telephone, video conferencing, and email communication as much as possible. However, our office is fully…
Read MoreAugust 12, 2020 Jennifer Gatherwright, Esq., M.S. Tax I make a living helping people with unpaid withholding taxes, so for me, the latest Executive Order allowing deferral of employee’s Social Security tax is good for business. On the other hand, I have a lot of compassion for my clients. It’s hard not to when most…
Read MoreOn Friday, March 27, 2020, the President signed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), which creates loan programs to assist small businesses during COVID-19-related mandated closures. One such loan can be obtained via the Paycheck Protection Program (PPP). The Paycheck Protection Program is based on the SBA’s already existing 7(a) loan…
Read MoreWhen will payments be made? IRS currently projects that payments will be made beginning in the second half of April 2019. Who is eligible for the economic impact payment? Tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns will receive the full payment…
Read MoreMust I pay on my existing IRS Installment Agreement during the Coronavirus pandemic? • Yes. While the IRS suspended payments due between April 1 and July 15, 2020 on existing installment agreements, the suspension has lapsed. Payments must now be made to keep existing installment agreements in good standing. In most cases, taxpayers can simply…
Read MoreWill the IRS levy me or file a lien during the Coronavirus pandemic? The IRS should not levy you during this period, and it probably will not file a lien against you, although it could under some circumstances. The IRS announced on March 25, 2020 that it is introducing a series of temporary policies and…
Read MoreWill the IRS continue an audit against me or begin a new audit against me during the Coronavirus pandemic? Under most circumstances, the IRS will not begin any new audits during this period, but will continue to remotely work on already ongoing audits. The IRS announced on March 25, 2020 that it is introducing a…
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