We have reached the halfway point of 2021. By now you might have a good idea of what your total revenue will look like by years end. Now is a great time to consider a tax projection

Prior to the enactment of the American Rescue Plan Act (ARPA) of 2021, the child tax credit was in the amount of $2,000 per child under 17 for qualifying income levels

The bill includes stimulus checks an advance on a 2021 tax credit in the amount of $1,400 for individuals earning up to $75,000 a year

From February 24th to March 10th, PPP applications were limited to businesses with under twenty employees.After the priority period, eligible business will have until March 31st to apply and receive PPP loans.

The COVID Relief Bill was signed into law yesterday, December 27th 2020. In addition to new sources of federal aid for businesses and individuals, the bill includes many changes to existing relief, 2020 taxes and future income taxes. We have included a summary of the key details below.

On October 8th, 2020, the SBA released a new forgiveness application for PPP loans. The new application is available to businesses who received a loan of $50,000 or less and eliminates reductions in forgiveness based on wage or employee reductions.

Due to the COVID-19 pandemic – which resulted in widespread job loss and economic hardship – the House and the Senate successfully passed The Coronavirus Aid, Relief, and Economic Security (CARES) Act which was signed into law on March 27th, 2020.

Information on the eligbility for stimulus checks and processes for distribution.

Information for self-employeed individuals and independent contractors.

This comprehensive PDF covers what you need to know about the 2020 CARES Act.

Learn the details of new unemployment laws for the state and federal levels.

As Congress continues to work on the stimulus package and MN Governor Walz put a stay at home initiative in place we have been receiving an increasing amount of calls and question regarding the disaster relief programs at both the state and federal level.

The impacts of the cornonavirus have been widespread, with many states shutting down various businesses and operations. As lawmakers work to try and ease the implications of this for individuals and businesses, many are working to change the tax filing and payment deadlines.

In the January edition of Local Ties, Chris Pederson wrote about a renewable energy conference we attended in Washington DC. When I saw the conference being advertised, I thought it was a good opportunity to learn more about this industry and get some quality continuing education in.

With the holidays upon us, charitable giving is on many people’s minds. While the tax deduction is often a secondary consideration when giving, it is always a plus when your generosity is also tax deductible.

When the Federal government passed the Tax Cuts and Jobs Act of 2017 (TCJA) it created many changes in the tax code. Just about every state has a different set of tax laws.