Spring is in the air, the days are getting longer, and more of us are getting vaccinated against Covid-19, so there’s plenty to be grateful for. There is good news on the tax front as well to help the economy recover from the pandemic.
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The IRS and our home state of Illinois have announced postponing the deadline for all individual tax returns from April 15 to May 17 this year in realizing the hardship that many taxpayers are still experiencing as a result of the Covid-19 pandemic.
Internal Revenue Service (IRS) has just announced new guidance on retroactive changes to the employee retention credit, expanding its availability and wage limitation to $10,000 per employee per quarter.
Last summer, we wrote about the importance of keeping employees safe during the pandemic, both for their sake and to protect your business from possible litigations.
A lot has happened since our last PPP update on January 12. While the President has already raised the prospect of a new stimulus package, as expected, there is continuity on existing programs, so the details included in our last update are still valid.
The Small Business Administration (SBA) and Treasury have now issued guidance and released application forms for the second round of the Paycheck Protection Program (PPP2).