EMPLOYEE RETENTION CREDIT UPDATES
As a result of legislation from December of 2020 and recent notice by the IRS, there are new rules for eligibility of the Employee Retention Credit (ERC).
2021 Depreciation Limits Announced for Cars and Trucks
The IRS has issued Rev. Proc. 2021-31 which provides annual updates to depreciation limitations for passenger automobiles.
WISCONSIN TOMORROW SMALL BUSINESS RECOVERY GRANT
$420 Million is now available through the Wisconsin Tomorrow Small Business Recovery Grant Program.
ENHANCED CHILD TAX CREDITS COMING IN JULY
As a result of the most recent $1.9 Trillion relief package, the IRS will be issuing child tax credits in the form of monthly payments, expected to begin in July of 2021.
The IRS Clarifies the Temporary 100% Meal Deduction for 2021-2022
Under the Consolidated Appropriations Act, 2021, business expense deductions for Meals (normally limited to 50%) are temporarily allowed at 100% under specific rules.
Shuttered Venue Grant Portal Closes for Repairs on Opening Day
The $16.25 billion Shuttered Venue Operators Grant (SVOG) program opened for the first time on Thursday and closed the same day for repairs.
Bill to be introduced to extend Estimated Payment due date
Thursday, Rep. Lloyd Smucker, R.-Pa., announced that he is introducing a bill that would postpone the due date for first-quarter 2021 estimated tax payments from April 15, 2021, to May 17, 2021.
IRS TO ISSUE AUTOMATIC UNEMPLOYMENT-RELATED REFUNDS
The IRS has said that it will take steps this spring and summer to automatically correct returns that were filed prior to the American Rescue Plan Act form.
PPP LOAN PROGRAM DEADLINE EXTENDED TO MAY 31st
Yesterday the U.S. Senate passed legislation that would extend the time businesses have to apply for a Paycheck Protection Program (PPP) loan to May 31st, 2021.
RESTAURANT REVITALIZATION FUND TO BEGIN SOON
The SBA is working to launch the Restaurant Revitalization Fund (RRF) and has said funds could be available to restaurant owners as soon as the beginning of April.
