In March 2021, Congress appropriated $28.6 billion to the Small Business Administration (SBA) for a Restaurant Revitalization Fund (RRF) through the American Rescue Plan Act (ARPA) of 2021 to assist restaurants, bars, and other food service businesses experiencing substantial revenue loss and unemployment resulting from the COVID-19 pandemic. The SBA
President Biden signed the Infrastructure Innovation and Jobs Act back in November 2021, sunsetting the Employee Retention Tax Credit (ERTC) program one quarter early (with some exceptions for recovery startups). This early “cut-off” eliminated the 4th quarter of 2021 as a qualifying quarter for the credit – but it
There are a couple tax bills that have been in the works in 2021 that may have a large effect on taxpayers in upcoming years. The two bills that will enact changes are: The Bipartisan Infrastructure Bill (Infrastructure Investment and Jobs Act), signed into law by President
With the signing of the Infrastructure Innovation and Jobs Act by President Biden on November 15th, an additional $500 billion is expected to be invested in “hard” infrastructure projects over the next five years. One of the tax offsets to help pay for the project was closing the
What’s the impact of the 2020 Employee Retention Tax Credit (ERTC) on income tax filings? According to the newest guidance from the IRS, it could be quite substantial for some filers. The current IRS guidance states that if a taxpayer has a 2020 ERTC credit, then the wages on the