Fourth round of healthcare Provider Relief Funds (PRF) available starting Sept. 29
A fourth round of Provider Relief Funding (Phase 4 General Distribution) will be available on the HHS portal beginning September 29 for healthcare providers who can demonstrate lost revenues and expenditures between 7/1/20 – 3/31/21. PRF Phase 4 will reimburse smaller...
Sixty day grace period announced for Provider Relief Funds’ Period 1 reporting deadline
The September 30, 2021 Reporting Period 1 deadline for Provider Relief Fund (PRF) recipients has not changed; however, in response to challenges providers are facing given the COVID-19 surges and natural disasters around the country, a 60-day grace period is...
QuickBooks will no longer sell a Desktop product after December 10
Small business owners who prefer QuickBooks for Desktop to the company's online, cloud-based offering should upgrade to Quickbooks Desktop Pro 2021 before December 10, as QuickBooks will be changing to a subscription model-only with the release of the 2022 version....
State Pass-Through Entity Tax law changes allow owners to mitigate SALT deduction limits
Recently several states have enacted legislation for a pass through entity (PTE) tax, including states with high income tax rates like California and New York. A PTE tax provides for a state income tax deduction for owners at the entity...
PPP loans of $150,000 or less can now be forgiven directly through the SBA
Business owners who received Paycheck Protection Program (PPP) loans of $150,000 or less can now apply for forgiveness directly through the SBA, according to a new SBA announcement. The new streamlined application portal will simplify the forgiveness process for over 6.5...
Taxpayers should obtain Identity Protection PIN each year for tax filing security
In an effort to provide enhanced security to federal income taxpayers, the IRS is offering a voluntary, opt-in Identity Protection (IP) program for taxpayers. The PIN is a six-digit number known only to the taxpayer and the IRS and prevents someone else...
What to do if you’ve earned more than the yearly Social Security limit in the months before you retire
Sometimes people younger than full retirement age retire in the middle of the year and have already earned more than the yearly earnings limit. There is a special rule that applies to earnings for one year, usually the first year...
SR Client Question: How do I handle taxes for my Health Savings Account (HSA)?
If you have a high deductible health insurance plan (HDHP), then you qualify to make contributions to an HSA up to the maximum limit for the year. Many times, an employer will also fund some of an HSA as well,...
Michigan’s popular MESP 529 program adds app
The Michigan Department of Treasury announced the launch of READYSAVE 529, a new education savings mobile app available to Michigan Education Savings Program (MESP) account owners. The app provides a convenient way to access information, track progress and make contributions....
New online portal for opting out of advance Child Tax Credit payments
The IRS has opened an online site to enable taxpayers to unenroll from receiving advance payments of the 2021 child tax credit (CTC). The new “Child Tax Credit Update Portal” allows parents to view their eligibility, view their expected CTC...