Tag: COVID-19

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...

Online tool to register for monthly Child Tax Credit payments is now available

  • June 21, 2021
  • Maria Montie, CPA, MST, CVA, MAFF

The Treasury Department and the Internal Revenue Service have unveiled an online Non-filer Sign-up tool designed to help eligible families who don’t normally file tax returns register for the monthly Advance Child Tax Credit payments, scheduled to begin July 15....

HHS issued revised reporting requirements for recipients of Provider Relief Fund (PRF) payments (effective June 11, 2021)

HHS recently revised the Post-Payment Notice of Reporting Requirements, which increases the amount of time to report and extends the deadline for spending for recipients of Provider Relief Fund (PRF) payments.  This includes increasing the amount of time providers will have to report...

SR Client Question: Why haven’t I received my tax refund yet?

There are various factors leading to the Internal Revenue Service's delayed processing of 2020 federal income tax returns. Typically, the IRS sends most refunds within three weeks of taxpayers filing their return. But this year is complicated by several issues,...

$2 million in COVID-19 workplace safety grants now available from the State of Michigan

The State of Michigan has launched another round of funding for the Michigan COVID-19 Safety Grant Program. These grants will provide small businesses with fewer than 250 employees, including licensed non in-home childcare centers, matching funds of up to $10,000 to...

PPP loan program extended two months for small businesses

President Joe Biden is expected to sign into law an extension to the Small Business Administration’s Paycheck Protection Program (PPP) approved by Congress just a week before it was slated to expire.  The new deadline for applications to be submitted...

Taxpayers won’t need to refile to get new $10,200 unemployment tax break in 2020

The IRS plans to automatically process refunds for taxpayers who had unemployment income in 2020 and filed their tax returns before legislation passed that made those benefits tax-free. The American Rescue Plan, which was signed into law by President Joe...

Shuttered Venue Operators Grant program to open April 8

The U.S. Small Business Administration (SBA) has set April 8 as the date it will begin accepting applications for the Shuttered Venue Operators Grant (SVOG) program. In a news release, the SBA said it has launched a splash page for...

State of Michigan will extend filing deadline to May 17 to match federal extension

The Michigan Department of Treasury will be extending the state tax filing deadline to match with the recently adjusted federal income tax deadline now set for May 17, 2021.  Because the extension is limited to the 2020 taxes, first quarter...

Larger Loans And Other Changes to PPP Rules For Sole Proprietors And Independent Contractors

New rules to the Paycheck Protection Program (“PPP”) were announced that raised loan limits for sole proprietors and independent contractors. In an Interim Final Rule announcement on Wednesday, March 3, 2021, the SBA issued new rules which provided a number of...