Author Archives: Heaven Palamitia

  1. Child Tax Credit:

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    Child Tax Credit Advance Payments:

    Did you receive a check from the IRS for an advance payment on the Child Tax Credit?  Are you wondering what this may mean for your tax situation?

    Child Tax Credit increased from $2,000 in 2020 to $3,000 (children under 18) or $3,600 (children under 6) in 2021.

    The IRS will pay half the total credit amount in advance monthly payments which began on July 15. You will claim the other half when you file your 2021 income tax return. 

    To be eligible you must have:

    • A qualifying child
    • You provide half of the qualifying child’s support
    • Child lives with you for more than half of 2021
    • You claim your child as a dependent

    We can help determine what this will mean for your tax situation and any information you will need in the meantime.

    Please contact us, our team of experienced professionals can help!

  2. Cares Act:

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    The Coronavirus Aid, Relief, and Economic Security Act (CARES) Act contains a business relief provision known as the Employee Retention Credit (ERC), a refundable payroll tax credit, for “qualified wages” paid to retain full-time employees from March 13, 2020, to Dec. 31, 2021.

    For 2020:  Did your gross receipts have a 50% decline compared to the same quarter in 2019?

    For 2021: Did your gross receipts have a 20% decline compared to the same quarter in 2019?

    Do you have employees?

    If you answered yes to these questions, then you may be eligible for the Employee Retention Credit!

    • If you received a PPP loan, you may still qualify for the ERC for any wages not paid with proceeds from the forgiven portion of your PPP loan
    • For 2020  an employer can receive a credit equal to 50% of the first $10,000 of Qualified Wages paid per employee in all quarters meaning maximum ERC would be $5,000 per employee.
    • For 2021 the ERC rate per employee is increased to 70% of qualified wages and the per-employee wage limit is increased to $10,000 per quarter for 2021.
      • Group health care expenses is also included in qualified wages

    Please contact us for assistance with determining eligibility and claiming the credit!

  3. PPP Forgiveness:

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    Did you receive a Round 1 PPP Loan?

    Have you applied for forgiveness?

    For those who have received the First PPP loan in April 2020, the period of repayment could start next month (August 2021) if you haven’t already applied and received forgiveness!

    We can assist with PPP forgiveness calculations, applications and questions. We can help provide you with what is needed, and assist you with the preparation to claim your PPP loan forgiveness. 

    You can apply for forgiveness once all loan proceeds for which your requesting forgiveness for have been used. You can apply for forgiveness any time up to the maturity date of the loan. If you do not apply for forgiveness within 10 months after the last day of the covered period, then PPP loan payments are no longer deferred, and borrowers must begin making loan payments to their PPP lender.

  4. QuickBooks Online Webinar

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    This webinar will give a brief snapshot of what our new Get Started with QuickBooks Online Textbook will include – perfect for the business owner needing to use QBO or the Instructor teaching this to their class.

  5. Business Valuation Webinar

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    Do you know the value of your business? Do you have a succession plan in mind? At Thaney & Associates, our certified valuation analysts can help you determine all of these factors so you can sleep easy. This webinar will discuss why it’s so important to understand the value of your company and how we can help.