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Will Biden's $600 IRS Tracking Affect Small Business?
Should the IRS be allowed to track transactions – business and personal – of more than $600? That proposal was part of the current $3.5 billion bill put forth by the Biden administration, but it was removed. That doesn’t mean it is gone for good. Biden Wants IRS to Track Transactions Over $600 Under the existing Currency Transaction Report, banks, credit unions and other financial institutions are required to report transactions of more than $10,000 to the IRS. The Biden administration wanted to lower
Eligibility for ERC is more likely in 2021
JPS reported on updated 2021 ERC eligibility and threshold changes earlier this year and would like to remind employers of these changes. Even if you didn’t qualify for the 2020 credits, you may be eligible for the modified 2021 credits, which are currently set to expire on December 31, 2021. In March 2021, the IRS issued guidance pertaining to the Employee Retention Credit (ERC), a business relief provision created by the CARES Act in March 2020 and subsequently altered in the Consolidated
IRS Provides Tax Relief for NC Victims of Tropical Storm Fred
On Friday, September 10, 2021, the IRS announced it will provide tax relief for North Carolina victims of Tropical Storm Fred. The relief allows for the postponement of certain tax-filing and tax-payment deadlines for taxpayers in certain counties. Remnants of Tropical Storm Fred devastated parts of WNC on August 17, 2021, prompting a federal disaster declaration, and in turn, Friday’s IRS announcement. According to the IRS announcement, affected taxpayers are individuals who live in and own businesses in
Small Business Tax Credit Programs
The American Rescue Plan extends a number of critical tax benefits, particularly the Employee Retention Credit and Paid Leave Credit, to small businesses. The Employee Retention Credit The America Rescue Plan extends the availability of the Employee Retention Credit for small Businesses through December 2021 and allows businesses to offset their current payroll tax liabilities by up to $7,000 per employee per quarter. This credit of up to $28,000 per employee for 2021 is available to small businesses who
American Rescue Plan Act of 2021
American Rescue Plan Act of 2021 Upon President Biden signing the American Rescue Plan Act of 2021 into law, the U.S. Small Business Administration’s Senior Advisor Michael Roth stated: “The American Rescue Plan Act enables the SBA to continue to lift up the cornerstones of our communities; the mom-and-pop businesses and nonprofits that provide essential services for our everyday lives, hire from within neighborhoods, and more. Our nation’s more than 30 million small businesses are the economic engine of
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