BMF has again been included on Accounting Today’s annual list of Top Firms in the Great Lakes region, which includes the states of Illinois, Indiana, Michigan, Wisconsin and Ohio.
Since the pandemic began, we have been monitoring and reporting on the Paycheck Protection Program (PPP), as well as all of the guidance and modifications resulting from several acts of Congress. With nearly four million PPP loans already approved,. Read More >>
In December, the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (Relief Act) modified the Employee Retention Credit (ERC) and extended the period to the first and second quarter of 2021. Then in the American Rescue Plan Act. Read More >>
On March 17 the IRS announced an automatic postponement of the tax filing deadline from April 15 to May 17 “to help taxpayers navigate the unusual circumstances related to the pandemic, while also working on important tax administration responsibilities.”. Read More >>
After sailing through the U.S. House of Representatives, the U.S. Senate approved the extension of the filing deadline for Paycheck Protection Program (PPP) applications by 60 days and provides an additional 30 days for the U.S. Small Business Administration. Read More >>
Our previous advisors touched on additional clarifications and how to claim the Employee Retention Credit (ERC). With the recent American Rescue Plan Act of 2021 (ARPA), the ERC has been extended and additional key changes made. The modified ERC,. Read More >>
On March 11, 2021, President Biden signed the American Rescue Plan Act (ARPA), which provides almost $2 trillion to support families and businesses affected by the COVID-19 pandemic. Here is a summary of the tax-related provisions in the Act.. Read More >>
The Employee Retention Credit (ERC) and Paycheck Protection Program (PPP) were created in the CARES Act under the COVID-19 relief program. Originally, they were separate programs and an employer was only allowed to participate in one program. In December,. Read More >>
Sole proprietors and self-employed individuals might be getting a well-needed break with regard to the recently updated guidance on Paycheck Protection Program (PPP) loans. Schedule C filers that apply for PPP loans have been required to use their business. Read More >>
The Employee Retention Credit (ERC) under the CARES Act encourages businesses to keep employees on their payroll. In 2021, the tax credit is 70% of up to $10,000 in wages paid in the first and second quarter by an eligible. Read More >>
There has been a flurry of activity since late December and changes are still occurring. The second round of PPP funding; expansion of the Employee Retention Credit (ERC); various introductions of new and/or updated forms; interpretations for calculating revenue. Read More >>
