Tax Season 2021

We provide Here are a few insights into what to expect in the forthcoming weeks:

• Increase the PPP program funding from $806.4 billion to $813.7 billion, with an additional PPP support of $7.5 billion
• The Employee retention credit is now available in Q3 and Q4, making the overall credit per employee to $28k.
• The Child Tax Credit has been expanded to provide families up to $3,600 per child for a year
• Additional non-profits that are listed in Section 501(c) are now allowed to take PPP Loans
• An additional EIDL Advance of $15B for Small Businesses that only received a portion of the $10k advance from last year for small business with the hardest hit
• Additional entities that were previously denied loans are now allowed to take PPP Second Round
• $25 billion funding for Food and Drink establishments such as restaurants
• An Additional $1.25 billion funding for the SBA Shuttered Venue Operators Grant Program
• The FFCRA received extended credit dates
• Most individuals will receive a pyament of $1,400 (same amount for claimed dependents). Checks phasing out at $75,000 in income down to zero for individuals that make $100,000 or more a year.
• Suplemental Unemployment of $400 per week through August 29, 2021

There is a lot to navigate and choosing to focus on the right items will be key.

If you want to walk through this together, schedule a free zoom meeting here: