Starting in July of 2021, qualifying families with children ages 17 and under will start receiving monthly child tax credit (CTC) payments from the Internal Revenue Service (IRS). The American Rescue Plan Act (ARPA) expanded the child tax credit when it was signed into law this spring. All the details haven’t been completely worked out, so we will keep this blog post updated as more information is available.
As it stands right now, here are the important points to be aware of: Read More >>
The deadline to apply for first- or second-draw Paycheck Protection Program (PPP) is May 31, 2021. Here are some important reminders as the deadline approaches:
What is a PPP Loan?
A PPP loan is a loan provided by the U.S. Small Business Administration in response to the financial crisis many small businesses continue to face due to the ongoing COVID-19 pandemic.
PPP loans can be used to:
- Help fund payroll costs, including benefits
- Pay for mortgage interest, rent, utilities
On March 11, 2021, President Biden signed the American Rescue Plan Act into law. Included in the act is the Restaurant Revitalization Fund (RRF), which provides much-needed support for the recovery of the greatly impacted restaurant industry. Applications open Monday, May 3, 2021 at noon Eastern time for priority restaurants for three weeks. After this time, all eligible restaurants are encouraged to apply. According to the National Restaurant Association, foodserv Read More >>
College and university students should be on alert for an IRS-impersonation scam targeting educational institutions, including anyone with a .edu email address.
The phishing scam sends the recipient an email that looks like it comes from the IRS and has a subject line like “Tax Refund Payment” or “recalculation of your tax refund payment”. There is a link in the email for the recipient to click and submit a form, supposedly for their refund.
The link, however, does not go to t Read More >>