The American Rescue Plan includes a significant overhaul of the child tax credit, but only for the 2021 tax year. Under current law, the amount of the child tax credit is equal to $2,000 per child, but only $1,000 of that amount is refundable...
Click below to see the latest updates from Frankel Zacharia March 30, 2021 - 2021 Dependent Care Tax Credit March 23, 2021 - American Rescue Plan Act Changes to 2021 Child Tax Credits March 12, 2021 - The Restaurant Revitalization Fund January 19, 2021 - Employee Retention Credit Updates January 19,...
The American Rescue Plan includes a significant overhaul of the child tax credit, but only for the 2021tax year. Under current law, the amount of the child tax credit is equal to $2,000 per child, but only$1,000 of that amount is refundable (meaning that...
March 2021 Overview: The Restaurant Revitalization Fund was established to provide federal grants to the hardest hit sector of the economy as a part of the American Rescue Plan President Biden signed into law on March 11th, 2021. Restaurants who have suffered from the pandemic...
January 2021The recently signed Consolidated Appropriations Act of 2021 expands the Employee Retention Credit and now allows PPP Loan recipients to potentially receive payroll tax credits. This could result in the need to file amended payroll tax returns for 2020.In Spring 2020, the CARES...
January 2021OverviewThe Coronavirus Aid, Relief and Economic Security (CARES) Act, the Paycheck Protection Program (PPP) and Health Care Enhancement Act appropriated funds to reimburse eligible healthcare providers for healthcare related expenses or lost revenues attributable to the coronavirus. These funds were distributed by the...
January 2021As the second stimulus bill was signed into law by the President, several important changes related to small-business provisions, originally established by the CARES Act, were made. Specifically, the Economic Injury Disaster Loan (EIDL) Advance. EIDL Advance is a grant program offered with...
December 2020Congress passed a COVID-19 stimulus that created $284 billion addition funding for the Paycheck Protection Program (PPP). Additionally, Congress clarified that expenses paid with PPP funds will be NOT TAXABLE, which is reversal from IRS guidance provided earlier this year. A basis increase...
December 2020It took months of contentious negotiations, but on the evening of December 21, Congress voted to approve a second stimulus package intended as a relief measure for businesses and individuals adversely affected by the COVID-19 pandemic.The $900 billion pandemic relief bill is the...
Frankel Zacharia has been awarded on the Forbes list of America’s Best Tax and Accounting Firms 2021. This prestigious award is presented by Forbes and Statista Inc., the world-leading statistics portal and industry ranking provider. The awards list was announced on December 1st, 2020...
