COVID-19 Updates

Post Date: June 3, 2021

Click below to see the latest updates from Frankel Zacharia June 3, 2021 - Employee Retention Credit Updates 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,...

Consolidated Appropriations Act 2021

Post Date: May 7, 2021

New Temporary 100% Business Meals Deduction After long negotiations and delay, the President signed the Consolidated Appropriations Act, 2021 on December 27, 2020. In an effort to shore up the dining industry, the relief legislation includes a temporary return of a deduction for business meals.The...

2021 Dependent Care Tax Credit

Post Date: March 30, 2021

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...

American Rescue Plan Act Changes to 2021 Child Tax Credits

Post Date: March 23, 2021

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...

The Restaurant Revitalization Fund

Post Date: March 12, 2021

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...

Employee Retention Credit Updates

Post Date: January 19, 2021

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...

HHS Provider Relief Fund (PPP)

Post Date: January 19, 2021

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...

New Stimulus Bill and Related Updates to the EIDL Grants

Post Date: January 19, 2021

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...

Paycheck Protection Program Stimulus 2 Updates

Post Date: January 19, 2021

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...

$900 Billion COVID-19 Relief Bill Passed by Congress

Post Date: January 19, 2021

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...