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The American Rescue Plan (ARP), which was signed into law in March 2021, increased the Child Tax Credit (CTC) amount which was previously $2,000 per child to $3,600 per child for those under 6 and $3,000 per child for those age 6-17. The ARP also established that advance payments of the 2021 CTC would be […]

The IRS has released some information a few tax topics that we wanted to share with you: According to a recent IRS Fact Sheet, “The American Rescue Plan Act of 2021 (ARP) allows small and midsize employers, and certain governmental employers, to claim refundable tax credits that reimburse them for the cost of providing paid

The Small Business Administration has some updates on 2 programs that are in place to help certain businesses weather the affects of the COVID pandemic. The Shuttered Venue Operators Grant (SVOG) program opened for applications on Monday April 26, 2021. This grant is for operators of live venues, live performing arts organizations, museums, and movie

April 15th Deadline Postponement Details The IRS has provided additional details regarding the April 15th tax deadline postponement. Read a summary from the AICPA here.   PPP Extension Passes Also the House and Senate have passed and President Biden has signed an extension to the PPP program. The extension extends the PPP application deadline from

Ohio and Indiana recently announced that they would be following the Federal government and the IRS in extending the deadline to file and pay individual income taxes for tax year 2020 to May 17, 2021. For Ohio, this includes Ohio and school district income taxes. To read the announcements, click on these links: Ohio Announcement

You may have seen in the news that Tax Day for 2021 has been extended from April 15, 2021 to May 17, 2021. However, we wanted to clarify what this means for our clients. Below are some highlights from the recent IRS news release about the tax day extension: This relief does not apply to

The American Rescue Plan Act was passed by Congress on March 10, 2021 and was signed by President Biden on March 11, 2021. Read a summary of some of the tax changes in the Act in this article from the AICPA here.

Based on new rules from the Small Business Administration (SBA), self-employed individuals who file a Schedule C can now calculate their PPP funds eligibility based on gross income (Schedule C line 7) instead of using net profit (Schedule C line 31). This change is not retroactive, so any Schedule C filers whose PPP loans have

We are hearing from some of our clients that have received a 1099-G form for 2020 from Ohio Department of Job & Family Services (ODJFS) showing amounts in Box 1 “Unemployment Compensation” when they did not apply for unemployment in 2020. ODJFS is aware of this issue (read the ODJFS memo about this issue here)

We would like to share letters with you that contain information on Individual, Business, and PPP Updates after the recent tax law update at the end of December 2020. To read the letters, click on the links below: BRSW Business Tax Update December 2020 BRSW Individual Update December 2020 BRSW PPP Update December 2020