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Senate Approves Bipartisan Infrastructure Bill
Senators finished up working through the procedural hurdles, and have spent the last few days arguing over the potential amendments. After much debate, the bipartisan infrastructure bill was approved in the Senate, sending the bill to the House where it faces a complicated future. House Speaker Pelosi has said that the House will not pass […]
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Potential Legislation Could Eliminate Q4 ERC Benefits
Late Sunday night, the bill text of the bi-partisan infrastructure bill (H.R. 3684) was finally released to the public. As expected, it included funding for roads, bridges, rail, ports, broadband, and waterworks, as well as some energy/climate provisions. The bill has been presented as a bill with no new tax hikes, and is still waiting […]
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The AB5 Situation in California
Assembly Bill 5 (AB5) was signed into law in California in late 2019 and became effective 1/1/2020. The controversial bill created a three prong test to determine when individuals can be classified as independent contractors. The following three statements must be true. A worker performs duties or services without the direct control or direction of […]
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The Great Resignation — Staffing for Success
Authored by Joey Desiderio Hiring the right person is and always has been difficult. Between figuring out where to find talent, how to attract the right candidates to your business, and ultimately convincing a candidate to come work with you, recruiting is a highly involved and difficult process. According to Abe Eshkenazi, CEO of the […]
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CERTS Grant Applications Due Today!
Just a reminder to get your CERTS grant applications submitted today. Applications that are incomplete, unclear, or internally inconsistent may not receive timely consideration and may be rejected. Treasury has indicated that applications submitted AFTER 11:59PM will NOT qualify for a CERTS grant.
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First Advance Child Tax Credits Issued Today
The first of the monthly child tax credit advances were issued today. The IRS issued close to $15 billion of checks to individuals and families today. Most payments were for $250 per child, and $300 if the child is under 6. We mentioned a few weeks ago that individuals could opt out of the advanced […]
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Infrastructure Bill Update
On Tuesday night, Senate Majority Leader Chuck Schumer announced that the Senate Democrats have agreed to a $3.5 trillion spending/tax plan. Schumer indicated that the bill would fund every major program that President Biden had laid out in the the American Jobs Plan and American Families Plan. Details are expected to be announced later today. […]
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CERTS Grants are Taxable
The IRS released some FAQs on the CERTS grants yesterday. The IRS indicated that the CERTS grants are taxable to the recipient. They also indicated that the expenditures the grant money is spent on, such as payroll costs, are still deductible expenses to the extent they would normally be deductible expenses. The IRS released similar […]
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SALT Deductions and Entity-Level Elections
In the transportation world, it’s not uncommon for companies to file in income and franchise tax returns in multiple states depending upon where they are located, where they have employees, and where they are driving. For some companies, it can mean filing returns in 30+ states/jurisdictions. With a $10,000 state and local tax (SALT) limitation […]
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IRS to Send Advanced Child Tax Credits Starting in July
The American Rescue Plan (ARP) increased the 2021 child tax credit from $2,000 per child to $3,000 for each child ages 6 to 17, and $3,600 for children under the age of 6. The ARP also called for the IRS to deliver half of the expected credit to families eligible beginning in July. The advanced […]
