Bipartisan Restoration of ERTC Filed

Many business interests from around the country are applauding bipartisan legislation filed in Congress this week that would restore the Employee Retention Tax Credit (ERTC) retroactive to September 30, 2021. You will recall the ERTC was passed as part of the CARES Act back in 2020 to help businesses retain workers during the shutdowns of…

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IRS Issues Guidance on Early ERTC Termination

The Internal Revenue Service (IRS) has issued guidance for employers regarding the retroactive termination of the Employee Retention Tax Credit (ERTC). As you know, when it was first introduced as a part of the CARES Act back in 2020, the ERTC applied only to 2020 as it was scheduled to sunset on December 31, 2020.…

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Biden To Sign Away ERTC Monday

When President Biden signs the $1 trillion bipartisan infrastructure bill on Monday, the media will focus on the billions for earmarked for highway, rail, port, broadband and other infrastructure upgrades, but there will likely not be many mentions of the Employee Retention Tax Credit (ERTC). Despite the popularity of the ERTC, Congress ended the bill…

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Senate Plan Ends Employee Retention Credit Early

One of the perhaps more impactful provisions in the bipartisan infrastructure bill that was released by Senators this past Sunday would end the employee retention tax credit (ERTC) as of September 30. The ERTC is a refundable tax credit equal to 50% of payroll-related costs up to a maximum credit of $5,000 per employee for…

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Biden Signs COVID Bill into Law

  Earlier this week, the House of Representatives approved the Senate changes to the $1.9 trillion COVID relief bill and President Biden without any delays at all, signed it into law yesterday. Aside from the direct stimulus payments of $1400 to most Americans under certain income levels, the bill includes an additional $7.25 billion going…

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Ways & Means Advances New Unemployment Premium

Another important issue that’s being debated and will have a significant impact on businesses’ ability to rehire the help it will need is the unemployment insurance premium that democrats in Congress are pushing. It’s not back to the $600 mark just yet, but it’s certainly moving in that direction. This week, the US House Ways…

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CFA Webinar on Tuesday

DDIFO will host another timely webinar sponsored by the Coalition of Franchisee Associations (CFA) next Tuesday, February 9 from 11:00 AM – 12:00 Noon EST. “Breaking Down the Employee Retention Tax Credit” will feature Justin Elanjian and Tommy Lee, partners in Aprio, the CPA and Business Advisory firm of Aprio. The webinar will provide a…

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Paycheck Protection Program Reopens Tuesday

Last week, the Small Business Administration (SBA) and the US Department of the Treasury announced that the Paycheck Protection Program will reopen next Tuesday, January 19, 2021 to all lenders. The SBA this week began opening the program in phases so as to better reach underserved and minority-owned small businesses with community financial institutions, minority…

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COVID Stimulus Replenishes PPP

Although there will be further guidance coming on the particulars of the latest COVID Stimulus bill from a regulatory standpoint, the legislation became law when the President signed the bill last week. Of primary import to small business owners, the law restores the tax deductibility of business expenses that were paid for with PPP loan…

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