The Louis Plung Blog
Find out about the latest news and trends …
New Tax Credit Covers Paid Leave for COVID-19 Vaccinations and Recovery
On April 21, 2021, President Biden announced a tax credit for employers that would reimburse them for providing paid time off to employees to cover both getting vaccinated and any recovery time required due to vaccine side effects. The IRS followed up the President’s announcement with a new release offering
Great News, Child Care Tax Credit Expanded for 2021
Great news if you are paying childcare expenses that enable you to work. As part of President Biden’s American Rescue Plan Act (ARPA) signed into law on March 11, 2021, the child and dependent care tax credit has been substantially increased. Here are the details: The credit increases and other
Don’t Be A Victim to IRS-Impersonating Scammers
Thieves use taxpayers’ natural fear of the IRS and other government entities to ply their scams, including e-mail and phone scams, to steal your money. They also use phishing schemes to trick you into divulging your SSN, date of birth, account numbers, passwords and other personal data that allow them
Big Increase in Child Tax Credit For 2021
An increased child tax credit is part of President Biden’s stimulus package to help tackle the coronavirus pandemic and stimulate the economy. This stimulus package, which was passed by Congress on March 10, 2021, and is known as the American Rescue Plan Act, will provide lower-income parents with substantial financial
Are Your Unemployment Benefits Taxable?
With the passage of the CARES Act stimulus package early in 2020, the federal government began supplementing the normal state weekly unemployment benefits by adding $600 per week through the end of July 2020. When this provision ran out, and with Congress at a stalemate, President Trump issued an executive
Challenges of Working Remotely for CPAs
In a recent article on PICPA’s CPA Now blog, Lora L. Bahrey-Ament and Kevin Wilkes discuss the challenges CPAs face in a remote environment. A preview of the article is below. As COVID-19 vaccinations continue to roll out, many employers are pondering an imminent return to the physical office. Still,
PPP and Employee Retention Credit Changes Upset Busy Season Protocol
Kevin Wilkes and Tony Montanaro recently joined Bill Hayes, Managing Editor of the Pennsylvania CPA Journal, on the PICPA's podcast CPA Conversations. They discussed the impact of PPP loans and employee retention credit changes to this year's busy season. Click here to listen to the full episode.
New PPP Loan and Employee Retention Credit Guidelines
In a recent article on PICPA's CPA Now, Anthony Montanaro and Kevin Wilkes discuss the recent PPP changes and updated employee retention guidelines. A preview of the article is below. On March 3, 2021, the Small Business Administration (SBA) issued an Interim Final Rule that changed the PPP loan calculation
IRS Announces Individual Tax Deadline Extension
For the second year in a row, the federal income tax filing due date for individuals has been postponed. The postponements come as a part of the fallout of the coronavirus pandemic and the legislation that has resulted from it, which has added complexity to tax filings and systemic strain
American Rescue Plan Act
The American Rescue Plan Act (ARPA) was passed by the Senate on Saturday, March 6 and in the House on Wednesday, March 10. The $1.9 trillion relief bill now heads to President Biden’s desk. He signed the bill into law on Thursday, March 11. Read on for details on
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