The Employee Retention Credit (“ERC”) is a credit that was effective in 2020 to assist businesses in keeping employees on payroll. The ERC has been extended for all of 2021 and has been significantly expanded. Even if your business did not lose revenues in 2020 compared to 2019, you still could qualify given the many eligibility factors.

As a result of the American Rescue Plan Act, taxpayers who received unemployment benefits in 2020 with modified adjusted gross income of less than $150,000 don’t have to pay tax on the first $10,200 in unemployment compensation.

Individual taxpayers do not need to file any forms or call the IRS to qualify for the automatic change in the tax filing date. Of course, taxpayers needing additional time can file for an extension, giving them until October 15, 2021 to file their return.

Small businesses that experienced a loss of revenue from 2019 to 2020 may be eligible for a second round SBA-PPP (“Paycheck Protection Program”) loan. You may also be eligible if you were not operational during 2019 or a portion of 2020.

Millions of Americans are now receiving taxable unemployment compensation and received unemployment compensation in 2020. Many of these individuals are receiving these benefits for the first time.

Congratulations to Bill Johnson, CPA, MBA, on his promotion to the position of Assurance Manager!

We are honored to have been selected the 2018 Best In The Valley Accounting Firm for Kanawha County! Thank you!

Proud to expand our footprint with acquisition of The Health Group in Morgantown!