How Landlords Can Cope with Pandemic Fallout
How can tenants pay their regular monthly rent bills if they’re out of job? As unemployment skyrocketed due to the COVID-19 pandemic, Congress enacted a series of laws designed to provide relief to renters and protection from potential eviction. But these relief measures often left owners of residential rental properties
7 Valuable Deductions for Self-Employed Individuals
If your business was forced to close due to the pandemic, you may be itching to get back in the game. Or maybe you’re looking to fulfill a lifelong dream of running a business for the first time. In any event, there’s been a recent uptick in the number of
What to Do When Your Bank Wants Financial Statements
If a bank, investor, buyer, bond agency, or other third-party asks for or demands your financials—and your tax firm cannot provide them in a timely manner—you may not get the loan or credit line increase you need. Banks are especially strict because of the pandemic and are requiring your financials
Where Is My 2020 Tax Refund?
Where’s my 2020 tax refund? If you are asking this question you are not alone. In May 2021, the Tax Advocate Service provided an update stating the IRS has struggled to handle a recent backlog of about 30 million tax returns. About half of the backlog is 2020 individual tax
Does Your Business Qualify for the Employee Retention Credit (ERC)?
The Employee Retention Credit (“ERC”) was originally enacted as part of the first wave of pandemic relief in March of 2020. Since then, it has been modified and expanded to make many small businesses eligible. Many business owners think they are only eligible if their business was shut down. If
Advanced Child Tax Credit Payments
In June, the IRS sent letters regarding advance payments of the Child Tax Credit (CTC) to potentially eligible taxpayers. For 2021 only, the CTC increases to $3,000 per child between the ages of 6 and 17, and $3,600 per child under the age of 6. From July to December 2021,