by Betro and Company, PC | Apr 7, 2021 | Uncategorized
First, say thanks to the Consolidated Appropriations Act, 2021 (CAA), enacted December 27, 2020. It opened the door (retroactively and going forward) for Paycheck Protection Program (PPP) participants to also claim the employee retention credit (ERC). Reminder. Tax...
by Betro and Company, PC | Apr 5, 2021 | Uncategorized
Members of the tax community struggle with the “solo corporate owner” qualification for the employee retention credit (ERC). In their recently published The Employee Retention Credit Guide, authors Alan S. Gassman, Brandon L. Ketron, Patrick D. Collins, and Ian...
by Betro and Company, PC | Apr 2, 2021 | Uncategorized
Good news. The PPP Extension Act of 2021 makes Paycheck Protection Program (PPP) monies available until the earlier of May 31, 2021, orwhen the money runs out. According to testimony before the Senate, the money could run out as early as mid-April. That’s just a few...
by Betro and Company, PC | Jan 26, 2021 | Small Business
Did you miss out on the first two opportunities to receive your tax-free Paycheck Protection Program (PPP) cash? Many did miss out. Why? One reason: the word “loan.” Who wants a loan? No one. Well, almost no one. But who wants a cash gift, tax-free? If you do, read on...
by Betro and Company, PC | Jan 23, 2021 | Tax Savings
College is expensive. Data for the 2019–2020 academic year indicates that the average cost of tuition, fees, room, and board was $30,500. The tax law has provisions to help you cover the costs, including Coverdell accounts, Section 529 savings plans, and Section 529...