Why was the Paycheck Protection Program (PPP) loan created? The Paycheck Protection Program (PPP) was created by the CARES Act to provide forgivable loans to eligible small businesses to keep American workers on the payroll during the COVID-19 pandemic. PPP loans draw one and two. The First Draw PPP started on March 2020 and has been extended multiple times. On January 6, 2021, the Small … [Read more...]
How To Benefit From The Employee Retention Credit In 2021
What is the Employee Retention Credit? As a result of the coronavirus pandemic the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) contained a business relief provision known as the Employee Retention Credit (ERC). The Employee Retention Credit is a refundable tax credit against certain employment taxes on qualified wages an eligible employer pays to employees after March 12, … [Read more...]
Your Complete Guide to the IRS May 17, 2021 Tax Deadline
This year the IRS moved the deadline for filing the 2020 federal income tax returns from April 15 to May 17, 2021. This change comes after lawmakers, tax professionals, and others put intense pressure on the agency to "help taxpayers navigate the unusual circumstances related to the pandemic" by giving them more time to file their 2020 federal income tax returns. The IRS issued Notice 2021-21 with … [Read more...]
Key Tax Deadlines for 2021
Filing taxes during a pandemic may seem daunting, but advance planning and tips from Ten Key can help ease the process. April 15th is still the tax deadline for individuals, married couples, and business entities in 2021. However, there are other important deadlines throughout tax season to keep in mind. Tax filing deadline for 2021 The deadline for filing federal and state (Massachusetts) tax … [Read more...]