The Paid Tax Credit Eligibility Tool

The Paid Leave Tax Credit Eligibility Tool, created by Thomson Reuters Lab, is a new tool designed to determine whether your business qualifies for a tax credit regarding COVID-19. The Credit Eligibility Tool assists business owners in determining whether they can receive credit for providing qualified leave wages for COVID-19 related reasons. After answering a…

Starting a Small Business

While many businesses have been forced to close due to the COVID-19 pandemic, some entrepreneurs have started new small businesses. Many of these people start out operating as sole proprietors. Here are some tax rules and considerations involved in operating with that entity.   The pass-through deduction To the extent your business generates qualified business…

American Rescue Plan Act of 2021

The House and Senate passed the American Rescue Plan Act (ARP) and the President signed it into law on March 11th. This bill includes many provisions that have major tax impacts for 2020 and 2021 tax returns such as:   2020 tax-free unemployment benefits The bill provides a $300 weekly federal unemployment benefit through Sept. 6, 2021…