Congress added some new qualifications as to which vehicles qualify, and has limited who qualifies for the credit by barring the credit to higher income taxpayers.
If your family received advance child tax credit funds, you are not alone in wondering what will come next from Congress for 2022. Learn more.
The Covid-19 pandemic has had a significant impact on the labor market – mandated government lockdowns and workers’ and customers’ fears of contracting the illness resulted in businesses closing or temporarily cutting back and laying off or furloughing millions of employees. In April 2020, the unemployment rate reached 14.8%, the highest rate since such data started to be collected in 1948. While by September 2021 the unemployment rate had declined to 4.8%, millions of job openings went unfilled as former employees were reluctant to return to work. Some businesses still weren’t operating at full capacity because they weren’t able to find enough employees.
In order to help trades and businesses to retain employees and keep them employed during the COVID-19 crisis, the Coronavirus Aid, Relief, and Economic Security (CARES) Act created the Employee Retention Credit for 2020. As part of the Consolidated Appropriations Act, 2021 (CAA), the credit has been extended through June 2021. The credit is actually […]
Tax Credit Pays for Keeping Employees on Payroll To help businesses retain employees and keep them employed during the COVID-19 crisis, Congress put in place a refundable Employer Retention Credit. This is available to all qualifying employers regardless of size, including tax-exempt organizations. To qualify for the credit, employers must fall into one of two […]
President Trump signed into law the Appropriations Act of 2020 last December 20, 2019. This law includes a number of tax law changes, as well as extending certain tax provisions. These provisions either expired after 2017 or were about to expire. Also, a number of retirement and IRA plan modifications, and other changes that will […]