The IRS has issued guidance on the Unemployment Exclusion. For those who have already filed taxes for 2020, there is no need to amend your 202 return.
IRS Issues Guidance on Unemployment Exclusion: No need to amend 2020 returns if already filed
Category: COVID-19
Client letter: ARPA’s enhancements to the premium tax credit
Recent COVID relief legislation made several significant enhancements to the premium tax credit, which is a refundable credit that assists individuals and families in paying for health insurance obtained through a Marketplace established under the Affordable Care Act. This letter provides an overview of those changes.
Letter to Clients: Tax provisions in the American Rescue Plan Act of 2021
This letter to clients provides a brief summary of the key aspects of the tax provisions in ARPA including tax credits, student loan forgiveness, income exclusions, and assistance programs.
American Rescue Plan Act Adds Dependent Care Relief
By: Claudia G. Allen The American Rescue Plan Act (ARPA) enacted March 11 includes a substantial increase in the limits for dependent care under Flexible Spending Plans (Section 125 cafeteria plans) as well as increasing the tax credit for child care for calendar year 2021. Combined with the flexibility to make changes to plan elections …Read More
Second Draw Loans and Related PPP Updates
The Consolidated Appropriations Act, 2021 provides $900 billion in stimulus relief for the COVID-19 pandemic, including $284 billion for the SBA’s Paycheck Protection Program (PPP) for new and previous borrowers under the Economic Aid Act.
Buyer Beware: Your Property Taxes Will Go Up
Still trying to buy property in 2020? Attorney Michelle Reid discusses what you can expect when you receive your property tax bill after closing. Many commercial and residential buyers are shocked when their bill jumps to match the property’s sale price rather than the valuation they saw prior to closing.
SBA Announces Restrictions on PPP Borrowers’ Mergers and Transfers of Assets or Ownership
On Friday, October 2, 2020, the U.S. Small Business Administration issued SBA Procedural Notice 5000-20057, which provides long-awaited guidance regarding pre-forgiveness restructures and ownership changes of borrowers under the Paycheck Protection Program.
Strauss Troy acts as co-counsel for COVID-19 business interruption insurance claims
Strauss Troy has partnered with several law firms to act as co-counsel in evaluating insurance claims for loss of business income, also known as business interruption insurance.
Open for Business! Web resources for businesses reopening in Ohio or Kentucky
As businesses such as restaurants, salons, gyms, retail, and more slowly open up after months of being shut down or limited operations due to COVID-19, employers are looking for guidance in navigating the constantly evolving rules for maintaining safe and healthy workplaces. Strauss Troy attorney Theresa Nelson has curated a list of resources that business …Read More
IRS changes to health and cafeteria plans
On May 12, 2020, the IRS released Notices 2020-29 and 2020-33 which together provided some relief from the restrictions regarding changes to health and cafeteria plan elections.