Tax Day for Individuals Extended to May 17 The Treasury Department and Internal Revenue Service announced yesterday that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. The IRS will be providing formal guidance in the coming days.…
American Rescue Plan Act of 2021 President Biden signed the American Rescue Plan Act of 2021 (ARPA) into law on Thursday afternoon. This $1.9 trillion stimulus package contains additional funding and expansion of tax credits to qualifying small businesses, assistance to various industries that were impacted by the COVID-19 pandemic, namely restaurants, direct stimulus payments…
RotenbergMeril served as auditors in connection with Bannix Acquisition Corp.’s $100M pre-IPO SPAC registration statement filing with the SEC Bannix Acquisition Corp. filed it’s pre-IPO Form S-1 registration statement and prospectus with the Securities and Exchange Commission yesterday, February 19, 2021. Bannix Acquisition, a blank check company is targeting a B2B enterprise software business and…
PPP Loan Opening Dates The application window for Paycheck Protection Program (PPP) forgivable loans will open Friday January 15, 2021 for lenders with $1 billion or less in assets, the US Small Business Administration and Treasury announced. The opening, which will take place at 9 a.m. ET, applies for both first- and second-draw PPP loans.…
Deeper Dive – “Gross Receipts”Defined The 25% revenue reduction requirement Eligibility for a second PPP draw – PPP Round 2 One of the eligibility requirements to qualify for a Second Draw PPP Loan is that you experienced a revenue reduction of 25% or greater in 2020 relative to 2019 (with modified tests for businesses that…
Paycheck Protection Program SBA Releases New Loan Application Forms for Round 2 of the PPP January 9, 2021 If you received a PPP loan in 2020, and qualify for a 2nd loan draw, the link for the application is below: Second Draw Borrower Application Form If you did not receive a PPP loan in 2020 and…
On January 6, 2021 the SBA issued two new interim final rules (IFR) relating to “PPP Round 2” of the Paycheck Protection Program and its forgivable loan program. On December 27, 2020, the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Economic Aid Act) (Pub. L. 116-260) became law. The Economic Aid Act…
2020 Year-End Tax Planning for Individuals As the year-end approaches, individuals, business owners and family offices should be reviewing their situations to identify any opportunities for reducing, deferring or accelerating tax obligations. Areas that should be looked at in particular include tax reform provisions that remain in play, as well as new opportunities and relief granted earlier…
RotenbergMeril Recognized as a Top Accounting Firm for 2020 in New York, New Jersey and Nationally
On August 8, 2020, President Donald J. Trump signed an executive memorandum directing the U.S. Department of the Treasury (Treasury) to allow deferral of the withholding, deposit, and payment of the employee portion of the 6.2 percent Social Security tax (but not the 1.45 percent Medicare tax) for the period of September 1, 2020, through…