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COVID-19 Updates & Resources
We are Here to Help you Navigate Through the COVID-19 Pandemic
The spread of COVID-19 has caused confusion, uncertainty and insecurity for just about every company throughout the United States and across the globe. Holbrook & Manter is here to help you navigate through these troubled times with up-to-date accounting resources, useful online tools and simplified explanations that tell you exactly what these government-issued updates mean for you, your business and your employees.
Helpful Resources and Websites:
…The Importance of Filing your PPP Loan Forgiveness Application
If you filed for and received a Paycheck Protection Program Loan (PPP Loan), filing for forgiveness for those funds is vital. And you must do so before time runs out.
The Paycheck Protection Program, first introduced in March 2020 through the CARES Act, helped businesses keep their workforce employed during the COVID-19 crisis. Any business that received the funds were required to spend it on eligible expenses as well as maintain employee count and compensation during the covered period. Assuming a business followed the guidelines, they would be eligible for forgiveness of the loan. It is important to know the…
A Break Down of Business Structures
When it comes to what business structure is right for your venture, you have several options to choose from. Making the right decision can help you with everything from being profitable and poised for growth to staying tax compliant. Let’s take a quick and basic look at the different structures:
Sole Proprietorship: This is the option you will see many single workers select. Think of freelancers or those who consult with many different entities. It takes little set up effort to become a sole proprietor, but this is truly a one-man-band type of situation. Whatever the business owes, falls solely…
First Child Tax Credit Payments Coming in July 2021
The IRS and the U.S. Department of the Treasury have announced further details about the expanded Child Tax Credit (CTC). This new credit is a part of the American Rescue Plan and is extended for the 2021 tax year only. This plan increases the maximum Child Tax Credit in 2021 to $3,600 for children under the age of six and to $3,000 per child for those between the ages of 6-17.
This tax credit is designed to lift more than five million children across the country out of poverty this year. The CTC payments will be made to qualifying families…