David Reape CPA

Posted in: Articles, COVID-19, Federal, Tax

ARPA: Unemployment Partially Excluded from Income for Some Taxpayers

A little-reported provision of the American Rescue Plan Act of 2021 (ARPA) – Unemployment Benefits Received in 2020 May Be Partially Excluded from Income for Some Taxpayers Many Americans found themselves collecting unemployment as the pandemic took hold in early 2020. Those taxpayers are now in the process of filing their income tax returns for […]

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Posted in: Articles, COVID-19, Federal

PPP Deadline Extension is Signed Into Law

The Paycheck Protection Program (PPP) application deadline formally changed from March 31 to May 31, 2021, when the PPP Extension Act of 2021 was signed into law this week. The PPP Extension Act does not provide any additional funding for the current round of the PPP, which Congress provided with more than $290 billion to […]

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Posted in: Articles, COVID-19, Federal

More Economic Impact Payments: Watch Mail for Checks, Debit Cards

The IRS announced the next batch of Economic Impact Payments will be issued this week. Many of these are coming by paper check or a prepaid debit card. How will I get the Economic Impact Payment? For taxpayers receiving direct deposit, payments began processing on Friday, March 19th, and will have an official pay date […]

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Helen Weeber CPA

Posted in: Articles, COVID-19, Federal, Nonprofit

ARPA proposes to help “rescue” nonprofits

No one needs to tell nonprofit organizations how tough the past year has been. According to the John Hopkins Center for Civil Society Studies, 7.7% of not-for-profit workers — nearly one million people — lost their jobs between February 2020 and January 2021. An even higher percentage of arts and education organizations lost jobs last […]

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HW&Co

Posted in: Articles, COVID-19, Federal

What’s in the American Rescue Plan Act (ARPA)?

The American Rescue Plan Act, 2021 (ARPA) was signed by President Biden on March 11, 2021 to help businesses, nonprofits and individuals affected by COVID-19. The legislation extends and expands provisions found in the Families First Coronavirus Relief Act (FFCRA), Coronavirus Aid, Relief and Economic Security (CARES) Act, and the Consolidated Appropriations Act, 2021 (CAA, […]

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