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Restaurant Owners to Benefit from The American Rescue Plan Act of 2021

By Hospitality, Insights, Tax Planning & Consulting

On March 11, 2021, President Biden signed into law the American Rescue Plan Act of 2021 (ARPA) which contains specific provisions for the benefit of restaurant owners. Section 5003 of the ARPA establishes the Restaurant Revitalization Fund (RRF) to include $28.6 billion earmarked for nontaxable grants to eligible restaurant entities. $5 billion of this total amount will be designated for restaurants with 2019 gross receipts of $500,000 or less.

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American Rescue Plan Act Signed into Law Authorizing a Third Round of Direct Payments to Individuals

By Individual Tax, Insights, Tax Planning & Consulting

The American Rescue Plan Act of 2021 was signed into law by President Biden on March 11, 2021, coinciding with the one-year anniversary of the COVID-19 pandemic. The legislation is the sixth federal relief package signed into law since the onset of the pandemic in the United States last year and addresses the continuing economic and health impacts of the pandemic.

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SBA Releases New Paycheck Protection Program Guidance

By Insights

Late Thursday, April 2, the Treasury Department released new guidelines from the Small Business Administration for the Paycheck Protection Program (PPP) to assist small businesses to submit their loan applications in a timely basis. We are continuing to monitor developments and updates that affect your business and will provide you with alerts on a regular basis to ensure you are informed on how to respond to tax and regulation changes as they occur.

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How Nonprofits Can Remain Resilient Through COVID-19 Crisis

By Insights, Nonprofit

As the coronavirus (COVID-19) pandemic rapidly spreads throughout the U.S. and the world, nonprofit organizations are facing unprecedented challenges to their operations, staffing and fundraising. Many nonprofits serve vulnerable clients such as the elderly, the ill and the homeless, and these organizations will be strained to continue to provide services during the crisis. Arts and cultural organizations have closed and canceled programs in response to directives to limit public gatherings.

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Tax Season Filing Update: IRS Affirms Postponement of April 15, 2020 Filing Deadline

By Insights

On Friday, March 20, Treasury Secretary Steven Mnuchin tweeted that the April 15, 2020 tax filing deadline will be postponed until July 15. Later that evening the IRS issued Notice 2020-18, making Mnuchin’s announcement official. Notice 2020-18 supersedes Notice 2020-17 which was issued on March 18. The new notice affirms that the IRS will automatically treat July 15 as the new deadline for filing federal income tax returns and making federal income tax payments for all taxpayers, including individuals, corporations trusts and estates.

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The CARES Act: Summary of Tax Provisions

By Insights

In response to the ongoing coronavirus public health crisis, the federal government has taken unprecedented steps to provide economic relief to individuals and businesses. Since the beginning of March, Congress has approved $8 billion in emergency funding and passed the Families First Coronavirus Response Act to help combat the effects of the coronavirus pandemic. The third and most impactful phase of this relief is the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), a momentous $2 trillion infusion into the economy which was signed into law on March 27th.

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