New legislation from the Consolidated Appropriations Act, 2021 creates a chance for some of your clients to take advantage of both Paycheck Protection Program (PPP) loans and the Employee Retention Credit (ERC).
Several changes specific to the ERC can provide an opportunity for additional relief for your clients. The significant changes that affect small businesses include:
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During the COVID-19 pandemic, remote work has become common for many companies. What once was a relatively small percentage of remote workers has drastically increased. A recent survey found that many new remote workers are unaware of the potential state tax implications of working in a state or states different from where their company is located.
On behalf of the American Institute of CPAs® (AICPA®), The Harris Poll surveyed 2,053 U.S. adults in October. Among the 58% of Americans employed, 42% have worked remotely during the COVID-19 pandemic and 25% were currently working remotely. More than half (55%) of those working remotely during the pandemic were unaware that failing to change their state tax withholding to reflect their remote work situation could have tax consequences.
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