GRANTHAMPOOLE NEWS & UPDATES
Converting Qualified Tuition Plan to Roth IRA: What You Need to Know
A qualified tuition plan, also known as a 529 plan, is a tax-advantaged way to save for education expenses. A Roth IRA is an individual retirement account that allows tax-free growth and withdrawals of contributions and earnings, subject to certain rules....
Cost Segregation in a Post-Pandemic World
After the past 18+ months of economic uncertainty (who’s tired of reading/hearing that phrase?), business owners and consumers seem to be getting amped up for a serious post-pandemic surge. I could ask if we will ever really be “post-pandemic”...
Summary of Key Provider Relief Fund Post-Payment Reporting Requirements
In June, the U.S. Department of Health and Human Services (HHS) revised the Provider Relief Fund (PRF) Post-Payment Notice of Reporting Requirements that was originally issued on January 15, 2021. On July 1st, HHS opened their portal for recipients of the Provider...
The Employee Retention Credit: Some Much-Needed Good News
Let’s face it, it’s been a dark year and a half since much of the country shut down with the coronavirus pandemic. Now, many businesses that believed they had made it through the worst of it are facing pandemic aftershocks that are shaking up business models around...
The American Rescue Plan Act and the Child Tax Credit
The American Rescue Plan Act (ARPA) signed into law earlier this month by President Biden made significant temporary enhancements to the child tax credit (CTC). These enhancements temporarily expand the eligibility for, and the amount of, the child tax credit (CTC)...
The Consolidated Appropriations Act and PPP
The Consolidated Appropriations Act passed in late December revived and expanded the Paycheck Protection Program (PPP). Established under the CARES Act, PPP furnished loans to businesses to pay employee wages and other necessary expenses...
Mississippi Relief for Rental Property Owners and Businesses
On October 9, 2020 the Mississippi Rental Assistance Grant Program (MRAP) was established to award grants to owners and landlords of Mississippi rental property. When the CARES Act passed in March of this year, it included a moratorium on...
Ongoing Certificate of Good Standing Scam
With it being renewal time for the Mississippi Secretary of State Annual Report, we wanted to remind our small business clients to be cautious of an ongoing scam involving a falsified renewal form and a request for $90.50. The Secretary of State is the only provider...
Executive Order on Tax Deferrals Explained
On August 8, 2020 President Trump issued an Executive Order allowing the deferral of payroll tax obligations due to the continuing Covid-19 crisis. Last Friday, the IRS issued guidance related to the implementation of this Order (Notice 2020-65). The...
Potential Refund of ACA-Related Taxes
Later this year, the US Supreme Court will deliberate on a case that could potentially lead to the Affordable Care Act (ACA) and its associated taxes being found retroactively unconstitutional. If the Court does find the ACA unconstitutional, taxpayers may be entitled...