GRANTHAMPOOLE NEWS & UPDATES
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...
The Latest Guidance on PPP Loan Forgiveness
A little more than three weeks ago, President Trump signed into law the PPP Flexibility Act of 2020 (Flexibility Act) which made some significant changes to the Paycheck Protection Program (PPP), a loan program introduced in the CARES Act of...
Valuation News and Insights – Tax-Affecting Earnings of PTEs
Whether to tax-affect earnings of pass-through entities (“PTE”) has been a hotly debated topic among business valuators for over two decades. Historically, the IRS has held that PTE earnings are after-tax since there is no tax at the entity...
CARES Act Makes Long-Awaited Correction to the “Retail Glitch”
The Tax Cuts and Jobs Act (TCJA) was a major overhaul of the U.S. Tax Code passed in 2017. Of course, 2017 seems like decades ago considering all that has transpired since then, most notably the coronavirus pandemic. Unfortunately, it took a...