American Rescue Plan Act of 2021

American Rescue Plan Act of 2021 President Biden signed the American Rescue Plan Act of 2021 (ARPA) into law on Thursday afternoon. This $1.9 trillion stimulus package contains extensions to unemployment, direct stimulus payments, provisions for small businesses, state and local aid, as well as funding for K-12 schools. Employee Retention Credit (ERC) Last year,…

Wessel & Company Named to PA Business Central’s Top 100 Organizations

Wessel & Company Named to PA Business Central’s Top 100 Organizations Wessel & Company has been named to Pennsylvania Business Central’s Top 100 Organizations for 2021. The list was created from Pennsylvania Business Central’s 23-county coverage area and Wessel & Company was selected for their contributions, achievements, and leadership throughout the community. “Wessel & Company…

Renting Out a Second Home

Renting Out a Second Home In general, income from rental of a vacation home for 15 days or longer must be reported on your tax return on Schedule E, Supplemental Income and Loss. You should also keep in mind that the definition of a “vacation home” is not limited to a house. Apartments, condominiums, mobile homes,…

Unemployment Fraud Continues to Thrive

Unemployment Fraud Continues to Thrive Unemployment fraud has been running rampant since the beginning of the COVID-19 pandemic and the number of fraudulent claims continues to grow at an alarming pace. There are many consequences when a fraudulent unemployment claim is filed including: 1099-G forms sent to the victims of the fraud, creating a false…

Relief for Taxpayers Struggling With Tax Debts

Relief for Taxpayers Struggling With Tax Debts While there have always been payment options available from the IRS to help taxpayers struggling to pay tax debts, the new IRS Taxpayer Relief Initiative was put into place to expand these options and offer relief during the pandemic. These revised COVID-related collection procedures will help taxpayers, especially…