Economic Impact Payments: Round Three On March 12, following the American Rescue Plan Act’s approval and signing, the IRS began sending out the third round of Economic Impact Payments. Most payments were sent out via direct deposit, but approximately 150,000 checks were mailed by the Treasury Department as well. Taxpayers who received EIP1 or EIP2…
DetailsCoronavirus-Related Distributions and Loans The Coronavirus, Aid, Relief, and Economic Security (CARES) Act made it easier to access savings in IRAs and workplace retirement plans for those affected by the coronavirus. This relief provided favorable tax treatment for certain withdrawals from retirement plans and IRAs, including expanded loan options. Distributions: Certain distributions made from Jan. 1,…
DetailsQ & A: The $10,200 Unemployment Tax Break Generally, unemployment compensation received under the unemployment compensation laws of the United States or a state is considered taxable income and must be reported on your federal tax return. However, a new tax break – in effect only for the 2020 tax year – lets you exclude…
DetailsPPP Loan Deadline Extended Through May 31 The Paycheck Protection Program Extension Act of 2021 was signed into law on March 31, 2021, extending the deadline to apply for a loan by an extra 60 days, from March 31 to May 31, 2021. The law also gives the Small Business Administration (SBA) an additional 30…
DetailsEmployees Working Remotely Can Increase Your Fraud Risk Between 2008 and 2020, remote work has grown 159%. When employees are working remotely, it’s harder to detect and prevent all types of fraud. An unsupervised work environment is ideal for some fraud schemes in particular. This article details four of those fraud schemes and how to…
DetailsTax Day for Individuals Extended to May 17 The Treasury Department and Internal Revenue Service announced yesterday that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. The IRS will be providing formal guidance in the coming days.…
DetailsEmployees Working Remotely Can Increase Your Fraud Risk Between 2008 and 2020, remote work has grown 159%. When employees are working remotely, it’s harder to detect and prevent all types of fraud. An unsupervised work environment is ideal for some fraud schemes in particular, though. This article details four of those fraud schemes and how to…
DetailsAmerican 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,…
DetailsUnemployment Benefits Identity Theft Scam Alert During 2020, millions of taxpayers were impacted by the COVID-19 pandemic through job loss or reduced work hours. Some taxpayers who faced unemployment or reduced work hours applied for and received unemployment compensation from their state. As a reminder, unemployment benefits are taxable income and must be reported on…
DetailsWessel & 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…
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