Simple retirement savings options for your small business

Are you thinking about setting up a retirement plan for yourself and your employees, but you’re worried about the financial commitment and administrative burdens involved in providing a traditional pension plan? Two options to consider are a “simplified employee pension”

Parents will begin receiving Advance Child Tax Credits July 15

The 2021 advance child tax credit (CTC) payments, which were established under a recent law, will begin being made on July 15, 2021, the IRS announced. The tax agency also stated that “roughly 39 million households — covering 88% of children in the United States — are slated to begin receiving monthly payments without any further action required.”

Business highlights in the new American Rescue Plan Act

President Biden signed the $1.9 trillion American Rescue Plan Act (ARPA) on March 11. While the new law is best known for the provisions providing relief to individuals, there are also several tax breaks and financial benefits for businesses.

Here are some of the tax highlights of the ARPA.

PPP Changes Provide Greater Access for Smallest Biz

The Biden Administration announced changes to the Paycheck Protection Program (PPP) to increase lending to smaller businesses and help ensure equitable distribution of loans to them. But qualified businesses may want to act fast because there is a two-week period when PPP loan applications will exclusively be accepted from businesses with fewer than 20 employees.