The American Rescue Plan Act (ARPA) significantly liberalizes the rules for the federal child tax credit, which means more money in the pockets of eligible parents this year. However, the liberalizations are only for the 2021 tax year. Pre-ARPA...
Read MoreTeachers – What you need to know about deducting out of pocket expenses for your classroom.
Now that fall is here and school has started, many teachers are dipping into their own pockets to buy classroom supplies. Doing this throughout the year can add up fast. Fortunately, eligible educators may be able to defray qualified expenses...
Read MoreEconomic Impact Payment – What You Really Want to Know.
What you really want to know about Economic Impact Payments Is this payment considered taxable income? No, the payment is not income and taxpayers will not owe tax on it. The payment will not reduce a taxpayer’s refund or increase...
Read MoreGiving Tuesday
The Coronavirus Aid, Relief, and Economic Security (CARES) Act includes several changes that encourage charitable giving during the coronavirus (COVID-19) crisis. This is welcome news for certain public charities, including churches, educational...
Read MoreReturn to Work Safety & Guidance
Some essential businesses have remained open during the COVID-19 pandemic and adjusted quickly to protect the well-being of their employees. However, others are just preparing to reopen as soon as state and local officials lift restrictions. ...
Read MorePreparing for Post COVID Business Changes
Few businesses have been left unscathed by the novel coronavirus (COVID-19) pandemic. Unfortunately, many have been mortally wounded. Some may be living on life support thanks to financial help from the government, but their long-term survival is...
Read MoreWhere’s My Economic Impact Payment?
Millions of Americans have already received their Economic Impact Payments. The IRS continues to calculate and automatically send the payments. However, some may have to provide additional information to the IRS to get their Payments. Please...
Read MoreEconomic Impact Payments: What You Need to Know
Check IRS.gov for the latest information: No action needed by most people at this time IR-2020-61, March 30, 2020 WASHINGTON – The Treasury Department and the Internal Revenue Service today announced that distribution of economic impact payments...
Read MoreUS Chamber of Commerce Guideline & Checklist
The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated 350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection program, the initiative provides 100%...
Read MoreCARES Act – Guidance for the Small Business Owner
There will be many resources available to the small business owner and other employers, but which one is right for your company? Information is abundant and we know you have concerns. We are here to help you with any questions you may have. ...
Read MoreCOVID-19 Relief: Overview of the New CARES Act
President Trump has signed legislation to infuse the U.S. economy with roughly $2 trillion in financial relief during the coronavirus (COVID-19) pandemic. This is welcome news for people and businesses that have suffered losses in recent weeks...
Read MoreUnemployment and Tax Credits – Navigating the Process
Unemployment and Tax Credits – Navigating the Process The Cleveland Group, CPAs is working diligently to assist our clients through this process and monitoring all of the tax legislation to further assist our clients. Rest assured we are in this...
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