FMLE TAX

"The Internal Revenue Service announced that the nation's tax season will start on Monday, Jan. 24, 2022, when the tax agency will begin accepting and processing 2021 tax year returns."
"Like last year, there will be individuals filing tax returns who, even though they are not required to file, need to file a 2021 return to claim a Recovery Rebate Credit to receive the tax credit from the 2021 stimulus payments or reconcile advance payments of the Child Tax Credit. People who don’t normally file also could receive other credits."
Read the full release here - https://www.irs.gov/.../2022-tax-filing-season-begins-jan...

404 | Internal Revenue Service 404

Paycheck Protection Program Reopens January 11

On January 8, 2021, the U.S. Small Business Administration, in consultation with the Department of Treasury, announced that the Paycheck Protection Program (PPP) will re-open the week of January 11, 2021 for new borrowers and some existing PPP borrowers. The initial wave of loans issued on Monday, January 11, and Wednesday, January 13, will only be available to community financial institutions, but the PPP will open up to all eligible lenders shortly after.

Key PPP updates include:

PPP borrowers can set their PPP loan’s covered period to be any length between 8 and 24 weeks to best meet their business needs

PPP loans will cover additional expenses, including operations expenditures, property damage costs, supplier costs, and worker protection expenditures

The Program’s eligibility is expanded to include 501(c)(6)s, housing cooperatives, destination marketing organizations, among other types of organizations

The PPP provides greater flexibility for seasonal employees

Certain existing PPP borrowers can request to modify their First Draw PPP Loan amount and

Certain existing PPP borrowers are now eligible to apply for a Second Draw PPP Loan.

A borrower is generally eligible for a Second Draw PPP Loan if the borrower:

Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses

Has no more than 300 employees and

Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.

For more visit

SBA and Treasury Announce PPP Re-Opening; Issue New Guidance {}

2020 it's almost in our rear-view, as we are looking out the front window to the 2021 tax season. Hold on to your hats it is going to be one heck of a ride

media1.tenor.co