Recovery Rebate Credit Won’t Be Applied to Past-due Federal Income Tax Debts

IRS announced that the 2020 Recovery Rebate Credit (RRC) amount will no longer be applied to past due federal income tax debts. This announcement, however, does not apply to debts owed to other federal government or state agencies. Background:IRS “may credit… [an] overpayment, including any interest allowed thereon, against any liability in respect of an… Read more »

President Biden Signs PPP Loan Extension Act

“…small businesses is the backbone of our economy…” -President Joe Biden President Biden has signed the PPP Extension Act of 2021, providing some flexibility for small businesses in applying for this loan program. The Paycheck Protection Program (PPP) was created by the Small Business Administration (SBA) to alleviate at least some financial pressures off of… Read more »

PPP Loan Extension Passed by US Senate

Nearly one of every six small business owners report they will have to close their doors if current economic conditions do not improve over the next six months. National Federation of INdebependent Businesses (NFIB) via The Business Report The COVID-19 pandemic has placed a hardship on anyone over the course of the past year; however,… Read more »

Face Masks, Other PPE to Prevent Spread of COVID-19 Are Tax Deductible

The IRS announced that the purchase of personal protective equipment (PPE), such as masks, hand sanitizer and sanitizing wipes, for the primary purpose of preventing the spread of COVID-19 are considered deductible medical expenses. The amounts paid for PPE are also eligible to be paid or reimbursed under health flexible spending arrangements (health FSAs), Archer… Read more »

IRS Releases New COVID-19 Employer Tax Credits

The IRS has revealed new COVID-19 tax credits for employers of any size, including those that are tax-exempt organizations. For wages paid from March 13, 2020 through December 31, 2020, an employer can receive a refundable tax credit of 50% up to $10,000 in qualified wages paid to an employee. It also includes related and… Read more »

Executive Forum Goes Virtual Covering Response & Recovery During a Pandemic

Read time: 5 minutes Seats are perfectly aligned row by row, all facing a front table set for just a few people. Buffalo Business First drops a canvas background dotted with their logo to set the scene behind the four panelists awaiting to come out. Each seat is dressed with a pen and pad of… Read more »

Changes have been made to the PPP loan — Here’s what you need to know.

Things just got switched up for small businesses, but it seems to be leaning in business owners’ favor. This month, the Paycheck Protection Plan Flexibility Act (PPPFA) was officially signed into law. These updates can make a major impact on any small business that happened to get hit hard during this year’s pandemic. CTBK wants… Read more »

Understanding Response & Recovery From Wherever You Are

Now months into the pandemic, it seems most of us are used to “abnormal.” Buffalo Business First is addressing Response & Recovery in regards to COVID-19 with special focus on our local region. Business succession planning is important no matter what, but these odd times are truly putting the practice to the test. On the… Read more »

CTBK Finance Expert Chats With Buffalo Business First on Lending Program

The Federal Reserve announced it is striving to assist small- and medium-sized businesses with its latest program: Main Street Lending. This program has been designed to help businesses that were on solid ground before the COVID-19 pandemic get back on their feet. The Federal Reserve states the Program will operate through three facilities: Main Street… Read more »

Estate Planning: How COVID-19 May Change Your Estate Tax Obligation

The individual federal lifetime estate tax exemption is at an all-time high of $11.6 million. The high lifetime exemption, coupled with lower asset prices, creates a good opportunity for owners of closely-held family businesses to execute estate plans.  Executing an estate plan can relieve families of the burden of estate taxes, align assets to ensure… Read more »