posts by Anne Zavaglia - Beacon Hill Investment Advisory, LLC

Paycheck Protection Program Extended

The Paycheck Protection Program has been extended to June 30, 2021.  The American Rescue Plan provided an additional $7.25 billion in funding to the program.  The PPP Extension Act of 2021 takes it a step farther, extending the application deadline to May 31, 2021. The Small Business Administration (SBA) has until June 30, 2021 to …

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The IRS Provides Guidance on the Employee Retention Credit

The Internal Revenue Service (IRS) released new guidance this week for employers that are claiming the Employee Retention Credit for 2020. The guidance applies to qualified wages paid between March 12, 2020 and December 31, 2020. At the end of last year Congress passed a relief bill allowing businesses that received Paycheck Protection Program (PPP) …

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Tax Filing Due Date Extended

The IRS has extended the Federal Tax Filing deadline for individuals to May 17, 2021! State taxes are still due April 15, unless your state changes it, or you live in a disaster relief area. Taxpayers can also postpone their federal income tax payments for the 2020 tax year to May 17, 2021, without penalties …

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Tax Documents Calendar

The following is a list of when various tax forms will be ready for 2020, listed in order of when they will be released. Clients should reach out to us if they need help accessing forms. Document Name Information Reported Availability date February 1099-Q Payments from Qualified Education Programs (under Sections 529 and 530) Distributions …

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Opportunity Zone Investment Deadline Extended

Typically, taxpayers that want to defer paying taxes on capital gains must reinvest their realized gain into a Qualified Opportunity Zone Fund within a 180 period after the date of sale.  Due to the pandemic, the 180 period was extended last year until 12-31-2020.  The IRS has released a notice that further extends the deadline …

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