Translations from Your Trusted Advisor.
New Hampshire has another grant opportunity available to restaurants. The newest grant awards up to $15,000 per business to reimburse for eligible equipment, infrastructure, and technology purchases that occurred between November 1, 2021 and July 13, 2022 to help businesses deal with COVID 19.
Tuesday, March 15th, the SBA announced that they are providing additional deferment of principal and interest payments for COVID EIDL Loans. This is the third time the SBA has extended payments.
In an update to a recent blog post, the IRS has now sent out most of the Advance Child Credit Letters to taxpayers that received advanced child tax credit payments. It is important to note that taxpayers that file as married filing jointly will each receive an Advance Child Tax Credit Letter. Each letter will report a portion of the total amount. In many instances each letter will report half of the total amount, but there are situations where the amounts will be different, so it is important to provide the total amount that was received to your accountant.
Rebecca Acorn, CPA, MST •
In December 2021 the United States Department of Education announced that the COVID-19 Emergency relief related to federal student loans would end on May 1, 2022. Those with eligible loans may have received a suspension of loan payments, 0% interest rate, and stopped collections on defaulted loans. To learn more about repayment restarting, visit your loan provider or Studentaid.gov
Late last Friday the House passed the Infrastructure Investment and Jobs Act, the Senate had passed the bill back in August. While there are few immediate tax provisions in this bill, it opens up the way for the reconciliation bill, the Build Back Better Act, which has significant tax impacts.
Tax impacts related to the Infrastructure Investment and Jobs Act: