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:
With the many tax-centered incentives and other COVID-19-related credits comes an increased threat of scammers attempting to steal your money or personal information. As we head into the fall season, M+R would like to remind clients to remain vigilant.
Most of the more prevalent IRS scams fall into one of three categories including:
Last week the IRS updated the frequently asked questions (FAQs) on the paid sick and family leave tax credits under the American Rescue Plan Act of 2021.The new updates now include information regarding COVID-19 immunizations.
Eric Kipperman •
The Advance Child Tax Credit Payment is a useful tool to allow early access to this credit that you normally would only receive when you file your return. Receiving these payments can be helpful to free up some cash to make things a bit easier now, after dealing with all of the financial hardships associated with the COVID-19 pandemic. For some, opting out of the payments makes more sense. If you rely on the Child Tax Credit to meet your tax obligation then you would want to opt out of the Advanced Child Tax Credit Payment as this will reduce the amount of credit available to claim on your 2021 tax return.
Both business owners and individuals who file taxes in the state of New Hampshire have some changes that may affect them for upcoming tax years, particularly 2022. As a result of some recent budget changes and legislation, all Granite State taxpayers can expect some aspect of these recent changes to affect them.
Last week legislation was finalized in the State of New Hampshire allowing for Payroll Protection Program (PPP) Loan forgiveness to conform to the federal treatment. This will allow any forgiven funds to be nontaxable.
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