Author: Frank Granatino, CPA

April 2021, Accounting

American Rescue Plan Act Signed into Law, Contains Several Tax Provisions

The American Rescue Plan Act (ARPA) of 2021 passed Congress, and President Biden signed the bill into law on March 12.  The ARPA approves $1.9 trillion in spending for individuals, businesses, governments and certain industries impacted by the COVID-19 pandemic. The third act in a year, the ARPA approves additional economic impact payments for individuals; the extension of federal unemployment benefits; additional funds for Paycheck Protection Program (PPP) loans and…

Accounting, February 2021

Everything You Need to Know About the Expanded ERTC

The employee retention tax credit (ERTC) is intended to provide liquidity to employers during the pandemic and was greatly expanded in the Consolidated Appropriations Act of 2021 thanks to Sections 206 and 207 of the Taxpayer Certainty and Disaster Relief Act portion. It opens the doors to more businesses facing significant financial hardship to qualify for and receive this credit. Many changes from the original credit were enacted including an…

Accounting

Top Tips for a Healthy Accounts Receivable

The accounts receivable (AR) department in any business can mean the difference between financial life and death. It may not seem that serious on the outset, but highly optimized AR departments can help any business improve their financial situation and make financial decisions with greater confidence; or, in contrast, an unsuccessful AR department can put you at risk of running in the red. The struggle with AR often lies in…