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CPA Insight
Information courtesy of Thomson Reuters

Kort Redick, CPA

Employee Retention Credit

The employee retention credit (ERC) may be a possible resource of government funds you should consider. Recent legislation (December 27) and recent guidance over the last few weeks has expanded eligibility to businesses that were previously unable to qualify for this credit.

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Kort Redick, CPA

Second round of funding for PPP Loans

The 2nd round of funding for PPP Loans will be available this week.

Small businesses who did not receive a PPP loan on the first go around can begin to apply January 11, 2021-apply with your local bank.

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Thomson Reuters

Many retirement plan dollar limits increase for 2021

IRS has announced the 2021 cost-of-living adjustments (COLAs) with respect to retirement plan limits. Many limits, which are adjusted by reference to Code Sec. 415(d), are changed for 2021 since the increase in the cost-of-living index met the statutory thresholds that trigger their adjustment. However, others remain unchanged. Certain dollar limit changes keyed to Code Sec. 1(f)(3) have also increased.

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Thomson Reuters

PBGC sets 2021 premium rates

The Pension Benefit Guaranty Corporation (PBGC, a government agency that collects insurance premiums from employers that sponsor insured defined benefit plans) has released the 2021 premium rates.

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