If you own a small business in California, you could get COVID grants up to $25 thousand dollars!   On May 13, Governor Gavin Newsom proposed adding $1.5 billion dollars to a program providing grants of up to $25 thousand dollars to small business owners, which will help many more business owners to receive this grant.   This relief program had $2.5 billion dollars to give away, but with the proposed addition of 1.5 billion dollars, it would put the fund at $4 billion dollars. This would be the largest state relief program in the country for small businesses.  If this proposal is approved, it’s estimated to be able to provide grants to about 150,000 California small businesses. The grant would be incredibly helpful for those struggling to stay afloat in the current state. It’s been studied that 35% of small businesses are three months from closing, if they didn’t get additional financial help.

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Do you receive Social Security or Supplemental Security Income benefits? Then it’s important to make sure that you and your family are getting the stimulus money that you’re eligible for by filing your 2020 taxes immediately even if you do not normally file.  Once you file your taxes, you will get all EIPs that you are eligible for through what is known as a Recovery Rebate Credit. Once the return is processed, the IRS will be prompted to send out these checks.  The IRS has also encouraged federal beneficiaries to submit their information so that all eligible dependents are counted in these EIP payments. If you had a child in 2020, you are eligible to receive a payment for this child. If your spouse or dependents have not received their stimulus checks they are eligible as well.

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Governor Gavin Newsom plans to triple the state’s investment in the Golden State Stimulus by expanding the stimulus to middle-class families. Once his proposal gets approved, 2 out of every 3 Californians will be eligible for the new $600 and extra $500 stimulus checks if you qualify.  This total of nearly 12 billion dollars of potential direct cash payments to Californians is said to be the largest state tax rebate in American History. 

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What does President Joe Biden's recently-announced $1.8 trillion proposal mean to you?  We know that the IRS is vigorously trying to close the tax gap and expected to increase Audits & Collections.  Over the past 10 years, the IRS has become under-funded, with many IRS employees being let go. Over this time, the audits by the IRS have fallen by 72% and the IRS has lost more than 17,000 employees. However, through President Joe Biden’s $1.8 trillion proposal, known as the American Families Plan, IRS enforcement efforts will be invigorated through a heightened budget. With the proposed budget increase, Rettig, the IRS Commissioner, plans to hire up to 4,875 more IRS employees in the enforcement part of the agency.  This plan is proposed to boost the IRS’s funding by $80 billion over 10 years. This will reform the IRS through technology upgrades and hiring more employees. Ultimately, it will help close the “tax gap” of about $700 billion over 10 years.

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Are you or someone you know experiencing trouble with the IRS? Having IRS troubles is a very serious and scary situation to find yourself in so make sure to watch this video to get strategies to help your situation! Here are 7 PROVEN STRATEGIES for dealing with IRS Problems that have given our clients amazing results. If you or anyone you know need professional representation with the IRS, pleased contact us. We serve clients all over the country.

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Last Saturday, April 17th, the applications and details for the Restaurant Revitalization Fund were finally made public. In this video, we go over who will be given priority for this process and what risks you could possibly face. The SBA is continuously revising this process so we anticipate that it will be complicated but Ace Plus Tax Resolution is here to help!  SBA kept inconsistently revising the rules and applications for EIDL and PPP several times and made the process very complicated. We expect a similar thing to happen for this restaurant fund application, so I highly recommend you utilize this line of our services.  If you would like the application professionally prepared, please contact us.

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The draft application for the Restaurant Revitalization Fund application has been released! The application portal is expected to open very soon.   We urge all restaurant owners to get ready for the fund application process as soon as possible, as the demand is very high so the fund might run out more quickly than we expect.   Once it comes out, you can submit the application and supporting documents to this portal, which SBA will review and go through a screening process.   SBA kept inconsistently revising the rules and applications for EIDL and PPP several times and made the process very complicated. We expect a similar thing to happen for this restaurant fund application, so I highly recommend you utilize this line of our services.  If you would like the application professionally prepared, please contact us.

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This new child tax credit is now $3,000 per child between the ages of 6 and 17. For children under the age of six, the new tax credit is $3,600. It is important to note that this new tax credit for 2021 is fully refundable. This credit is also special because it can be paid to you in advance. This means you can get 50% of the credit from July through December. IRS Commissioner Rettig confirmed on April 13 that they fully expect to launch in July, and they expect to launch with payments going out on a monthly basis. Watch the video to find out more about the new child tax credit. 

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Today’s podcast goes over the proposed updates on these Restaurant Revitalization Grants. We discuss how the grant is calculated and even the minimum and maximum amounts that have recently been proposed.   Note this update - The new proposed end date of the covered period that you can use the fund is March 11, 2023.  Also, there's no need for SAMS registration, but no alternative preliminary step has been revealed yet.  Although the application has not yet been released, the process to get these funds will be very tricky and should be handled by a professional. Our team at Ace Plus Tax resolution can simplify this process for you, getting your restaurant the funds you need as seamlessly and quickly as possible.  

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Was your stimulus a different amount than expected? Then you may be eligible for an additional supplemental payment from the IRS! Also, the IRS could the RRC amount based on 2020 tax return. IRS has also confirmed that it started sending payments to Social Security and other federal beneficiaries who didn’t file a 2020 or 2019 tax return. Most of these recipients should get their payments electronically by April 7.  

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