RISCPA/RI BUSINESS FORUM NEWS RELEASE
February 18, 2021
RISCPA partners with RI Hospitality Association for joint member event: Tax Issues Facing the Hospitality Association, Feb 25th 2:30 pm. REGISTRATON
The Rhode Island Division of Taxation provides important information and reminders for tax preparers and do-it-yourself taxpayers: Understanding how to fill out Rhode Island personal income tax returns when it comes to the health insurance mandate section: ADV 2021-06
Important Update info for CPAs: As of July 1, 2020 a Letter of Good Standing (LOGS) from the RI Division of Taxation is no longer required. Limited Partnerships must provide a LOGS in order to dissolve. GUIDANCE
PPP, EIDL and More: What’s New and What’s Next
New Date added: Wednesday, March 3rd 12:00-1:30 pm
Please join the U.S. Small Business Administration, RI Commerce Corporation and RISCPA/RI Business Forum for a very special event as they walk you through what’s new and what’s next for these programs.
- Updates to 1st Draw PPP loans.
- A breakdown of eligibility and more on 2nd Draw PPP loans.
- New additions to PPP loan forgiveness including the new streamlined application and what you need to do
- Updates on EIDL
- The Shuttered Venue Operators Grant program
- Q&A on any issues your small business is facing.
RISCPA QuickBooks seminar on PPP eligibility shortcuts and CPA assistance (one-on-one consultations based on availability) will be available to help businesses with the application process.
PPP2 News and Updates
Shuttered Venue Operators Grant: Emergency assistance for eligible venues affected by the COVID pandemic. Details Here
The following PPP Forms now available in one convenient location:
- The Carl W. Christiansen Scholarship
- The Cheryl A. Ruggiero Scholarship
- The KLR/Brian A. Altomari Memorial Fund Scholarship.
- Didn't Get Requested PPP Loan Forgiveness? You can claim the Employee Retention Credit for 2020 on the 4th quarter form 941: More Information
- Employers can withhold, make payments of deferred Social Security taxes from 2020: IR-2021-17 and Notice 2021-11
- Tax Season starts today Friday, February 12, 2021: IR 2021-16
Rhode Island Small Business Development Center is hosting a series of free events to help small businesses with their business and marketing needs. For more information, please CLICK HERE
All Division Advisories are available here: http://www.tax.ri.gov/Advisory/index.php
Employee Retention Credit: A refundable tax credit against certain employment taxes equal to 50 percent of the qualified wages an eligible employer pays to employees after March 12, 2020, and before January 1, 2021. Read More
- Employee Retention Credit Under the CARES Act FAQs
- Employers May Be Able to Claim the Employee Retention Credit and Have a PPP Loan
- Form 7200, Advance Payment of Employer Credits Due to COVID-19
- New Employer Tax Credits
Educators can now deduct out-of-pocket expenses for COVID-19 protective items: IR-2021-28
Rhode Island Division of Taxation Issues Guidance on Elective entity-level tax on pass-through entities. Notice 2020-75
GOVERNMENT AFFAIRS: Under the Dome
House and Senate in recess this week
The House meets 2/23 at 4:00 PM
The Senate meets 2/23 at 4:00 PM
RISCPA/RI Business Coalition to monitor legislation activity.
COVID-19 Rhode Island Stats (as of 02/18/2021)
- Total number of cases: 122,859
- New cases: 320
- People hospitalized: 180
- Total Fatalities: 2,367
- Total number of tests: 2,832,361
- Positivity rate: 1.8%
NEW! VACCINE ADMINISTRATION:
- People who received 1 dose: 119,284
- People who received 2 doses (fully vaccinated): 54,350