Your McCarthy Update 

Marty McCarthy, CPA, CCIFP
Focused on You. Dedicated to Your Success.
March 15, 2021

Accounting & Tax News
(IRS.gov) Tax Time Guide: Get credit for IRA contributions made by April 15 on 2020 tax returns. The IRS notes that taxpayers of all ages may be able to claim a deduction on their 2020 tax return for contributions to their Individual Retirement Arrangement (IRA) made through April 15, 2021. There is no longer a maximum age for making IRA contributions. Learn more.
 
(IRS.gov) Tax Time Guide: Make protecting tax and financial information a habit. Scams and schemes using the IRS as a lure can take on many variations, so practicing personal information security is vital. Read more.
 
Construction and Real Estate News
(Construction Dive) $1.9T COVID-19 relief package includes billions for capital projects. The construction industry will benefit from many of the provisions in the rescue bill. Discover why.
 
(Construction Executive) ABC’s construction backlog Indicator rose sharply in February; contractor optimism builds. Associated Builders and Contractors (ABC) reported recently that its Construction Backlog Indicator rose to 8.2 months in February, according to an ABC member survey conducted from February 22 to March 3. This is up 0.7 months from January’s reading, but is still 0.7 months lower than in February 2020. Read more.

(Construction Dive) $1.9T COVID-19 relief package includes billions for capital projects. The construction industry will benefit from many of the provisions in the rescue bill. Read more.

COVID-19 Related News
(Accounting Today) IRS offers guidance on employee retention credit and PPP eligibility. The guidance is for employers claiming the employee retention credit for 2020 and how it relates to eligibility for the Paycheck Protection Program (PPP). Read more.
 
(CNBC) Student loan forgiveness is now tax-free. What that means for borrowers if Biden cancels the debt. Student loan forgiveness is now tax-free, thanks to a provision included in the $1.9 trillion federal coronavirus stimulus package that President Joe Biden signed into law on Thursday. Read more.

(Yahoo! Finance) SBA extends deferment period for all COVID-19 EIDL and other disaster loans until 2022. All SBA disaster loans made in calendar year 2020, including COVID-19 EIDL, will have a first payment due date extended from 12-months to 24-months from the date of the note. All SBA disaster loans made in calendar year 2021, including COVID-19 EIDL, will have a first payment due date extended from 12-months to 18-months from the date of the note. Read more.

(Forbes) Third stimulus check calculator: estimate how much you will receive. President Joe Biden officially signed the third stimulus package into law on March 11. The package includes $1,400 Recovery Rebate payments (also known as stimulus checks) and White House Press Secretary, Jen Psaki, said on Thursday that Americans could start seeing direct deposits hitting their bank accounts as early as this weekend. Calculator how much you could get.
 
(Forbes) Employee Retention Credit: Top ten mistakes of business owners and their advisors. The Employee Retention Credit (ERC) is a tax credit first put in place last year as a temporary coronavirus-relief provision to assist businesses in keeping employees on payroll. Learn more.

General News
(Inc.) What you need to know before accepting bitcoin payments. A growing number of small businesses are accepting cryptocurrency. But there is a lot to understand if you want to try it with your company. Read more.
 
(USA Today) Social Security scammers have a new game: They're impersonating agency employees by texting photos of phony badges. So, you just got a text from Social Security and the guy even tried to reassure you that he is the real deal by texting you a picture of his badge. Should you feel that things are on the up-and-up and respond? The scammers who are out to steal your Social Security number and your money now have a new game going. Read more.

Please visit our COVID-19 Resource Page for more alerts. Learn about our COVID-19 Recovery Services.

Feel free to contact any member of our team at (610) 828-1900 (PA) or (732) 341-3893 (NJ) with questions. Rich Higgins, CPA, managing principal – New Jersey office can be contacted at Richard.Higgins@McCarthy.CPA. I can be reached at Marty.McCarthy@McCarthy.CPA As always, we are happy to help.

Stay safe,

Marty McCarthy, CPA, CCIFP
Managing Partner
McCarthy & Company

Disclaimer: This alert is for informational purposes only and does not constitute professional advice. Information contained in this communication is not intended or written to be used as tax advice, and cannot be used by the recipient to avoid penalties that may be imposed under the Internal Revenue Code. We strongly advise you to seek professional assistance with respect to your specific issue(s).