Quarterly News
May/June| 2021
E.J. Callahan & Associates Updates:
The partners at EJC would like to congratulate Robert VanSchalkwyk, CPA on his recent promotion to Supervisor. Rob has more than 14 years of public and private accounting experience. He holds a BS in Business Administration and MBA from Nichols College. 
The Tax Adviser:
New Deadlines Affecting 2020 Tax Filings
If you missed our earlier social posts, there were a number of deadline updates and changes announced in 2021 affecting the 2020 tax filing season. Most affected deadlines were moved to May 17, 2021. You can view our post below which summarizes the updated treatment of unemployment compensation, deadline extensions for making individual retirement account contributions and more below.

Traditional IRA Basics: 10 Things You Must Know

The traditional IRA is one of the best options in the retirement-savings toolbox. You can open a traditional IRA at a bank or a brokerage, and the universe of investments is wide open. Traditional IRAs, however, have a lot of rules—break one and you could face a penalty. Follow those rules, however, and you can end up with a sizable chunk of change down the road.
Associated Builders and Contractor's (ABC) Backlog Indicator Slips in March; Contractor Optimism Improves

ABC produces the Construction Backlog Indicator, the only economic indicator that reflects the amount of work that will be performed by commercial and industrial construction contractors in the months ahead, and the Construction Confidence Index, a diffusion index that signals construction contractors’ expectations for sales, profit margins and staffing levels.
 
SBA Opens Portal for Restaurant Revitalization Fund
The American Rescue Plan Act established the Restaurant Revitalization Fund (RRF) to provide funding to help restaurants and other eligible businesses keep their doors open. The RRF will award restaurants with grants equal to their pandemic-related revenue loss, up to $10 million per business and no more than $5 million per physical location.