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American Rescue Plan Act of 2021

President Biden just signed the American Rescue Plan Act. Many changes are going to affect 2021. We will be sending out those changes in the near future.

One BIG change for 2020 is that unemployment compensation will not be fully taxable. Taxpayers with an adjusted gross income of under $150,000 do not have to include the first $10,200 received per person as income. If you have filed your 2020 tax return and claimed unemployment compensation as income, we will be reaching out to you with the next step to amend your tax return. If we have not finalized your 2020 tax return, we will not be electronically filing your return until our tax software has been updated to reflect this new change.

The next two things we would like to inform you about from the American Rescue Plan Act of 2021 have to do with Restaurants and Health Insurance through the marketplace.

If you get your health insurance coverage through the marketplace and receive a monthly advanced premium tax credit (stipend), when you file your tax return the calculation of what you should receive for a stipend is reconciled against what your actual income was for the year. If you should have received more, you get the excess on your tax return but if you received too much you have to repay part if not all of it on your tax return. For 2020, it appears that you will not have to repay advance premium tax credits. We are waiting on further guidance from the IRS of the new calculation. If we have already filed your tax return and you had to repay a portion of your Premium Tax Credit (PTC) we have pulled your file and will be reaching out to you. If we have not yet finalized your return and you are in this situation, we will not be finalizing your return until the appropriate IRS and tax software updates can be made to properly calculate this change.

Regarding restaurants, there will be a new Restaurant Revitalization Grant through the SBA. This grant applies to all restaurants and is based on your loss due to the pandemic. In short, the amount you are eligible for is the following calculation. Gross receipts from 2019 less gross receipts for 2020 less PPP loans received. The grant is capped at $10,000,000 per entity and is tax free. The application is not available yet, but we advise you to be on the lookout. You will apply through the SBA. More guidance will be coming but we wanted to make you aware. The following is the definition of a restaurant from the act:

(4) ELIGIBLE ENTITY.—The term “eligible entity”—

(A) means a restaurant, food stand, food truck, food cart, caterer, saloon, inn, tavern, bar, lounge, brewpub, tasting room, taproom, licensed facility or premise of a beverage alcohol producer where the public may taste, sample, or purchase products, or other similar place of business in which the public or patrons assemble for the primary purpose of being served food or drink;


Our services are tailored to meet your business needs:
Our firm can be involved as much or as little as you need us to be. We can work with you once a week, once a year, and everything in between.

Complete financial services for your business:

• Bookkeeping

• Accounting

• Tax planning

• Business consultations

We use the latest technologies including top-of-the-line tax software and can use e-file to get your tax refunds processed quickly and easily. Our firm is well-informed and continually adapts to the ever-changing world of tax law and accounting.

Fast and efficient tax preparation service:

• Individual taxes

• Corporate taxes

• Business Taxes

• Electronic filing (E-file)

• Start-up filing

QuickBooks is very user-friendly and easy to learn even if you aren’t computer savvy. Mistakes aren’t hard to fix (and we can fix them for you). If you’re a QuickBooks user who wants to become more efficient, we would be happy to keep you updated or give you new tips. Call 904-342-7171 for your initial consultation.

Trust the QuickBooks ProAdvisor:

• Training and installation

• Training for new users

• Enhance your skills

NETCLIENT CS – Ancient City Accounting’s Secure Client Portal

Exchange files, download finished documents, and more – from any high-speed internet connection.

NetClient CS enables you to access your accounting and tax information and work with us from any high-speed internet connection, 24 hours a day, seven days a week. Using NetClient CS is as easy as online banking or shopping, and it’s completely secure.

Once you’re up and running on NetClient CS, you’ll have your own secure, password-protected online portal that you access from our website. Just log in from your web browser for instant access.

A NetClient CS Portal Allows You To:

• Upload, view and print tax documents, including finished tax returns and more

• Exchange files with us – any file, any time, including Quick Book files

• Upload secure information for preparation of your company’s 1099’s

Our NetClient CS portals use the industry’s most advanced security and reliability measures to keep your data safe, including:

• Built-in redundancy: Multiple data locations, internet connections, and power sources keep your portal up and running at all times.

• Secure password protection: A comprehensive password system provides you with worry-free access.

• 256-bit encryption: This protects your data as it travels between the data center and your computer.


St. Augustine's Premier Accounting Professionals

Call or text 904-342-7171 for a consultation to discuss what works best for your business!

Client Portal