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2020 UNEMPLOYMENT COMPENSATION EXCLUSION

Posted in April 2021

In recent months, there have been many tax changes to help mitigate the financial damage caused by COVID-19. One change that may result in tax savings for you on your 2020 tax return is the unemployment compensation exclusion.

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MANDATORY E-FILING IN 2021 FOR TAX-EXEMPT ORGANIZATIONS

Posted April 2021

The Taxpayer First Act requires certain tax-exempt organizations to file information and tax returns electronically for tax years beginning after July 1, 2019. Pending conversion to electronic format, the IRS previously accepted paper-filed Forms 990-T, Exempt Organization Business Income Tax Return, and Form 4720, Return of Certain Excise Taxes Under Chapters 41 and 42 of the Internal Revenue Code.  As of March 2021, these forms and instructions have been revised and electronic filing is required.

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EMPLOYEE RETENTION CREDIT FOR 2021

Posted April 2021

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) created a refundable payroll tax credit, the Employee Retention Credit (ERC). For 2020, the ERC could be claimed by eligible employers who paid qualified wages after March 12, 2020, and before January 1, 2021, if they experienced a full or partial suspension of their operations or a significant decline in gross receipts. The credit for 2020 was equal to 50% of qualified wages paid, including qualified health plan expenses. The maximum credit per employee was $5,000.

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Tax Filing Reminders – April 2021

May 17th
June 15th

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