Newsletters

Advance Child Tax Credit Payments

Posted June 2021

The IRS announced that the 2021 advance child tax credit (CTC) payments, created under the American Rescue Plan Act (ARPA), will begin being made on July 15, 2021. According to the IRS, about 39 million households covering 88% of children in the U.S. “are slated to begin receiving monthly payments without any further action required.” Eligible parents will soon begin receiving payments from the federal government.

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Providing Education Assistance to Employees

Posted June 2021

Many businesses provide education fringe benefits so their employees can improve their skills and gain additional knowledge. Under a “qualified educational assistance program,” an employee can receive, on a tax-free basis, up to $5,250 each year from their employer for educational assistance.

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Tax Filing Reminders – June 2021

June 15
September 15
September 30
October 15

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2020 UNEMPLOYMENT COMPENSATION EXCLUSION

Posted 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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Tax Filing Reminders – March 2021 – UPDATED

April 15th
May 17th
June 15th

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TWO WEEKS FOR SMALL BUSINESSES TO APPLY FOR PPP WITH SBA

Posted March 2021

On Monday, February 22, President Biden and the U.S. Small Business Administration (SBA) announced changes to the Paycheck Protection Program (PPP) to assist small businesses. The SBA established a 14-day loan application period exclusively for businesses and nonprofits with fewer than 20 employees. It is anticipated that larger PPP-eligible businesses will still have plenty of time to apply for and receive support before the program expires on March 31.

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CASUALTY LOSSES IN FEMA DISASTER AREA

Posted March 2021

Tax relief is part of a coordinated federal response to the damage caused by winter storms in February 2021 and is based on local damage assessments by FEMA. Individuals and businesses in a federally declared disaster area who suffered uninsured or unreimbursed disaster-related losses may be able to deduct a casualty loss, choosing to claim the loss on either the return for the year the loss occurred (in this instance, the 2021 return normally filed next year) or the return for the prior year. This means that taxpayers can, if they choose, claim these losses on the 2020 return they are preparing this tax season.

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