Tax

January 13, 2021/Tax, Business Planning, COVID-19

Employee Retention Credit Improvements

The Consolidated Appropriations Act of 2021 (Act), signed into law on December 27, 2020, contains significant enhancements and improvements to the Employee Retention Credit (ERC). Learn more about how these updates may impact your business.

January 5, 2021/Tax, Business Planning

January 2021 Payroll Tax and Compensation Reminders

As we ring in the new year, we would like to remind you that this year many not be the same as 2020 when it comes to payroll taxes and compensation and benefit matters. This alert highlights various areas of change and what employers should be focusing on as they review year-end payroll.

December 31, 2020/Tax, COVID-19

2021 Changes to Paycheck Protection Program

The new Consolidated Appropriations Act includes a second draw of Paycheck Protection Program (PPP) loans. It also allows businesses to deduct ordinary and necessary expenses paid from the proceeds of PPP loans. 

December 28, 2020/Tax, COVID-19

Trump Signs Consolidated Appropriations Act Into Law

The passing of the Consolidated Appropriations Act provides much-needed clarification on the tax deductibility of PPP loan forgiveness, a new round of PPP funds available for second- and first-time borrowers, and increases the simplified application forgiveness threshold to borrowers of $150,000 or less.

December 22, 2020/Tax, COVID-19

Consolidated Appropriations Act Addresses Key PPP Concerns

The passing of the Consolidated Appropriations Act provides much-needed clarification on the tax deductibility of PPP loan forgiveness, a new round of PPP funds available for second- and first-time borrowers, and increases the simplified application forgiveness threshold to borrowers of $150,000 or less.

December 2, 2020/Tax

2020 Reminder Regarding Common Taxable Fringe Benefits

As 2020 draws to a close, we would like to remind you of the importance of reporting the proper inclusion of common fringe benefits in taxable wages for employees, officers, and shareholders. Fringe benefits are defined as a form of pay-for-performance of services given by a company to its employees as a benefit and must be included in an employee’s pay unless specifically excluded by law.

November 20, 2020/Tax, COVID-19

IRS Releases Guidance Regarding Deductibility of PPP Loan-Related Expenses

Based on the most recent IRS guidance on the deductibility of PPP loan-related expenses, the taxpayer is allowed to deduct expenses originally thought to be non-deductible on a timely filed return or can amend the return in the taxable year. Extending 2020 calendar year returns might be advisable for some taxpayers who will be applying for loan forgiveness in 2021.

August 19, 2020/Tax

Paid Taxes but Received an IRS Notice for an Amount Due? Don’t Panic.

If you have received an IRS notice requesting an amount due when you know you’ve already sent in a payment, don’t panic. The delay is on their end, where they haven’t cashed the checks or applied the payments. They’re asking to allow 90 days to complete this action.

August 6, 2020/Tax, Financial Planning, COVID-19

Update to Required Minimum Distributions Rules for 2020

If you took a Required Minimum Distribution (RMD) in 2020, you now have until August 31, 2020 to rollover any RMD that was received in 2020, according to the latest IRS Notice 2020-51.

June 18, 2020/Tax, Business Planning, COVID-19

New PPP Loan Forgiveness Application Released

A new application and instructions to apply for tax-free forgiveness of the new small business loans is now available. Released June 17, the Form 3508EZ and instructions allow eligible borrowers that meet certain criteria to take advantage of a simplified forgiveness application process, which eliminates the complicated forgiveness calculations previously required.

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