by Admin | Feb 18, 2021 | Business Taxes, COVID-19
In order to help trades and businesses to retain employees and keep them employed during the COVID-19 crisis, the Coronavirus Aid, Relief, and Economic Security (CARES) Act created the Employee Retention Credit for 2020. As part of the Consolidated Appropriations...
by Admin | Feb 17, 2021 | Business Taxes, COVID-19
The Consolidated Appropriations Act, 2021 (CCA), which was passed by Congress and signed by the president late last December, included a very tax-beneficial provision that liberalized the interaction between PPP loans and the Employee Retention Credit (ERC). Prior to...
by Admin | Feb 2, 2021 | Business Taxes, Individual Taxes
February 1 – File 2020 Individual Return to Avoid Penalty for Not Making 4th Quarter Estimated Payment:If you file your prior year’s individual income tax return and pay any tax due by this date, you need not make the 4th Quarter Estimated Tax Payment that...
by Admin | Jan 27, 2021 | Business Taxes, Entrepreneurial
As if 2020 wasn’t challenging enough, tax-filing this 2020 tax season is going to be even more complicated than usual. Though the CARES Act and the Paycheck Protection Program were put into place to help small businesses, the old adage about “no such thing as a free...
by Admin | Jan 20, 2021 | Business Taxes
If you recall, the Tax Cuts and Jobs Act (TCJA), effective beginning in 2018, eliminated business meal deductions for entertainment, amusement or recreation expenses. However, it did retain a deduction for business meals when the expense is ordinary and necessary for...
by Admin | Jan 15, 2021 | Business Taxes
Filing annual wage reports is just one of the many end-of-year responsibilities expected of every business. But the task is not as straightforward as some would think. The reports get sent to the people who have received wages, and at the same time they get filed with...
