Potential tax law changes hang over year-end tax planning for individuals
Please Note: This blog post contains information that is based on current law as of the date of publishing. This information is subject to change based on the outcomes of legislative negotiations. Please always consult with your CPA Advisor for … Read more…
Debate continues in Congress over proposed tax changes
Negotiations continue in Washington, D.C., over the future of President Biden’s agenda. Tax law changes may be ahead under two proposed laws, the Build Back Better Act (BBBA) and the Bipartisan Infrastructure Bill (BIB), also known as the Infrastructure Investment … Read more…
Disasters and your taxes: What you need to know
Homeowners and businesses across the country have experienced weather-related disasters in recent months. From hurricanes, tornadoes and other severe storms to the wildfires again raging in the West, natural disasters have led to significant losses for a wide swath of … Read more…
IRS Issues ERC Guidance as Congress Mulls Early Termination
The IRS has published new guidance on the Employee Retention Credit (ERC). The credit was created in March 2020 to encourage employers to keep their workforces intact during the COVID-19 pandemic. Notice 2021-49 addresses various issues, particularly those related to … Read more…
PPP Forgiveness & Repayment: What Businesses Need to Know Now
A critical deadline is approaching for many of the businesses that have received loans under the Paycheck Protection Program (PPP), which was created in March 2020 by the CARES Act. If these borrowers don’t take action before the deadline expires, … Read more…
Affordable Care Act Stands After Supreme Court Ruling
In recent years, many taxpayers and CPA firms filed protective claims to amend tax returns for potential changes to the Affordable Care Act (ACA). On Monday, June 21st, the Supreme Court decided that the plaintiffs from California vs. Texas (127 … Read more…
IRS to Begin Advance Child Tax Credit Payments July 15
On July 15, millions of eligible families across the US will receive their first advanced payment for the expanded Child Tax Credit. For 2021 only, the IRS will send families half of their 2021 Child Tax Credit as automatic monthly … Read more…
Tax Provisions in the American Rescue Plan Act
The American Rescue Plan Act has been signed into law and the Act included several tax provisions. Here are some of those tax provisions affecting many taxpayers: Unemployment Benefits Taxpayers that had less than $150,000 of Federal Adjusted Gross Income (AGI) in … Read more…
Individual Tax Filing Deadline Moved to May 17th
The IRS announced on Wednesday March 17th, 2021 that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. The postponement does not apply to … Read more…
PPP Exclusive 14-Day Small Business Window in Process Now
The White House announced Monday that beginning February 24 and ending March 9, an exclusive 14-day window would open up for small businesses with fewer than 20 employees to apply for PPP loans. This window applies to nonprofit organizations as well, … Read more…
