By Joseph Steffan, CPA, MBT Earlier this year, the state of Minnesota enacted a new Pass‐Through Entity Tax election for S corporations and partnerships. The Pass‐Through Entity Tax is effective for tax years beginning in 2021. Is electing the PTE a good choice for you? We answer your questions. What is the Pass‐Through Entity Tax? The Pass‐Through Entity Tax is an election available to qualifying entities taxed as S corporations or … [Read more...]
Advance Child Tax Credit Payments Begin. Here’s What You Need To Know.
If you have children under 18, you may be receiving Child Tax Credit payments from the federal government starting the week of July 15. Here's details about the program and what you need to know. As part of the American Rescue Plan Act signed by President Biden in February, the Child Tax Credit (CTC) program was expanded. This legislation increased the maximum annual credit from $2,000 per child (under age 17) in 2020 to $3,000 per child … [Read more...]
Deadlines and Guidance and Changes – Oh, My!
The world of accounting is never boring, and 2021 is already proving this to be true. Here are several updates and deadline extensions for individuals and businesses to consider. IRS extends April 15 deadline to May 17 The IRS has extended the April 15 deadline to Monday, May 17. This extension does not apply to estimated tax payments for businesses or individuals, corporate income tax payments and return filings, and trust income tax … [Read more...]
PPP, ERC & SVO: To Apply or Not to Apply? That is the Question!
By Michael Blazei, CPA As the impacts of the COVID pandemic continue to affect businesses, Congress and the Small Business Administration (SBA) have teamed up to provide another round of loan and credit options. The challenge for business owners lies in determining which options to explore. Some are exclusive. Some work in tandem. And in some cases, the rules are still being defined. Following is a quick recap on programs currently … [Read more...]
Congress Passes Pandemic Stimulus Package
The United States Senate and House have reached an agreement on a $908 billion pandemic economic stimulus package. Also included in the agreement is a $1.4 trillion budget to fund the federal government through September 2021, and several tax extenders scheduled to expire at the end of 2020. … [Read more...]
