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...]
What You Should Know About the New Form 1099-NEC for Tax Year 2020
By Alan Shaw, EA As if this year didn’t give business owners enough surprises, in September the IRS rolled out one more: Form 1099-NEC. This new form changes the way organizations will report income and expenses for tax year 2020. Here’s what you should know about it. Use Form 1099-NEC instead of Form 1099-MISC to report payments to independent contractors and vendors. The IRS requires all businesses to report payments made in the course … [Read more...]
Why You Should Not Neglect Tax Planning This Year (Especially if You’re a PPP Recipient)
Has your tax situation changed over the last year? Perhaps you experienced a dramatic increase or decrease in business income, you were not able to make your quarterly estimated tax payments as planned, you received unemployment benefits for the first time, or you accepted a Paycheck Protection Program (PPP) loan. If so, it’s more important than ever to consider tax planning. … [Read more...]
