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...]
5 Minutes with PWB’s Hearing Industry Expert, Jeremy Kiecker
A lot can happen in two decades. Just ask PWB’s hearing industry team leader, Jeremy Kiecker. He started working with audiologists and hearing aid specialists nearly 20 years ago and hasn’t looked back since. As you might imagine, he’s seen it all and then some. To get his take on all things audiology, we sat down to ask him a few questions. Here are his responses, edited for clarity. Why does PWB focus on the hearing industry? The Twin … [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...]
