Signs it’s Time to Hire a CPA
Filing your taxes can be an arduous task- especially if you don’t have a straightforward return. If you own a business, have lots of deductions (and/or you have questions about deductions you may be eligible for that you haven’t been taking advantage of), or you have questions about tax planning, it may be time to […]
When should I start prepping for my tax appointment?
Tax season is fast approaching—and it’s never too early to start prepping for your tax appointment. Ideally, you would have started preparing for your 2021 tax appointment at the start of that tax year. When you begin to organize your finances sooner than later, it will make filing that year’s taxes much easier. Consider […]
IRS Sends Letters Regarding Advanced Child Tax Credit and Third Economic Stimulus Payments
The IRS announced that they started issuing information letters to advance child tax credit recipients in December. Recipients of the third round of the Economic Impact Payments will begin receiving information letters at the end of January. It is important to retain these documents and provide them to your tax advisor this filing season since […]
Tips to Get Your Finances in Order
If you don’t feel as if you have a firm grip on your spending, you’re not alone. Studies have shown that up to 25% of adult consumers are “sometimes surprised” by their monthly expenses. Regardless as to whether you’re trying to save money for a down payment on a home or you’d like to set […]
Tips to Avoid Becoming a Victim of IRS Scams
Each year, millions of Americans fall victim to financial fraud, which means you’ll want to be proactive in protecting yourself. For this blog post we wanted to address a few of the scams you should look out for in 2021. The IRS SSN scam Similar to years past, scammers have continued to call Americans to […]
What is Biden’s tax plan?
In 2017, then-president Donald Trump signed the 2017 Tax Cuts and Jobs Act. In addition to lowering income tax rates for single filers, heads of household, and married couples (filing jointly or separately), it raised the standard deduction to $12,000 for single filers, to $18,000 for heads of household, and to $24,000 for married couples […]
What is ERISA Section 103(a)(3)(C) and how will it affect the audit of your employee benefit plan?
In July 2019, the Auditing Standards Board (ASB) of the American Institute of Certified Public Accountants (AICPA) issued Statement on Auditing Standards (SAS) No. 136, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA (SAS 136). SAS 136 made changes that affect the audits of employee benefit plans one […]
Don’t Leave Money on the Table!
IRS Issues New Guidance on Tax Credit for Employers – Your Business May Qualify for More Than You Think For the first half of 2021 eligible employers may claim a credit of up to $7,000 per employee per quarter against employment taxes paid on qualified wages. Based on the recent changes to the CARES […]
Relief for Employers – New Opportunities for Tax Credits on Wages
The Consolidated Appropriations Act, 2021 extends and expands the employee retention credit first created under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The employee retention credit is designed to encourage businesses to keep workers on their payroll and support small businesses and nonprofits through the Coronavirus economic emergency. Eligible employers may claim the […]
COVID-19-Related Relief Is Signed into Law
On December 27, President Trump signed the Consolidated Appropriations Act of 2021 (CAA), which provides pandemic relief, as well as other tax and health-related provisions. The CAA contains the COVID-Related Tax Relief Act of 2020 (COVIDTRA), as well as a government funding law. Here are some of the highlights. Direct payments to certain individuals. The CARES Act, […]