taxes, Update

What We Know So Far

The American Rescue Plan Act of 2021 created a unique situation to benefit families who are working to recover from the economic impact of the COVID-19 Pandemic. As with all new programs, there are lots of questions; add in the complicated nature of our tax code and the only answer you will get is, it depends. Here are the highlights,…

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taxes, Update

An Update from the Front Lines

The IRS has a page they keep updated and I just found this update from last Friday. I know we have several clients who have found themselves in this situation. https://www.irs.gov/newsroom/irs-operations-during-covid-19-mission-critical-functions-continue Filed an Individual Tax Return  (Form 1040) for tax year 2019 or tax year 2020, a Business Tax Return or an Amended Return (updated April 30, 2021) The IRS…

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CARES Act, Giving, taxes

Something Good

We have made it through the bulk of 2020 and as we begin to reflect on our year and look to the future, I want to share something good that came out of the CARES Act in March. For the first time since the 1980’s, you can take a $300 deduction for charitable contributions even if you do not itemize…

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CARES Act, Update, Withholding

Executive What?

Now that Congress is out of session for their summer vacation, the President left some notes for his Cabinet before he, too, left the White House. Leaving all politics aside, let’s dive in to the notes that were passed after class. Click on the title to read each item directly on the White House website: Executive Order on Fighting the…

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CARES Act, Funding, Small Business

Is The Third Time The Charm?

Things in Congress have been relatively quiet of late, thank goodness. After the flurry of activity in March and April, May was a nice reprieve. However, May also brought with it an entire new set of questions to be answered.  We received the Payroll Protection Program Loan Forgiveness Application from the Small Business Association and the Final Interim Rules from…

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taxes

Planning; It Is About Taming Chaos

I think it is safe to say that most of us are living in a state of uncertainty. Confusion abounds and we are starting to get a bit stir crazy. Our frustrations from not being able to do the activities that we enjoy or having a night on the town or even knowing when or if we will go back…

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CARES Act, Funding, Small Business

Let’s Talk Forgiveness

The Payroll Protection Program money is finally flowing into the small businesses who need it, but with the money comes an impending sense of dread and confusion. What expenses can be forgiven? What if I don’t spend all the money? What if the forgiveness calculation doesn’t equal the total loan? What about the employees who refuse to come back to…

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