The third stimulus package valued at $1.9 trillion made its debut after President Biden signed the relief into law on Thursday, March 11, 2021. The American Rescue Plan brings a new wave of stimulus payments, tax credits, and legislative extensions … Continue reading
Category Archives: Tax Preparation
16 March 2021
What’s in the New Stimulus Package?
The COVID Relief stimulus package signed at the end of 2020 brings good news to businesses looking for additional financial support as they continue to experience interruptions by the pandemic. Recent legislative changes now expand the eligibility for the employee … Continue reading
11 January 2021
Update on COVID-19 Relief Packages for Small Businesses
As businesses and taxpayers are still reeling from the effects of the pandemic into the new year, additional relief programs and assistance are being offered at both the state and federal level. You’ll have to be quick because there’s a … Continue reading
5 January 2021
Key Adjustments for 2021 – What You Need to Know
As we head into a new year, the IRS has set 2021 inflation adjustments for over 60 tax provisions. Here’s a snapshot of the most important changes, including the tax rate and schedules, income limits for IRA contributions, and more. … Continue reading
2 January 2021
IRS Introduces New Form 1099-NEC
Most small businesses and freelancers are familiar with Form 1099-MISC. In 2020, the IRS unveiled a new Form 1099-NEC for purposes of filing nonemployee compensation for any independent contractors, gig workers, or self-employed individuals not on payroll. In an effort … Continue reading
11 November 2020
Year-End Tax Planning for Businesses
With a new president taking office, an ongoing pandemic, and unprecedented tax law changes over the past few years, this could be the most important tax planning year yet. This article will review 2020 legislative tax changes affecting businesses and … Continue reading
2 November 2020
Bookkeeping Tasks to Prepare for Year-End Close
With the end of the year quickly approaching, have you taken the necessary steps in order to close out the year? This article will highlight some points to remember as you prepare for year-end. By taking the time to consider what needs to be … Continue reading
28 September 2020
5 New Updates on Economic Impact Payments
New information continues to unfold as Congress provides clarity on several aspects of the economic impact payments and discusses a potential second round of stimulus checks. IRS Notice 1444 Under the CARES Act, the IRS deposited or mailed the first … Continue reading
25 August 2020
The Ins and Outs of Quarterly Estimated Taxes
[Next Estimated Tax Deadline: September 15] There’s been a lot of movement in the small business space since COVID-19 has created unprecedented disruption since earlier this year. Many people were forced to rethink their careers or close up shop, while … Continue reading
3 August 2020
What Small Businesses Need to Know About PPP Loans
As borrowers face deadlines and near the end of covered loan periods, many questions are being asked about PPP loan requirements and forgiveness eligibility. There’s still much-needed clarification awaited by the U.S. Small Business Administration (SBA), but here’s an up-to-date rundown … Continue reading
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