Covid-19 has affected many people, and because there was a need for support to the affected, the Taxpayer Certainty and Disaster Tax Relief Act was made a law on 27th December 2020. Section 206 of this Act grants an employer to take the employee retention credit regardless of whether they had received a protection program paycheck loan. The employers... continue reading →
WASHINGTON – Today, the Internal Revenue Service and the Treasury Department will begin delivering a second round of Economic Impact Payments as part of the Coronavirus Response and Relief Supplemental Appropriations Act of 2021 to millions of Americans who received the first round of payments earlier this year. The initial direct deposit payments may begin arriving as early as... continue reading →
Clarity and the Due Date for the PPP Forgiveness Application There were quite a few people who felt somewhat uncertain regarding the PPP forgiveness application’s official due date. The positive news is that the team members at SBA rapidly took care of all questions. Applications can now proceed with all the confidence in the world. Application Due Date Uncertainty... continue reading →
On 28th August 2020, Treasury Guidance made public the Deferral of Employee Social Security Tax. The promulgated Treasury Notice 2020-65 by the Internal Revenue Service (IRS) and Treasury Department allows employers to defer holding back and payment of Social Security tax for all workers with bi-weekly wages below $4,000 or other equal figures subject to wage payment from 1st... continue reading →
Millions of Americans are now receiving unemployment compensation, and many of these would have never claimed this benefit before. The IRS has issued a reminder that this benefit is taxable and that people can have money withheld from the payments they receive now to avoid a bigger bill when they file their tax return for next year. The law... continue reading →
The Internal Revenue Service gave a reminder that the Economic Security (CARES) Act and the Coronavirus Aid Relief can help needy taxpayers. By offering friendly tax actions for withdrawals from IRAs and retirement plans, allowing expanded loan options for specific retirement plans. Can I Get Money from My Retirement Account Now? If you are eligible for the coronavirus-related relief,... continue reading →
In 2020, individuals and businesses can take advantage of temporary changes regarding charitable contributions. Individuals can deduct qualified contributions of up to 100 percent of their adjusted gross income in 2020. Corporations can deduct qualified contributions of up to 25 percent of their taxable income. Any contributions exceeding that amount can carry over to the next tax year 2021.... continue reading →
An accountant and a CPA are experts in the financial realm. However, they differ in some aspects that set them apart. Can you pan out the differences between the two professionals? Don’t worry since we’ve compiled some unique features that make them distinct. Read on to get more insights about their variation. Licensing For starters, accountants do not possess... continue reading →
Revocation of Certified Public Accounts credentials Accountants, the number cruncher’s we rely on them to keep our finances in order and reduce our tax bills. Sometimes our trusted accountants and CPA’s (certified public accounts) start fiddling the books, or run off to Hawaii with our money. When this happens, they need to be put out of business. If you... continue reading →
Trusts are taxed differently from regular bank accounts or savings accounts because of how they accrue interest. You need to know the rules when you are planning on using a trust to care for your children or your grandchildren. Plus you need to understand how the income tax is handled when money is taken out of the trust. Each... continue reading →
