Many Tax Amounts Affecting Businesses Have Increased For 2021
A number of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2021. Some stayed the same due to low inflation. And the deduction for business meals has doubled [...]
The Power of the Tax Credit for Buying an Electric Vehicle
Although electric vehicles (or EVs) are a small percentage of the cars on the road today, they’re increasing in popularity all the time. And if you buy one, you may be eligible for a federal [...]
Updates From the IRS- February 1st Deadline, Employee Retention Credit and More
February 1 deadline: Employers to issue and file wage statements; Businesses to provide Forms 1099-MISC and 1099-NEC to recipients By law, employers are required to file copies of their Form W-2, Wage and Tax Statement, [...]
Don’t Forget To Take Required Minimum Distributions This Year
If you have a traditional IRA or tax-deferred retirement plan account, you probably know that you must take required minimum distributions (RMDs) when you reach a certain age — or you’ll be penalized. The CARES [...]
The New Form 1099-NEC And The Revised 1099-MISC Are Due To Recipients Soon
There’s a new IRS form for business taxpayers that pay or receive certain types of nonemployee compensation and it must be furnished to most recipients by February 1, 2021. After sending the forms to recipients, taxpayers [...]
California Tax Update for January 20
A new federal form, Form 1099-NEC (nonemployee compensation), must also be filed in California. This form is for use by payors beginning with tax year 2020, to report payments of $600 or more to someone [...]
PPP Loans Have Reopened: Let’s Review The Tax Consequences
The Small Business Administration (SBA) announced that the Paycheck Protection Program (PPP) reopened the week of January 11. If you’re fortunate to get a PPP loan to help during the COVID-19 crisis (or you received one [...]
Can Your Business Benefit From The Enhanced Employee Retention Tax Credit?
COVID-19 has shut down many businesses, causing widespread furloughs and layoffs. Fortunately, employers that keep workers on their payrolls are eligible for a refundable Employee Retention Tax Credit (ERTC), which was extended and enhanced in [...]
Client Alert: Beware of Payment Instructions Over Email
We have been seeing an increase in criminal cyber-fraud schemes affecting both large and small businesses, individuals and banks. With the increase in remote work, online payments and email usage, a common fraud we are [...]
IRS Operations During COVID-19: Mission-Critical Functions Continue
The IRS is still open and processing mail, tax returns, payments, refunds and correspondence. However, COVID-19 continues to cause delays in some of their services. The service delays include: Live phone support Processing tax returns [...]