Tax Updates for 2021

Does it seem like you just did your taxes? Even though you may have filed your individual return during the summer of last year, your 2020 tax return is due on April 15th! There are lots of changes this year,

PPP Loan Recipients: Take Advantage of the Employee Retention Credit Retroactively!

Before the December 27, 2020, enactment of the new COVID-19 relief law, you may have chosen the Paycheck Protection Program (PPP) loan and given no thought to the employee retention credit. Remember, under the original law, you had to choose

Educators: Out-of-Pocket Expenses for COVID-19 Protective Items are Tax Deductible

Eligible educators can now deduct unreimbursed expenses for COVID-19 protective items to stop the spread of COVID-19 in the classroom. COVID-19 protective items include, but are not limited to: face masks; disinfectant for use against COVID-19; hand soap; hand sanitizer;

IRS Penalty Relief – Learn Your Options Before You File Your Taxes!

The IRS can waive penalties it assessed against you or your business if there was “reasonable cause” for your actions. The IRS permits reasonable cause penalty relief for penalties arising in three broad categories: Filing of returns Payment of tax

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