W-2 and Other Wage Statements Must be Filed by January 31st!
All employers need to be aware of the January deadline to file Forms W-2 and other wage statements. Filing these documents timely helps employers avoid penalties and helps the IRS …
Are You Deducting Your Depreciating Assets? If Not You Might Be Able to Keep More Money in Your Pocket.
Are you thinking about buying personal property (such as a car, a computer, or other equipment) or real property (such as a building)? If you use the property for personal …
IRS Reminds Business Owners to Correctly Identify Workers as Employees or Independent Contractors
During National Small Business Week, the Internal Revenue Service reminds business owners that it’s critical to correctly determine whether the individuals providing services are employees or independent contractors. An employee …
Child Tax Credit: Update Your Address and Make Other Changes by August 30th for Your September Payment!
The IRS has launched a new feature allowing any family receiving monthly Child Tax Credit payments to quickly and easily update their mailing address using the Child Tax Credit Update …
New Guidance for All Employers Claiming the Employee Retention Credit for Q3 and Q4 of 2021
The Treasury Department and the Internal Revenue Service today issued further guidance on the employee retention credit, including guidance for employers who pay qualified wages after June 30, 2021, and …
Important Reminder! Anyone with an Employer Identification Number (EIN) Must Update their Responsible Party Information Within 60 Days of Any Change!
Calling it a key security issue, the IRS urges any entities with Employer Identification Numbers (EINs) to update their applications if there has been a change in the responsible party …
Reminder for All Eligible Employers: Take Advantage of the COVID-19 Paid Leave Credit!
The IRS has updated its frequently asked questions (FAQs) on the paid sick and family leave tax credits under the American Rescue Plan Act of 2021 (ARP). The updates clarify that eligible …
SBA Announces Opening of Paycheck Protection Program Direct Forgiveness Portal
The U.S. Small Business Administration (SBA) is launching a streamlined application portal to allow borrowers with Paycheck Protection Program (PPP) loans $150,000 or less through participating lenders to apply for forgiveness directly through the …
Did You Take a Coronavirus Distribution (CVD) from One or More of Your IRAs in 2020? Find Out How to Avoid a Nasty Surprise Next Year!
Did you take a coronavirus distribution (CVD) of up to a combined limit of $100,000 from one or more of your traditional IRAs in 2020? You can recontribute the CVD …
The IRS Will Send Nearly 4 Million Refunds for Unemployment Compensation Overpayments
The IRS announced it will issue another round of refunds this week to nearly 4 million taxpayers who overpaid their taxes on unemployment compensation received last year. The American Rescue …