Should your business add Roth contributions to its 401(k)?

Offering employees a retirement plan is a great incentive for retaining employees and for recruiting new ones. If you don’t already offer a plan for your employees, an available tax credit may make it something worth considering. If your business does sponsor a 401(k) plan, you might someday consider adding designated Roth contributions. Here are […]

Educators can deduct expenses related to Covid-19 prevention

Classrooms have never looked more different than they have this past year. The Covid era has pushed many classrooms online, and those that are still open to students are outfitted with extra hand sanitizer, masks, physical barriers and more. Eligible educators can now deduct unreimbursed expenses for Covid-19 protective items to help stop the spread […]

Stay on top of collecting W-9s from vendors

Collecting W-9 forms may not be top of mind when you hire a new vendor, but getting those as soon as possible is the best way to make sure you don’t get stuck tracking them down at the end of the year as the tax deadline nears. As you know, business owners must issue Forms […]

Standard business mileage rate decreases again for 2021

The optional standard mileage rate used to calculate the deductible costs of operating an automobile for business has decreased in 2021 by one-and-one-half cents, to 56 cents per mile. As a result, you might claim a lower deduction for vehicle-related expenses for 2021 than you could for 2020 or 2019. This is the second year […]

Antares Group donates to Barksdale Boys & Girls Club

Antares Group is a proud supporter of the Boys & Girls Clubs of Metro Atlanta. One of our partners, Heidi Pearson, CPA, is a board member of the A.R. “Gus” Barksdale Boys & Girls Club in Conyers, Ga. Antares Group donated Kroger gift cards recently to the club to include in Thanksgiving meal boxes for […]

5 things to know about bonus depreciation

Year-end tax planning is underway, and you may be eligible for a bonus. New and most used property placed in service in 2020 may be eligible for 100% bonus depreciation. In the past, used property did not qualify for bonus. It currently qualifies unless the taxpayer previously used the property and the property was acquired […]

SBA issues necessity questionnaire for PPP loans of $2 million or more

The Small Business Administration has issued a necessity questionnaire that must be completed by businesses who received a PPP loan of $2 million or more. Borrowers must complete the questionnaire and provide the supporting documents to the lender servicing the loan within 10 days of receiving from their lender. We will provide more information to […]

Webinar: Unpacking the latest in PPP Loan Forgiveness

We are entering the final stretches of completing applications for Paycheck Protection Program loan forgiveness, and we are offering a webinar to McDonald’s owner/operators to provide some updates on the process and what to expect. Since the PPP loans were introduced in the spring, there have been changes and clarification over the months to forgiveness and […]

Businesses: Get ready for the new (old?) Form 1099-NEC

What’s old is new again. The IRS has introduced for tax year 2020 Form 1099-NEC for business taxpayers to report nonemployee compensation of $600 or more. Why the new form? Prior to 2020, Form 1099-MISC was filed to report payments totaling at least $600 in a calendar year for services performed in a trade or […]

What qualifies as a ‘coronavirus-related distribution’ from a retirement plan?

The Coronavirus Aid, Relief and Economic Security (CARES) Act allows “qualified” people to take certain “coronavirus-related distributions” from their retirement plans without paying tax. The first question that needs to be asked is, what is a coronavirus-related distribution? Early distribution basics In general, if you withdraw money from an IRA or eligible retirement plan before […]