Identity protection programs get boost from IRS

The IRS expanded a couple programs to protect taxpayers from identity theft. Masking identifying information on business tax transcripts The IRS now masks sensitive data on both business and individual tax transcripts. In an effort to protect taxpayers from identity theft, the IRS began masking sensitive data on individual tax transcripts two years ago, and […]

2021 Q1 tax calendar: Key deadlines for businesses and other employers

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2021. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. January […]

What’s in the Covid relief bill: Tax extenders

The Consolidated Appropriations Act of 2021 includes a number of provisions beneficial to individuals and business owners, particularly in light of ongoing economic turmoil in the wake of the coronavirus pandemic. In addition to the extension of the Paycheck Protection Program, direct payments and other tax provisions, the Taxpayer Certainty and Disaster Tax Relief Act […]

Coronavirus Relief Package allows PPP expense deduction

Congress has agreed to a deal to provide more aid to businesses and individuals as a result of the ongoing coronavirus pandemic. As of this writing, the package has not been formally approved, but one of the most significant provisions for business owners is that eligible expenses used with forgiven Paycheck Protection Program funds would […]

Looking to the future: Biden’s proposed tax plan

Between a more urgent need for Covid relief, economic stimulus and a narrowly divided Congress, Joe Biden’s proposed tax plan may not get much traction in the early days of his administration. It is important, however, to take a look at the president-elect’s priorities that may inform more targeted legislative actions. Below is a snapshot […]

Deadline extended for WOTC certification

Employers who hired individuals who qualify for Work Opportunity Tax Credits have a little more time to request certification. The WOTC is available to employers based on a percentage of wages paid to an individual certified as a member of a targeted group, such as a person who resides in a designated empowerment zone community […]

Ga. businesses should be aware of annual registration fraud

Several business owners in Georgia have reported receiving emails or letters in the mail appearing to originate from a state agency and stating that their annual registration is due by the middle of December. The forms further state the fee to file the annual registration is $150. If you receive a form like this, do not […]

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 […]

Why donor-advised funds are worth a second look

It goes without saying that 2020 has been a year unlike any other, which makes relying on your trusted business and tax adviser for year-end tax planning even more important. We have offered 10 year-end tax strategies that you can take advantage of now, but there is one in particular that we want to discuss […]

The 2021 ‘Social Security wage base’ is increasing

If your small business is planning for payroll next year, be aware that the “Social Security wage base” is increasing. The Social Security Administration recently announced that the maximum earnings subject to Social Security tax will increase from $137,700 in 2020 to $142,800 in 2021. For 2021, the FICA tax rate for both employers and […]