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 […]

State laws differ in treatment of PPP loan expenses

Business owners sighed with relief when Congress approved the Consolidated Appropriations Act of 2021 allowing for PPP loan expenses to be deducted on federal taxes. It’s important to remember, though, that states pass their own tax laws – some of which may or may not conform to the federal tax laws. For instance, South Carolina […]

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 tax break. The tax code provides a credit to purchasers of qualifying plug-in electric drive motor vehicles including passenger vehicles […]

Labor Dept. clarifies employee vs. independent contractor rule

Classifying employees or independent contractors has become more muddled during the Covid-19 crisis that has only increased the reliance on gig economy workers. In an attempt to bring clarity, the Labor Department finalized its rule earlier this month for determining whether a worker is considered an employee or an independent contractor. U.S. Secretary of Labor […]

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 […]

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 […]

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 […]

Electric Honda, Volvo models eligible for vehicle credit

Electric vehicles are becoming more popular, and the IRS has added several 2021 model year Honda and Volvo vehicles to the already growing list of vehicles eligible for the plug-in electric drive motor vehicle credit. A tax credit of $2,500, plus an additional amount based on battery capacity, up to $7,500 is offered for qualified […]

Some contributions eligible for state tax credit and federal deduction

Many states offer various tax credits for donating to certain qualified charitable organizations, but it has been unclear how to treat those donations for federal tax purposes. The IRS in August issued final regulations that try to make sure people are not double dipping, that is, getting a tax credit and a tax deduction for […]