On March 11, 2021, President Biden signed the American Rescue Plan Act of 2021 (ARP). President Biden’s $1.9 trillion COVID-19 relief package is aimed at stabilizing the economy, providing needed relief to individuals, small businesses, and improving and accelerating the administration of coronavirus vaccines and testing. The relief package, which...
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February 22nd, 2021 • Blog
Jim Moran, CPA, MST
The Consolidated Appropriations Act, 2021, which was signed into law on December 27, 2020, extended the December 31, 2020 expiration date of the Employee Retention Credit (the Credit) to July 1, 2021. This credit is applied dollar-for-dollar against an employer’s quarterly payroll tax liability and any excess is refundable to...
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January 19th, 2021 • Blog
Amila Hadzic
On December 27, 2020, the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act was signed into law to assist businesses who have been financially impacted by the COVID-19 pandemic. As a result of the Economic Aid Act, the Paycheck Protection Program Second Draw Loans program was created. The...
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January 8th, 2021 • Blog
Donna A. Yetter, CPA, CES
Have you ever said to yourself: "I feel like I should be asking my accountant more, but I am not quite sure what to ask?"
As accountants, we are here for you as more than just tax preparers who help you keep the IRS at bay. We are advisors, and as...
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December 9th, 2020 • Blog
Jim Moran, CPA, MST
2020 - Oh what a year! As the days get shorter and the temperatures drop, now is a great time to meet with your CPA and focus on how the events of 2020 will affect your year-end 2020 tax liability.
Election Results and Control of Congress
The results of the November 3rd...
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November 16th, 2020 • Blog
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Vera Bruursema
Non-employee compensation reporting has been removed from Form 1099-MISC for the 2020 tax season and beyond. The IRS has redesigned the Form 1099-MISC and revived a new version of the 1099-NEC.
1099-NEC
What was previously reported on Box 7 of the 1099-MISC, the new 1099-NEC will now capture any payments to non-employee...
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