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During the Covid-19 pandemic, many businesses have worked hard to remain open and retain their workforce. Several relief measures have been enacted into law along the way to help with that, including the Employee Retention Tax Credit, or ERTC. Two fairly recent new laws have significantly expanded and extended the ERTC so that it is now available to more employers. The ERTC came into being as part of 2020's CARES Act. In its original form, ...

Haven't filed your personal tax return yet? No shame there, tax return filing ranks right up there with a visit to the dentist to get cavities filled in terms of unpleasantness, so procrastinating is understandable. And besides, your delay could pay dividends by implementing some last-minute tax moves that you can still use all the way up to the filing deadline, April 15, 2021. Here are some ideas that may save you tax money now ...

The IRS recently announced that individual taxpayers will be granted a limited extension of time until May 17, 2021 within which to file their 2020 form 1040. However, it is important to note that the extension only applies to individual taxpayers. It does not apply to other tax filings such as fiduciary returns that are due also on April 15. Notably, the extension of time also does not apply to first quarter 2021 estimated tax ...

Within the past week, the Small Business Administration (SBA) issued new Paycheck Protection Program (PPP) rules that could dramatically increase the amount of a PPP loan a self-employed (SE) individual might obtain. They did this by allowing SE borrowers to calculate their maximum loan amount using their gross revenue rather using net income, as was previously required. The change opens the door for larger loans to self-employed individuals, many of whom don't record much, if ...

Most people with gross income of $12,400 or more ($24,800 if your filing status is married filing joint) must file a federal income tax return.  Some people, however, such as those with a lower income or whose income is made up solely of income exempt from tax, are not required to file. If that is you, you should know that even if not required to file, there are certain situations for which you should still ...

President Joe Biden announced Monday urgent and time sensitive updates regarding the PPP2 program so that lenders can focus on serving the smallest businesses that are so important to our economy. The smallest businesses will have an exclusive two-week window, starting on Wednesday, February 24th through March 9th 2021, to apply for COVID-19 relief loans. During the 14-day period, banks and other private lenders will work only on applications for Paycheck Protection Program loans from ...

Any relatively long-term reader of this column knows that we devote considerable space to issues surrounding identity theft. It is an ever-increasing problem that sadly has already touched many of you (I know it has me). The IRS and related tax filings are not exempt to identity theft problems. The IRS is a deep pocket that makes it a prime target for thieves, with individual taxpayers becoming the collateral damage of these efforts. As a ...

As you likely know by now, in the waning days of December 2020, a new Covid-19 relief bill known as the Consolidated Appropriations Act of 2021, or CAA, became law. Probably the most discussed aspects of CAA were a new round of PPP forgivable loans, an extension of unemployment benefits and a second wave of Economic Impact Payments to individuals. I covered each of these in some respect in my last column, published December 30. ...

In my article, "Thoughts on Year-End Giving", posted here December 23rd, I mentioned in passing three planned giving strategies that can yield truly outstanding tax savings in the right situations. This article will expound just a bit on each of those ideas. Charitable Foundation Trust. High-net-worth individuals and families may create private foundations for making charitable donations that can go on for decades. While large initial donations are common, these trusts can be set up ...

Watch on Youtube: I wanted to let you know about a new law that was signed by the President into law last night. It is the Consolidated Appropriations Act, commonly known by many people as the PPP 2. It's a COVID19 economic stimulus and relief law that Congress overwhelmingly passed about a week ago and the President signed into law last night. Now there's a lot to this. This bill is an almost 5,600-page ...

Late on the night of December 21, both chambers of Congress overwhelmingly passed the Consolidated Appropriations Act of 2021 (CAA), a $900 billion COVID-19 relief bill that among other things provides $600 stimulus payments to individuals, adds $300 to extended weekly unemployment benefits, and provides more aid for small businesses. The President initially refused to sign the bill, even though his administration helped negotiate it, however, Sunday night he did so making it law. The ...

It has become an annual rite of sorts for many who are charitably inclined, that as the end of the year approaches, thoughts turn to shoring up their philanthropy through year-end giving. And since charitable contributions can many times have tax benefits, it makes sense to consider your giving in terms of how it fits into your tax planning. The first thing you should do, especially this year, is consider whether to make contributions in ...

One of the consequences of the Covid-19 pandemic is a massive increase in the number of people who have begun to work from home. As a result, I have had numerous inquiries into whether any tax benefits exist for such situations, in particular with regard to expenses for maintaining a home office, which many have heard could be deductible. Employees If you're an employee who "telecommutes", that is, you work at home, and communicate with ...

Most will agree that 2020 is unlike any other year. As we consider tax-planning strategies for the year end, major uncertainty continues concerning the severity of the pandemic and length of the economic recovery. Although Congress passed two major pieces of legislation in response to the health and economic impact of the coronavirus pandemic, it remains unclear if additional relief is forthcoming.  In addition, some regularly expiring tax provisions are due to expire again at ...

Speaker Session 4: Glenda Caton, Certified HR Professional and Consultant, Holly Fish, EGP Director of HR and Communications The HR piece lost connectivity before we could cover some of the other issues at hand. Glenda is a highly skilled human resource consultant and is happy to answer any concerns or questions we were not able to address properly at the forum.Glenda Caton, SHRM-SCP:(501) 515-8533catonconsulting@outlook.comwww.catonconsultingllc.comHolly