-
The Best-Laid Plans…
of mice and men often go awry. That old Scottish proverb reminds us that things don’t always go as planned. Robert Burns wrote the poem “To a Mouse” in 1786. I was reminded of Burns’ poem back in early December when I was having all of the very old trees on the south side of…
-
IRS Statement
American Rescue Plan Act of 2021 March 12, 2021 The IRS is reviewing implementation plans for the newly enacted American Rescue Plan Act of 2021. Additional information about a new round of Economic Impact Payments, the expanded Child Tax Credit, including advance payments of the Child Tax Credit, and other tax provisions will be made…
-
Economic Impact Payments
IRS begins delivering third round of Economic Impact Payments to Americans WASHINGTON – The Internal Revenue Service announced today that the third round of Economic Impact Payments will begin reaching Americans over the next week. Following approval of the American Rescue Plan Act, the first batch of payments will be sent by direct deposit, which…
-
Deferred Payroll Taxes
What employers need to know about repayment of deferred payroll taxes… To give people a needed temporary financial boost, the Coronavirus, Aid, Relief and Economic Security Act allowed employers to defer payment of the employer’s share of Social Security tax. IRS Notice 2020-65 allowed employers to defer withholding and payment of the employee’s Social Security…
-
Tax Problems, and How to Avoid Them
If the IRS was a business and not part of the federal government, it would have already filed for bankruptcy and closed the doors. It would be gone! The Covid Pandemic has shuttered many businesses since March of 2020. The Internal Revenue Service was so unprepared for such an event and is in a state…
-
The Tax Deadline Approaches…
Wednesday March 10th will mark the half-way point of our Tax Season. If you have not yet uploaded your documents to us or scheduled your appointment, now is the time. If you plan to upload your information prior to an in-office visit, please try to get the documents to us 48 hours prior to the…
-
FSA and Dependent Care Assistance Programs
New law provides additional flexibility for health FSAs and dependent care assistance programs… The IRS recently announced greater flexibility, due to the pandemic, to employee benefit plans offering health flexible spending arrangements (FSAs) or dependent care assistance programs. Employers now have flexibility in the following areas related to health FSAs and dependent care assistance programs:…
-
The Taxpayer Certainty and Disaster Tax Relief Act of 2020
The Taxpayer Certainty and Disaster Tax Relief Act of 2020, enacted December 27, 2020, made a number of changes to the employee retention tax credits previously made available under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), including modifying and extending the Employee Retention Credit (ERC), for six months through June 30, 2021.…
-
Tax Planning is More Important than Ever
So much of the tax laws have changed since the Tax Cuts and Jobs Act (TCJA) passed by Donald Trump. Two issues I want to touch on this morning are the Standard Deduction for individuals and Divorced Parents with Minor Children. Standard Deduction Many taxpayers mistakenly think they don’t need to track Itemized Deductions any…
