Tax

2021 Tax Financial Cheat Sheet
Construction

2021 Tax & Financial Cheat Sheet

Keep this 2021 tax and financial cheat sheet handy for quick reference to tax rates and deadlines, retirement plan and HSA contribution limits, and other pertinent charts.

COVID-19

Child Tax Credit Expanded Under ARPA

The American Rescue Plan Act of 2021 – or ARPA – includes expansion of the Child Tax Credit as well as the Child and Dependent Care Tax Credit.

Tax

White House Unveils $1.8 Trillion American Families Plan

The Biden administration recently unveiled a $1.8 trillion American Families Plan to provide assistance to middle- and low-income families that would be largely funded by tax increases on wealthy Americans.

R&D Tax Credits Healthcare
Healthcare

R&D Tax Credits for the Healthcare Industry

R&D will continue to be a priority for the healthcare industry, as organizations work to address the emerging needs of the aging population, respond to trends in telehealth and value-based care, and fend off competition.

COVID-19

IRS Provides Safe Harbor for PPP Loan Deductions

New guidance provides a safe harbor for PPP loan deductions for businesses that received PPP loans in the first round of relief but did not deduct otherwise eligible business expenses because they relied on now-superseded guidance.

Top Tax Issues for 2021
COVID-19

Top Tax Issues For 2021

The BDO 2021 Tax Outlook Survey reveals what 150 senior tax executives consider the top tax issues for 2021.

COVID-19

Automatic Tax Deadline Extension from April 15 To May 17

The Treasury Department and Internal Revenue Service have announced a tax deadline extension: the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021.

PPP FAQs
COVID-19

Top Five PPP FAQs

Here are the top five PPP FAQs or most frequently asked questions, as new guidance and enhancements complicate the PPP loan process.

PPP ERC R&D
COVID-19

PPP, ERC and R&D

The Consolidated Appropriations Act, 2021 (CAA) addresses the interplay for businesses that intend to claim both the ERC and the research and development (R&D) tax credit.

Employee Retention Credit Graphic
COVID-19

IRS Guidance for Claiming the Employee Retention Credit

The IRS is urging employers to take advantage of the newly-extended employee retention credit or ERC – which makes it easier for businesses that have kept employees on the payroll despite challenges presented by COVID-19.

Outsourcing Payroll
CAS

Outsourcing Payroll – Is It Worth It?

One of the main reasons people go into business for themselves is to do something they love or feel passionate about. Unfortunately, most soon discover that there are necessary aspects of entrepreneurship that they loathe. Two examples that we hear often: payroll and taxes. Many choose to get professional assistance with their taxes, but are not so quick to consider outsourcing payroll.

PPP Changes Small Business Loans
COVID-19

Newest PPP Changes To Benefit Mom and Pop Businesses

The newest PPP changes announced by the SBA are intended to benefit the smallest of small businesses. PPP loans will be available exclusively to businesses with 20 or less employees and sole proprietors from Wednesday, February 24 through March 10, 2021.

It's Tax Time Again Chris Ward
Tax

It’s Tax Time…AGAIN!

For most, a new year brings thoughts of resolutions and new beginnings. For CPAs, it means the start of another busy tax filing season. In this article reprinted from East End Living Magazine, DMLO President Chris Ward covers items of interest for both 2020 individual returns, and things to keep in mind for 2021.

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