YEAR-END TAX & FINANCIAL PLANNING (NOVEMBER 14, 2021)

Greetings, As we approach year-end, I’d like to pass along this enclosed letter summarizing some of the key tax and financial considerations for this year.  Like most everything else in 2021, year-end tax planning won’t be status quo due to the uncertainties of a continued global pandemic and complicated and ever-changing tax laws.  We’ll also …

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LAST-MINUTE YEAR END GENERAL BUSINESS INCOME TAX DEDUCTIONS (NOVEMBER 6, 2021)

November 6, 2021 Re:  LAST-MINUTE YEAR END GENERAL BUSINESS INCOME TAX DEDUCTIONS Dear Clients and Friends: The purpose of this tax article is to get the IRS to owe you money. Of course, the IRS is not likely to cut you a check for this money (although in the right circumstances, that will happen), but …

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NEW CORONAVIRUS STIMULUS SIGNED INTO LAW, INCLUDES TAX BREAKS FOR INDIVIDUALS (March 12, 2021)

Dear Clients and Friends, President Biden has signed into law the new economic relief package.  This $1.9 trillion American Rescue Plan (ARP) provides a wide-array of tax-related benefits for individuals.  Here is a look at the final version of the key tax provisions: Recovery rebates (Cash “stimulus payments”) The new maximum payment is $1,400 per …

NEW CORONAVIRUS STIMULUS SIGNED INTO LAW, INCLUDES TAX BREAKS FOR INDIVIDUALS (March 12, 2021) Read More »

IRS FORM 1099-NEC – NEW FORM!! – FILING DEADLINE JAN 31 (January 8, 2021)

If you’ve paid independent contractors in 2020, you’ll need to complete the new form 1099-NEC instead of a 1099-MISC. Businesses need to use this form if they made compensation payments totaling $600 or more to a nonemployee (independent contractor) during 2020.  Form 1099-NEC’s are due to the nonemployee and IRS by Jan 31 (just like …

IRS FORM 1099-NEC – NEW FORM!! – FILING DEADLINE JAN 31 (January 8, 2021) Read More »

UPDATE REGARDING THE PAYCHECK PROTECTION PROGRAM ROUND 2 (PPP2) (DECEMBER 26, 2020)

December 26, 2020 Congress finally passed the new Covid-19 relief bill earlier this week.  Although the President has not signed it, the Payroll Protection Program (“PPP”) provisions of the bill are not expected to change.   It includes a new round of Payroll loans (PPP), or PPP2 as it’s being called.  PPP2 contains many similarities to the …

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YEAR END TAX PLANNING UPDATE (November 30, 2020)

November 30, 2020 A Year-End Update I hope you had a wonderful Thanksgiving holiday!  For me, it took on a special meaning this year to truly reflect on all things to be grateful for.  There’s no doubt that 2020 has been a tumultuous year for many of us wrought with personal challenges, business disruptions and financial …

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NEVADA PANDEMIC EMERGENCY TECHNICAL SUPPORT (PETS) GRANT APPLICATIONS START OCTOBER 19

October 13, 2020 FYI – The state is offering another Covid business grant program–up to $10,000 – called the Pandemic Emergency Technical Support (PETS) Grant (link below).  Applications start Oct 19: “The PETS grant is intended to assist businesses and organizations during the COVID-19 health crisis – especially those establishments such as bars, pubs, taverns, …

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LAS VEGAS COMMERICAL RENTAL ASSISTANCE PROGRAM -EXTENDED THRU 9/8/20

FYI – the state extended the application deadline through Sept 8 for up to 10k of rental assistance to small businesses (less than 50 employees) who can verify a loss of at least 30% in revenue since the previous year (see the link below for details).  They removed the requirement that you couldn’t have received …

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