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 …
LAST-MINUTE YEAR END GENERAL BUSINESS INCOME TAX DEDUCTIONS (NOVEMBER 6, 2021) Read More »
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 …
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 »
June 25, 2021 Re: Important changes to the child tax credit; please contact me with questions. If you are not affected, please feel free to past this along to your friends and family who are! Dear Valued Clients and Friends, Recently, there were changes made to the child tax credit that will benefit many taxpayers. …
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 …
UPDATE REGARDING THE PAYCHECK PROTECTION PROGRAM ROUND 2 (PPP2) (DECEMBER 26, 2020) Read More »
December 3, 2020 A quick update hot off the press: I received information today from the AICPA, my industry trade group, that it’s a strong probability that Congress will pass PPP 2 very soon, this month: This round will be restricted to businesses with a 25-30% drop in revenue PPP 2 will have a similar …
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, …
NEVADA PANDEMIC EMERGENCY TECHNICAL SUPPORT (PETS) GRANT APPLICATIONS START OCTOBER 19 Read More »
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 …
LAS VEGAS COMMERICAL RENTAL ASSISTANCE PROGRAM -EXTENDED THRU 9/8/20 Read More »
Dear Clients and Friends, The President’s recent executive action called for a payroll tax deferral for employees effective Sept 1 through year end. Employers would stop withholding the 6.2% FICA (aka social security) portion on employee paychecks. To get the deferral, employees must earn less than $4,000 every two weeks (equates to $104,000 annual salary). …
TRUMP EXECUTIVE ACTION-PAYROLL TAX DEFERRALS (AUG. 31, 2020) Read More »
Dear Clients and Friends, I’d like to keep you informed about a few hot-topic tax developments that have occurred in the past week: New Employee Payroll Tax Deferral Scheme On August 8, 2020, President Trump signed an executive order deferring payroll tax obligations of employees. But what the heck does it really mean? Like many …
NEW PAYROLL TAX DEFERRAL & PPP LOAN FORGIVENESS UPDATE (AUGUST 15, 2020) Read More »
