Employee Retention Credit Expanded for 2021

If your business was impacted by either a disaster or COVID-19, you may be eligible to receive the Employee Retention Credit (ERC).  It is a refundable credit against payroll taxes that was originally introduced in the CARES Act, expanded by the Consolidated...

Do Nonprofits Ever Pay Taxes?

When you think about a nonprofit, the first thing that often comes to mind is that it is tax-exempt. Most nonprofits are not subject to federal, state, and local income tax. Does that mean nonprofits are completely free of ANY tax liability? The answer to this is...

Tax Filing Requirements for Closing a Business

You’re not alone if you have considered shuttering your business recently, The pandemic has placed a huge strain on businesses in certain industries, and many business owners who were just holding on before the crisis are having to face life-changing decisions. If you...

Federal Tax Filing Deadlines for 2021

An earlier version of this blog had the wrong date for FBAR. It should be April 15, 2021. Please accept our apologies for the inconvenience. The IRS will begin accepting and processing 2020 tax year returns on Friday, February 12, 2021. Please note FEDERAL INCOME TAX...

How to Make Estimated Tax Payments

If you are paid a salary and receive a W-2 from your employer, part of your paycheck goes to Uncle Sam as federal withholding. These are payments toward your taxes. If you earn additional income beyond your salaried income, if you are under-withheld, or if you have...

Form 1099-NEC – What Is It?

If you have a business with independent contractors, it is important to be aware of a recent reporting change that the IRS has implemented. Starting with the 2020 tax year, businesses must report nonemployee compensation (NEC) on Form 1099-NEC instead of Form...

ABLE Accounts – Final Regulations

ABLE (Achieving a Better Life Experience) accounts are for eligible individuals with a disability – they are tax-favored savings accounts to which contributions can be made to help pay for qualified disability expenses. The IRS recently released final regulations...

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