This year, a record number of tax returns will be put on extension, and yours might be one of them. Having your return go on extension makes some taxpayers fearful and even angry. There are a lot of things to worry about in life, but filing a tax extension is...
Tax Deadline Extended for SOME but NOT ALL Tax Returns and Payments
The IRS announced a change in the deadline for certain federal tax return and payment due dates. Here is what is extended as of this posting (March 19, 2021): 2020 Individual 1040 returns are now due May 17, 20212020 Individual 1040 tax payments are now due May...
Tax Changes Affecting Businesses from the American Rescue Plan Act
The American Rescue Plan Act of 2021 (ARPA) signed into law on March 11, 2021 by President Biden contains numerous tax provisions which may affect the tax situation for your business in 2020 and 2021. We’ll provide a general recap of some of the major changes...
Does Your Business Qualify for the Employee Retention Credit?
The Employee Retention Credit is one of the many IRS tax breaks for businesses that was included in the 2020 CARES Act as well as the recent Consolidated Appropriations Act, 2021. The goal of the credit is to provide financial relief to businesses that suffered...
Accounting Tasks at Year-End
You might wonder why there are so many extra tasks at year-end. While the government requires much of the work, there is clean-up work and adjustments that need to be done to make the books accurate. It’s not always cost-effective to perform all of these updates...
Five Tips to Make Tax Time Painless
Tax time is probably not your favorite time of year, especially if you have to pay the government your hard-earned dollars. Here are five tips on how we can make it just a bit less painful. 1. Have patience. Practicing patience will go a long way when you’re dealing...
Get Ahead on Year-End Tasks
Year-end is just around the corner, and that means a couple of administrative tasks are necessary to take care of bookkeeping and tax chores. Here are a couple of tips to make year-end go smoother. Cleaning up Things will go a lot smoother if you reach out to your...