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Dear Valued Client,
In this edition of our newsletter, we cover the recently signed "COVID-Related Tax Relief Act of 2020", "Taxpayer Certainty and Disaster Tax Relief Act of 2020", COVID related IRS tax problems, and much more.
We know that the COVID-19 pandemic is taking a toll on individuals and businesses. Make sure you talk to us before making any significant tax or business decisions.
This recent legislation includes the 2nd round of economic impact payments, another round of targeted PPP loans for businesses, favorable tax treatment of expenses paid with forgiven loan proceeds, temporary expanded deduction for business meals, and modifications to charitable contributions — along with an excess of 30 new, altered, and extended tax provisions.
If you, your colleagues, family, or friends need help, we are here for you. We will continue our efforts to monitor the latest opportunities aimed at keeping all of our clients prosperous.
Tax Pro Plus
In this edition of our newsletter, we cover the recently signed "COVID-Related Tax Relief Act of 2020", "Taxpayer Certainty and Disaster Tax Relief Act of 2020", COVID related IRS tax problems, and much more.
We know that the COVID-19 pandemic is taking a toll on individuals and businesses. Make sure you talk to us before making any significant tax or business decisions.
This recent legislation includes the 2nd round of economic impact payments, another round of targeted PPP loans for businesses, favorable tax treatment of expenses paid with forgiven loan proceeds, temporary expanded deduction for business meals, and modifications to charitable contributions — along with an excess of 30 new, altered, and extended tax provisions.
If you, your colleagues, family, or friends need help, we are here for you. We will continue our efforts to monitor the latest opportunities aimed at keeping all of our clients prosperous.
Tax Pro Plus
Finally, The COVID Relief Package Is Law
After several months of the Republicans and Democrats not being able to agree on additional COVID-related tax relief and other matters, as 2020 was coming to an end, horses were traded, and deals were made so that Congress could put together the much-needed legislation. The result is a nearly 5,600-page omnibus bill, the Consolidated Appropriations Act, 2021, Included in that legislation are the “COVID-Related Tax Relief Act of 2020” (COVIDTRA) and the “Taxpayer Certainty and Disaster Tax Relief Act of 2020”. The bill was signed by the President on December 27.
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How to Address Rising Tax Problems During COVID-19
This year might be the year that you need to bring in a tax professional to help address some of the tax challenges that COVID-19 has caused.
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Didn't Get Your Economic Impact Payment? You Can Claim It on Your 2020 Return.
One of the more tax-troubling issues this year has been the distribution of what Congress referred to as the recovery rebates. You may know these payments as the Economic Impact Payments (EIPs) or stimulus payments, names that the IRS took the liberty of creating. These payments were meant to provide financial assistance to individuals and families struggling during the initial outbreak of the COVID-19 pandemic.
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Your Annual Reminder to File Worker 1099s
This is our annual reminder that if you use workers other than employees to perform services for your business and pay them $600 or more for the year, you are required to issue each one a Form 1099-NEC after the end of the year to avoid facing the loss of the deduction for their labor and expenses. The 1099s for 2020 must be provided to workers no later than February 1, 2021. The forms are normally due January 31, but since it falls on a Sunday in 2021, the due date is extended until February 1.
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W-2 or 1099-NEC: Which Form Should Your SMB Use for Which Workers?
Every business must file annual wage reports. But whether to use a W-2 or 1099-NEC depends on which earners are employees & which are independent contractors.
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Saver's Credit Can Help You Save for Retirement
Low- and moderate-income workers can take steps to save for retirement and earn a special tax credit.
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Sold or Thinking of Selling Your Home?
In spite of (or in some cases, because of) the COVID-19 pandemic, and with near-record-low home mortgage interest rates, the housing market has been booming. September 2020 existing home sales were up 9.4% from August 2020 and 20.9% from 2019, according to the National Association of Realtors. If you sold your home this year or are thinking about selling it, there are many tax-related issues that could apply to that sale. To help you prepare for reporting the sale you may have already made or make you aware of what issues you may face if you are in the “thinking about” stage, this article covers the tax basics and some special situations related to home sales and the home-sale gain exclusion.
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How to Create Recurring Transactions in QuickBooks Online
QuickBooks Online saves time and improves accounting accuracy in numerous ways. One example is its support for recurring transactions.
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Disclaimer: The tax advice included in this newsletter is an overview of some complex tax rules and is not intended as a thorough in-depth analysis of the tax issues discussed. Do not act on the information included in this newsletter without first determining how these issues apply to your particular set of circumstances and if there are any special tax laws or regulations that might apply to your situation.
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