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Dear Valued Client,
With tax season in full swing, this month’s newsletter covers a few timely issues like unemployment fraud, tax relief for disaster victims, employee retention credits, business compliance issues, and much more.
With so many changes, new rulings, and tax complexity affecting both individuals and business owners, it is critical you talk to us before making any significant tax or business decisions.
If you or 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. Your kind reviews and referrals are appreciated.
Tax Pro Plus
With tax season in full swing, this month’s newsletter covers a few timely issues like unemployment fraud, tax relief for disaster victims, employee retention credits, business compliance issues, and much more.
With so many changes, new rulings, and tax complexity affecting both individuals and business owners, it is critical you talk to us before making any significant tax or business decisions.
If you or 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. Your kind reviews and referrals are appreciated.
Tax Pro Plus
Obscure and Overlooked Tax Deductions, Credits, and Benefits
As tax time approaches, here are some tax issues that taxpayers frequently overlook, ranging from obscure deductions to overlooked tax credits and benefits. Of course, not everything can be included since the tax law has grown significantly in complexity, and it would take a thick book to list everything. But besides what you are probably accustomed to, here are over 20 issues you may not be aware of and that can save you tax dollars.
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Tax Relief for Victims of 2020 Natural Disasters
Most of us will always remember the year 2020, as much as we may like to forget it. On top of the COVID-19 emergency, street protests (both peaceful and not), and hotly contested election races, the U.S. has had numerous natural disasters – hurricanes, an unprecedented number of wildfires, severe windstorms, flooding, and what seems like everything except a plague of locusts (so far, the gigantic swarms of the insects that have invaded Africa and the Middle East haven’t made it across the Atlantic).
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Unemployment Fraudsters May Create a Tax Nightmare for Unsuspecting Taxpayers
The Department of Labor has announced that there has been up to $63 billion in improper unemployment payments during COVID-19. Unsuspecting taxpayers could be victims of this fraud.
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Employee Retention Credit Extended
In order to help trades and businesses to retain employees and keep them employed during the COVID-19 crisis, the Coronavirus Aid, Relief, and Economic Security (CARES) Act created the Employee Retention Credit for 2020. As part of the Consolidated Appropriations Act, 2021 (CCA), the credit has been extended through June 2021.
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Interaction between PPP Loans and the Employee Retention Credit
The Consolidated Appropriations Act, 2021 (CCA), which was passed by Congress and signed by the president late last December, included a very tax-beneficial provision that liberalized the interaction between PPP loans and the Employee Retention Credit (ERC). Prior to its passage, if an employer obtained a Paycheck Protection Program (PPP) loan, the employer was ineligible to claim the ERC.
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Solar Tax Credit Extended for Two Years
A federal tax credit for the purchase and installation costs of a residential solar system has been extended through 2023. The credit for 2021 and 2022 is 26% of the cost of the solar installation but drops to 22% for 2023, the final year of the credit (unless extended again by Congress).
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Tax Deductions Without Itemizing
Most taxpayers think they have to itemize their deductions to claim them on their tax return. However, that is not entirely true. There are certain deductions that can be claimed while still using the standard deduction. Here is a list of those deductions:
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What Is a Joint Venture?
When multiple business entities make a decision to start a new business together as a cooperative arrangement, they form what is known as a joint venture.
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The Number of Americans Who Didn't Pay Their Mortgage Hit 5% in December 2020
A potential mortgage crisis is looming, with 5% of all renters and mortgage holders unable to make their payments in December. Here’s where things stand.
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Buckle Up for 2021: 4 Compliance Trends to Watch
Businesses must understand the compliance trends with the potential to shape 2021.
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Keep Up With Payables: Paying Bills in QuickBooks
It’s not your favorite accounting task, but QuickBooks makes bill-paying easier.
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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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