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 from the effects of coronavirus but retained their employees. The credit is available to eligible employers that paid qualified wages from March 13, 2020 through June 30, 2021. To be…
Read MoreBoth the IRS and Treasury have announced that the deadline to file AND pay your individual federal income tax for the tax year of 2019 has been extended to July 15, 2020. While Florida residents are not subject to state income tax, others are. For information on your state income tax response, please see this link: https://www.taxadmin.org/state-tax-agencies. If you cannot file your return by July 15, 2020, we can help you file an extension until October…
Read MoreAs the global pandemic brings business and the economy to a grinding halt, you may wonder what steps you can take now to protect your business, your employees, and your customers. CISA.gov lists the Information Technology Sector as one of 16 critical infrastructure sectors needed to stay open and operable during a national crisis. Here are some steps you can take right now to alleviate stress on your business. Payroll The IRS outlined provisions for…
Read MoreYou 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 monthly, so you’re actually saving money by doing some of them at year-end. Here are just some of the items that are performed at year-end. Tax-related: If you have…
Read MoreSo, you think you can dodge your income tax responsibility by failing to provide your Social Security Number to a company who used your services? Let’s talk a little more about what happens when you fail to provide the required information to the Internal Revenue Service. There are two sides to this problem. Problem 1 – The company doesn’t want to issue a 1099 because they want to pay the person “under the table.” Well,…
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