On August 24, 2021 the House voted to approve the fiscal year 2022 budget resolution that provides reconciliation instructions for the massive human infrastructure bill.
Category: Tax – Business
What is the Difference Between Your Marginal Tax Rate & Your Effective Tax Rate?
Have you heard the phrases “marginal tax rate” (or tax bracket) and “effective tax rate” and wondered what the distinction is between them? In order to explain the difference, it is first important to note that in the U.S., we do not pay a flat tax – we are on a graduated system and therefore… Continue reading What is the Difference Between Your Marginal Tax Rate & Your Effective Tax Rate?
Partner Capital Accounts Required to be Reported on Tax Basis for 2020
In response to the Tax Cuts and Jobs Act of 2017, there were a number of changes to the disclosure requirements for partnerships and LLCs filing as partnerships – specifically, on the K-1s of Form 1065 returns, some of which became effective for the 2019 tax year.
Summary: American Rescue Plan Act of 2021
Congress passes $1.9 trillion bill, sent to and signed by President Biden
IRS News: CP59 Notices
Earlier this month, the IRS issued notices to about 260,000 taxpayers, stating they haven’t filed their 2019 federal tax return. The IRS refers to these notices as CP59 notices. They are issued yearly to taxpayers who haven’t filed their tax returns from the prior calendar year (Tax Year 2019).
New Podcast Episode: How Should Business Owners Navigate 2021?
The first quarter of 2021 is in the books. What should business owners be concerned about as they navigate the rest of the year?
Employee Retention Credit Extended and Expanded
The Consolidated Appropriations Act, 2021 extends and expands the employee retention credit first created under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The employee retention credit is designed to encourage businesses to keep workers on their payroll and support small businesses and nonprofits through the Coronavirus economic emergency.
The Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act
The Consolidated Appropriations Act, 2021 (CAA 2021) became law on December 27, 2020, and among many other things, provided for a second round of potentially forgivable Paycheck Protection Program loans to small businesses that were financially impacted by the effects of the pandemic.
CARES Act: Charitable Giving Changes Due to COVID-19
COVID-19 has presented unique opportunities for charitable giving for the 2020 tax year, which has been addressed in the new Corona Virus Aid, Relief, and Economic Security (CARES) Act.
Deferring Payroll Tax Payments – Tips & Guidelines
The payroll tax deferral provision for employers was authorized by the CARES Act passed in March.