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Potential Benefits of Section 1202 Continue to Grow


Section 1202 of the Internal Revenue Code is growing in popularity among investors and may become even more valuable in 2022. Section 1202 allows founders and investors of corporations to exclude up to 100% of their capital gains derived from the sale of qualified small business stock (QSBS) held for more than five years (subject to limitations). Because the gain exclusion percentage for a shareholder depends on the QSBS issuance date, as time goes on more investors are becoming eligible for the full, 100% exclusion—and thus its rise in popularity.

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2021 State & Local Tax Year-End Issues to Consider Now


State and local governments are revisiting taxpayer compliance with nexus rules and other tax policies, considering new taxes on digital services and reconsidering conformity with federal tax rules and legislation in an effort to rebuild their economies. The following is an in-depth look at five key state tax issues that taxpayers should begin considering now.

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Sponsoring a Health & Welfare Benefit Plan: Are You 5500 Compliant?


Health & Welfare Plans provide benefits such as medical, dental, and life insurance. In 2002, the Form 5500 filing requirement was amended by the IRS, but many initially believed that the requirement had been fully suspended. However, the requirement was only lifted for some employers; but, for others (those not meeting the exemptions), the requirement remained in place and continues to be an annual requirement.

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Treasury's Green Book Provides Details On Administration's Tax Blueprint


The Treasury Department on May 28 released its general explanation of tax proposals included in the Biden administration's fiscal year 2022 budget submission to Congress. Commonly known as the "Green Book," the 114-page document provides more details regarding the administration’s tax proposals that had been previewed in the American Jobs Plan and the American Families Plan.

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Christina Doss Featured in Advisors Magazine Holistic Talk Issue


In the May 2021 ‘Holistic Talk Issue’ of Advisors Magazine, Christina weighs in on the importance of a holistic financial approach to planning to achieve better results. The Saltmarsh planning methods go beyond a traditional monetary-only focus. They consider additional factors in clients’ lives, such as family, personal beliefs and lifetime goals, and focus on financial education when advising clients.

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Florida Enacts Economic Nexus and Marketplace Legislation


On April 19, 2021, Florida’s governor signed S.B. 50 into law, making Florida one of the last states to adopt economic nexus and marketplace facilitator rules for sales tax purposes since the landmark U.S. Supreme Court decision in South Dakota v. Wayfair. 

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White House Unveils Plan to Help American Families Funded by Tax Increases on Wealthy


On April 28, 2021, the Biden administration unveiled a $1.8 trillion plan to provide assistance to middle- and low-income families that would be largely funded by tax increases on wealthy Americans. The plan is expected to be fleshed out during President Biden’s first address to a joint session of Congress scheduled for the evening of the announcement.

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Tech Leaders Worldwide Have Optimistic Outlook For 2021


Amid unanticipated crisis, technology leaders sprang into action and helped business continue across many industries. After weathering the worst of the storm, tech executives carry continued optimism into 2021, anticipating a continued surge in demand and further opportunities for growth. 

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Employer Tax Credit for Vaccine-Related Sick Leave


On April 21, 2021, the Internal Revenue Service (IRS) announced further details about tax credits available under the American Rescue Plan (ARP) to help small businesses, including providing paid leave for employees who receive COVID-19 vaccinations.

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IRS Issues Guidance for Claiming Employee Retention Credit in 2021


The IRS on April 2, 2021, issued additional guidance for employers claiming the employee retention credit (ERC) under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), as modified in December 2020 by the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (Relief Act). The ERC is designed to help eligible businesses retain employees by offering a credit against employment taxes when qualified wages and healthcare expenses are paid during the COVID-19 pandemic.

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IRS Issues Final Regulations on UBTI


On Dec. 2, 2020 the U.S. Treasury and IRS published final regulations under Internal Revenue Code (IRC or Code) Section 512(a)(6), the provision requiring tax-exempt organizations with more than one unrelated trade or business to calculate unrelated business taxable income (UBTI) separately with respect to each trade or business. 

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Biden Administration Unveils Tax Blueprint as part of American Jobs Plan


The Biden administration on March 31, 2021, unveiled a jobs and infrastructure plan, the American Jobs Plan, to address the nation’s pressing infrastructure needs. The plan calls for about $2 trillion in spending over eight years. 

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Deadline Extended for PPP Loan Applications


The U.S. Senate passed legislation (PPP Extension Act of 2021) on March 25, 2021 that provides a 60-day extension for eligible employers to apply for a Paycheck Protection Program (PPP) loan. The House of Representatives approved the legislation on March 16, 2021.

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IRS Extends Certain Tax Filing and Payment Deadlines to May 17


The Internal Revenue Service confirmed in an announcement on March 29, 2021, that individuals have until May 17, 2021 to meet certain deadlines that would normally fall on April 15. 

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Cares Act Employee Retention Credits for Retail Employers


The government has supported retail and the continuation of their services with the passage of the CARES Act in March 2020, which includes PPP and the Employee Retention Credit (ERC). Under the CARES Act, companies could take advantage of either the PPP or the ERC, but not both.


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WEBINAR MATERIALS: Strategies for Maximizing PPP Loan Forgiveness, Part 10


Our speakers break down PPP updates and the latest guidance from the SBA. They will also review the American Rescue Plan Act and Employee Retention Credit updates. Access webinar materials here.

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Consolidated Appropriations Act: What Plan Sponsors Need to Know About Retirement Plan Relief


The Consolidated Appropriations Act, 2021 (CAA), which was enacted on December 27, 2020, is mostly known for the $900 billion it provided in additional stimulus funding for pandemic relief. Additionally, the law contains several useful provisions for retirement plans, including non-COVID disaster emergency relief, multiemployer and defined benefit plan changes, and updates to partial plan terminations.

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What Individuals Need to Know About the American Rescue Plan Act


The American Rescue Plan Act of 2021 (ARPA), signed into law by President Biden on March 11, 2021, provides additional major relief to individuals and businesses that continue to be impacted by the COVID-19 pandemic. The ARPA provisions related to individual taxpayers. 

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New IRS Guidance Regarding Tax Due Date Change 2021


On Wednesday, March 17th, the U.S. Treasury Department and Internal Revenue Service extended the due date of individual Federal income tax returns and the deadline to make contributions to IRAs and HSAs from April 15, 2021 to May 17th, 2021.

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WEBINAR MATERIALS: Strategies for Maximizing PPP Loan Forgiveness PART 9


Our webinar breaks down the PPP provisions, discusses the latest guidance from the SBA and eligibility for second draw loans. Access webinar materials here.

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WEBINAR MATERIALS: Strategies for Maximizing PPP Loan Forgiveness PART 8


On December 21st, Congress passed the long-awaited $900 billion COVID-related Tax Relief Act (COVIDTRA) as part of the Consolidated Appropriations Act, 2021. In this webinar, we break down the PPP provisions, discuss the latest guidance from the SBA, and more. Access materials here.

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Congress Passes $900 Billion COVID Relief Bill


Late Monday, December 21, Congress passed the long-awaited COVID-related Tax Relief Act (COVIDTRA) as part of the Consolidated Appropriations Act, 2021. It provides expansion of the Paycheck Protection Program (also known as PPP2), expanded unemployment benefits, and direct payments to taxpayers. Read key highlights. 

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Glenn Scharf Featured in Vic.ai Accounting Podcast


Shareholder and practice leader of our Outsourced Accounting Services (OAS) department, Glenn Scharf, CPA, CVA, is no stranger to the accounting world with his broad range of expertise in taxation, process engineering, business consulting, and tax management solutions services.

Recently, Glenn joined Joshua Feinberg, host of Vic.ai’s The AI in Accounting Podcast to share how he got into accounting, and how accounting and information technology go hand in hand.

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Natural Disaster Casualty Losses


Did you know that losses of property due to natural disasters are deductible as personal casualty losses on your tax return? This means if you suffered damage from Hurricane Sally that resulted in your property losing value, you might be entitled to a tax deduction for that loss.

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WEBINAR MATERIALS: Maximizing 2020 Year-End Tax Planning


As the world continues to contend with the COVID-19 pandemic and ongoing impacts, individuals are seeking ways to avoid risks and plan for a recovery that’s anything but certain. With 2020 finally coming to a close, you should be finalizing year-end tax planning strategies and preparing for changes to come in 2021. Access materials here.

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