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

5/7/2021

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. Read more! 

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Tech Leaders Worldwide Have Optimistic Outlook For 2021

5/5/2021

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. Read more! 

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Employer Tax Credit for Vaccine-Related Sick Leave

4/30/2021

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

4/27/2021

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

4/19/2021

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. Read more! 

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Biden Administration Unveils Tax Blueprint as part of American Jobs Plan

4/5/2021

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. Read more. 

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Deadline Extended for PPP Loan Applications

4/1/2021

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

4/1/2021

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

3/31/2021

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

3/24/2021

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

3/23/2021

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. Read more. 

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What Individuals Need to Know About the American Rescue Plan Act

3/22/2021

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. Read more.

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New IRS Guidance Regarding Tax Due Date Change 2021

3/18/2021

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

2/17/2021

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

1/12/2021

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

12/22/2020

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

12/15/2020

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

12/14/2020

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

12/10/2020

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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IRS Provides Guidance on Deductibility of PPP Loan-Related Expenses

11/23/2020

The IRS released guidance in April that indicated eligible expenses funded by PPP loan proceeds would not be deductible for federal income tax purposes to the extent of any loan forgiveness, thus offsetting the tax-exempt loan proceeds. But would expenses be nondeductible in the year they were incurred (2020) or in 2021, if the loan proceeds were forgiven at that time? The IRS has finally provided guidance on this timing issue.

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WEBINAR MATERIALS: Accounting Innovation

11/12/2020

Over the past several months it has become more apparent than ever that running your business on the go is imperative. From streamlining accounts payable and accounts receivable processes to paying and receiving money electronically, we'll explore the tools you can implement today! Access materials here.

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2020 Year-End Tax Planning Highlights for Businesses

11/11/2020

As the world continues to contend with the COVID-19 pandemic and its economic fallout, businesses are doing all they can to mitigate risks and plan for a recovery that’s anything but certain. Read on to explore the tax relief tactics that can help take your business from reacting to the day-to-day challenges to taking advantage of those incentives that are available to help move your business forward.

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2020 Year-End Tax Planning Highlights for Individuals

11/2/2020

As the year-end approaches, individuals should be reviewing their situations to identify any opportunities for reducing, deferring or accelerating tax obligations. Areas that should be looked at in particular include tax reform provisions that remain in play, as well as new opportunities and relief granted earlier in 2020 under the CARES and SECURE Acts. This article highlights specific areas and provides preliminary inflationary adjustment items for 2021 as of October 15, 2020.

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The Newest Internal Revenue Form

10/9/2020

“Oh, no…. not another IRS Form to complete!” 

This will be the reaction of several people that need to complete the new Non-Employee Compensation Form (Form 1099-NEC) which was just released by the Internal Revenue Service.

 

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

9/17/2020

In this webinar we provide real-world scenarios to answer your common questions related to the deadline to file, payroll taxes, potential new bills, and latest guidance. Access webinar materials here.

 

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