Ensure Your Construction Accounting System Has the Right Features

Construction accounting is distinctively complex. Unlike other businesses that rely heavily on a general ledger to track finances, construction companies need to master a project-based approach to accounting. After all, each of your jobs serves as an individual profit center — with its own scope, timeline, payroll, revenue and expenses. That’s why your accounting software…

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The IRS Again Eases Schedules K-2 and K-3 Filing Requirements for 2021

The IRS has announced additional relief for pass-through entities required to file two new tax forms — Schedules K-2 and K-3 — for the 2021 tax year. Certain domestic partnerships and S corporations won’t be required to file the schedules, which are intended to make it easier for partners and shareholders to find information related to “items…

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The Advance Child Tax Credit Explained

On July 15th, 2021, eligible parents automatically began receiving advance Child Tax Credit payments from the federal government. It is important taxpayers know the implications of this credit. The Advance Child Tax Credit Explained The Advance Child Tax Credit allowed eligible taxpayers to receive 50 percent of their credit in equal monthly installments starting in…

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IRS Audits May Be Increasing, So Be Prepared

The IRS just released its audit statistics for the 2020 fiscal year and fewer taxpayers had their returns examined as compared with prior years. But even though a small percentage of returns are being chosen for audit these days, that will be little consolation if yours is one of them. Latest statistics Overall, just 0.5%…

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Making Long-Term Decisions About Working From Home

It can be a tough scenario to confront: First you sent your employees home to work remotely due to the COVID-19 pandemic. Now they want to stay there permanently. Should you allow employees to work from home more than they have in the past? Or do you think “This just isn’t working” for one or…

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Federal Tax News

1. The deadline for the third 2021 estimated tax payment is coming up on September 15. Changes in the economy brought by COVID-19 include a new crop of self-employed persons, such as gig-economy workers. Like most people with income that isn’t subject to withholding, these workers may need to make estimated tax payments for the first…

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Deadline Coming: Follow Up on Your PPP Loans

Paycheck Protection Plan (PPP) loans were a lifeline for many small business owners during the worst of the pandemic-driven economic slowdown. In total, the Small Business Administration (SBA) approved nearly 12 million PPP loans, averaging $67,000. The PPP program stopped accepting loan applications on May 31, 2021. However, you still may need to complete the…

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Should You Outsource Your Billing?

Deciding whether to handle billing in-house or hire an outside billing company is an important decision for any medical practice. While it’s true that not all physicians or their staffs have the experience, training and temperament to handle billing internally, it’s important to understand that a billing company typically takes 6% to 9% of the…

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