Employee Retention Credit Offers a Payroll Tax-Savings Opportunity for Construction & Real Estate Companies
Construction and Real Estate businesses have a lot to consider as they prepare to file their 2021 taxes. One of which is the Employee Retention Tax Credit (ERC), a payroll…
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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…
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State and Local Tax Considerations for Remote Employees
When the Covid-19 pandemic started, most businesses went virtual. One of the unintended consequences of this shift is the effect it had—and continues to have–on how and where remote employees…
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Federal Tax News
1. Parents of College Age Children May Qualify for a Tax Credit For purposes of the Child Tax Credit for the 2021 tax year, a qualifying child is one who…
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There’s Currently a “Stepped-Up Basis” If You Inherit Property — But Will It Last?
If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. The current rules Under the current fair market…
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Federal Tax News
1. The Per Diem Rates for 2021-2022 Are Announced The IRS has announced the special per diem rates, which are effective Oct. 1, 2021. Taxpayers may use these per diem…
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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…
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Following Up on Coronavirus-Related Distributions from IRAs
If you were adversely affected by the COVID-19 pandemic, you may have taken a tax-favored coronavirus-related distribution (CVD) from a traditional IRA last year. This privilege was allowed under the CARES…
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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…
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IRS Issues Guidance on Claiming the Employee Retention Credit (ERC)
IRS Guidance on the Employee Retention Credit Provides guidance on the employee retention credit available under section 3134 of the Internal Revenue Code (Code), enacted by section 9651 of the…
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