2021 – 10/04 The IRS is reminding U.S. citizens, resident aliens and any domestic legal entity that the extension deadline to file their annual Report of Foreign Bank and Financial Accounts (FBARs) is Oct. 15, 2021. Filers missing the April 15 annual FBAR due date earlier this year received an automatic extension until Oct. 15…
2021 – 10/05 Three federal agencies, including the IRS, have issued a series of Q&As that address aspects of COVID-19 under the CARES Act, HIPAA and the Affordable Care Act. The Q&As cover preventive services, HIPAA nondiscrimination and wellness programs. For example, can a group health plan offer participants a premium discount for receiving a…
2021 – 10/04 Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2021. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the…
2021 – 10/01 Taxpayers who don’t qualify for the Child Tax Credit because their children are too old may have an alternative. The Credit for Other Dependents maxes out at $500 per dependent if certain conditions are met. To qualify, dependents must: Be age 17 or older; have individual taxpayer ID numbers; be a qualifying…
2021 09-29 In today’s data-driven world, business owners are constantly urged to track everything. And for good reason — having accurate, timely information displayed in an easy-to-understand format can allow you to spot trends, avoid risk and take advantage of opportunities. This includes your company’s website. Although social media drives so much of the conversation…
2021 – 09/28 Fraudsters are opportunists, and disasters present many opportunities to steal assets and information. These crooks target victims when they’re vulnerable, offering bogus help. They may also steal from generous people seeking to aid victims. The IRS warns that these scams usually start with unsolicited contact by phone, on social media, by email,…
2021 – 09/24 An important payroll tax deadline is coming up for certain employers. To provide relief from the economic ravages of COVID-19, the CARES Act allowed employers to defer their share of Social Security tax from March 27 through Dec. 31, 2020. Those employers must now pay 50% of the deferred tax by Dec….
2021 – 09/23 How has the COVID-19 pandemic affected the IRS and taxpayers? IRS Commissioner Charles Rettig answered that question in an overview on the IRS’s website. He noted that “despite our best efforts, pandemic-related issues are still causing us to experience record levels of activity that continue to affect operations, including the processing of…
2021-09/22 For many small businesses, the grand reopening is still on hold. The rapid spread of the Delta variant of COVID-19 has mired a variety of companies in diminished revenue and serious staffing shortages. In response, the Small Business Administration (SBA) has retooled its Economic Injury Disaster Loan (EIDL) program to offer targeted relief to…
2021 – 09/22 The IRS, the U.S. Department of Labor and the Pension Benefit Guaranty Corporation jointly announced a notice of proposed revisions to the Form 5500 Annual Return/Report filed for employee pension and welfare benefit plans. The proposals are intended to implement changes to the Form 5500 annual reporting under the SECURE Act, which…
2021 – 09/21 by Deborah Carroll We ran into a dilemma in funding college for our children. Perhaps our experience will help you assess your own college spending options. We have two kids, each with a Texas Guaranteed Tuition Plan. Child 1 is done with school but has leftover hours in the plan, prepaid tuition…
2021 – 09/20 Generally, individuals who claim the standard deduction on their tax returns can’t deduct charitable contributions. But for 2021, the Taxpayer Certainty and Disaster Tax extended parts of an earlier law that allowed individuals to claim charitable contributions up to $300 for 2020. Those who file married joint returns may claim up to…
2021 – 09/20 If you use an automobile in your trade or business, you may wonder how depreciation tax deductions are determined. The rules are complicated, and special limitations that apply to vehicles classified as passenger autos (which include many pickups and SUVs) can result in it taking longer than expected to fully depreciate a…
2021 – 09/17 Did you request an extension from the IRS to file your 2020 tax return? If so, the Oct. 15 deadline is coming up soon. Taxpayers who asked for an extension should file on or before the extension deadline to avoid a penalty for filing late. Although Oct. 15 is the last day…
2021 – 09/16 Eligible families are now receiving their September advance Child Tax Credit payments. This third batch of advance monthly payments, totaling about $15 billion, is reaching about 35 million families. Future payments are scheduled for October 15, November 15 and December 15. Eligible families who didn’t receive payments in July or August and…
