Huge backlogs and broken printers plague IRS, taxpayer advocate reports
By Katie Lobosco, CNN Washington (CNN) – The Internal Revenue Service still had more than 35 million tax returns to process at the end of this year’s filing season, a backlog four times bigger than at the end of the 2019 filing season. About 23 million of those returns were filed by individuals who may be waiting…
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Biden Administration Proposes Tax Initiatives
The Biden administration recently released a proposed budget for the fiscal year 2022, referred to as the “Green Book”. The budget includes a number of proposals for tax increases along with a series of increased or extended tax credit and incentive programs. Here is a list of some of the proposed changes:
Time to Revisit Paycheck Protection Program Forgiveness
If you have not applied for forgiveness, now is the time and the deadline may be fast approaching.
Meet Alabama’s Top Talent CPAs
Business Alabama Abbreviated Article- – By Erica Joiner West With federal and state tax deadlines looming, April is one of the busiest months for certified public accountants in the country. But the men and women who have the designation CPA after their names do more than just file paperwork with the Internal Revenue Service. Accountants…
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IRS Extends Individual Tax Deadline
On Wednesday, March 17, the IRS announced that the 2020 individual income tax filing deadline will be automatically extended from April 15, 2021, to May 17, 2021.
Biden Signs New $1.9 Trillion COVID Relief Legislation into Law
As you can imagine, the new $1.9 trillion COVID Relief Legislation covers a lot of ground. Here are the provisions that we believe will be of greatest interest to you:
Possible Changes on the Horizon for Retirement Savings
The Biden Administration is currently looking at making changes to the tax incentives of saving for retirement. Treasury Secretary Janet Yellen recently announced the Administration is considering a proposal to replace the dollar-for-dollar tax deduction with a 26% credit. More details can be found here. What does this mean for you? If you expect to…Read More
Claiming the Benefits of Employee Retention Credits
As we have shared in previous correspondence, the new Employee Retention Credit (ERC) creates a nice opportunity to claim a tax benefit for keeping your workers on the payroll during the pandemic. In order to qualify, your business must have been subject to 1) a government-ordered shutdown or 2) a significant decline in revenue. Because…
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Ready to Apply for PPP Loan Forgiveness? Stop and Reconsider
For the past several months, we have advised many clients to patiently wait on applying for PPP forgiveness. There were a number of uncertainties, including taxability of forgiven amounts and potential future legislation. Good news – The recently passed Consolidated Appropriations Act, 2021 made two major changes related to PPP forgiveness. The first is to clarify the…
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Employee Retention Tax Credit- Understanding changes made by the Credit Consolidated Appropriations Act
Employee Retention Tax Credit- Understanding changes made by the Credit Consolidated Appropriations Act You may have seen or read about the Employee Retention Tax Credit (ERC) that was introduced with the CARES Act and clarified by the recent Consolidated Appropriations Act (CAA). The short version is, if your business was shut down or severely impaired…
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