BREAKING NEWS

BMF Named a Great Lakes Regional Leader

BMF has again been included on Accounting Today’s annual list of Top Firms in the Great Lakes region, which includes the states of Illinois, Indiana, Michigan, Wisconsin and Ohio.

Articles & Publications

Employee Retention Credit – More Guidance Issued for Q1 & Q2 Credits

In December, the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (Relief Act) modified the Employee Retention Credit (ERC) and extended the period to the first and second quarter of 2021. Then in the American Rescue Plan Act. Read More >>

IRS Issues Guidance Around Extended Tax Filing Deadline

On March 17 the IRS announced an automatic postponement of the tax filing deadline from April 15 to May 17 “to help taxpayers navigate the unusual circumstances related to the pandemic, while also working on important tax administration responsibilities.”. Read More >>

Employee Retention Credit Modifications Under the American Rescue Plan

Our previous advisors touched on additional clarifications and how to claim the Employee Retention Credit (ERC). With the recent American Rescue Plan Act of 2021 (ARPA), the ERC has been extended and additional key changes made. The modified ERC,. Read More >>

IRS Releases Additional Guidance for 2020 Employee Retention Credit

The Employee Retention Credit (ERC) and Paycheck Protection Program (PPP) were created in the CARES Act under the COVID-19 relief program. Originally, they were separate programs and an employer was only allowed to participate in one program. In December,. Read More >>

Preparing for the New Form 1099-NEC, Nonemployee Compensation

The IRS has reintroduced Form 1099-NEC to help clarify the separate filing deadlines on Form 1099-MISC. Companies that make payments to nonemployee service providers and vendors could face a challenging Form 1099 reporting season for 2020 because of this. Read More >>

IRS Issues Additional Guidance on Taxability of Paycheck Protection Program Loan Forgiveness

We previously reported back in May that the IRS issued Notice 2020-32, stating that expenses related to forgiven Paycheck Protection Program (PPP) loans would not be deductible. This created much uncertainty as to how those rules would apply under. Read More >>

IRS Broadens Tax Filing and Payment Relief, Refund Guidance Coming Soon

Previous tax return and payment relief were centered around income tax filings due by April 15, 2020. This newest relief applies to all taxpayers that have a filing or payment, specified in this notice, with a due date falling. Read More >>

In Response to COVID-19: House & Senate Approve $2 Trillion Economic Rescue Package; Tax Extensions Clarified

In an effort to rush sweeping aid to businesses and workers, lawmakers reached agreement on another relief bill that includes several economic incentives, as well as additional tax relief provisions. The details of the $2 trillion stimulus package are. Read More >>

Treasury Extends Tax Filing Deadline 90 Days

In a historic move, Secretary of the Treasury, Steven Mnuchin has announced the April 15th tax filing deadline is changed to July 15 for all taxpayers and businesses via Twitter. “At @realDonaldTrump’s direction, we are moving Tax Day from. Read More >>

Families First Coronavirus Response Act: Relief Benefits and Tax Deadlines

The U.S. House of Representatives has passed H.R. 6201 – Families First Coronavirus Response Act (HR6201) to provide relief to those affected by the outbreak. This bill addresses critical and vulnerable areas that may directly affect work and life,. Read More >>