BREAKING NEWS

BMF Wins Best of Accounting® Award

We have been awarded 2021 Best of Accounting Award for providing superior client service. BMF received significantly higher satisfaction scores than the industry average.

Articles & Publications

White House Family Aid Plan: Proposed 2021 Tax Reform Highlights

During his April 28 address to a joint session of Congress, President Biden laid out The American Jobs Plan and American Families Plan (Biden Plan), a $1.8 trillion plan that places a priority on “our kids, our families and. Read More >>

Business Meals: IRS Clarifies Definition of Restaurants for Deductible Meals

The Taxpayer Certainty and Disaster Relief Act of 2020 increased the business meal deduction for food or beverages provided by a restaurant to 100% for years 2021 and 2022. But there was some confusion surrounding what a restaurant is. Read More >>

COVID-19 VACCINE: TAX CREDIT FOR PAID LEAVE

Last week, President Biden announced that leave taken by employees to receive or recover from the COVID-19 vaccination between April 1, 2021, and September 30, 2021, may qualify for a payroll tax credit under the American Rescue Plan Act. Read More >>

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 >>

President Biden Signs American Rescue Plan Act

On March 11, 2021, President Biden signed the American Rescue Plan Act (ARPA), which provides almost $2 trillion to support families and businesses affected by the COVID-19 pandemic. Here is a summary of the tax-related provisions in the Act.. 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 >>

Employee Retention Credit: Claims, Advance Payments and Documentation

The Employee Retention Credit (ERC) under the CARES Act encourages businesses to keep employees on their payroll. In 2021, the tax credit is 70% of up to $10,000 in wages paid in the first and second quarter by an eligible. Read More >>

Consolidated Appropriations Act: Changes to the Employee Retention Tax Credit

The Consolidated Appropriations Act, 2021 (CAA) is a $2.3 trillion spending bill that combines $900 billion in stimulus relief for the COVID-19 pandemic in the United States, with a $1.4 trillion omnibus spending bill to fund the operation of. Read More >>