BREAKING NEWS

Costantini, Mitchell, Petersen, Shulas Promoted to Director

We are excited to announce the creation of a new Director role within the firm and have appointed four of our leaders to hold these positions.  

Articles & Publications

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 >>

Congress Passes Year-End Spending, Stimulus Bill with Tax Extenders

The Consolidated Appropriations Act, 2021 (CAA, 2021) passed Congress on December 21, 2020, and is awaiting the President’s signature. The CAA is 5,500 pages that touch on many areas of tax law, and additional changes could occur as the. 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 >>

2020 Year End Tax Planning for Businesses and Individuals

Year-end tax planning is always challenging, but President-Elect Biden entering the White House along with the coronavirus pandemic have added a whole new layer of complexity to the equation. The balance of power in the Senate will be determined. Read More >>

IRS Issues Additional Guidance on Taxability of PPP 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 >>

Final Rules Clarify Business Meals and Entertainment Deductions

November 6, 2020 Tax Advisor

It’s been more than two years since the Tax Cuts and Jobs Act of 2017 was passed with stricter limitations on business meals and entertainment expenses. Our previous advisor from November 2018 noted the confusion with respect to separating. Read More >>

2021 Cost-of-Living Adjustments (COLAS)

October 29, 2020 Tax Advisor

This week, the IRS announced the 2021 cost-of-living adjustments (COLAs), which impact retirement plans for more than 67 million Americans. In addition, the Social Security Administration announced the 2021 social security wage base will be $142,800, which reflects a. Read More >>

Payroll Tax Holiday – Friend or Foe?

Remember the payroll tax deferral for employers we talked about a few months ago? In early August, President Trump signed a few executive orders to help people who are struggling financially, including payroll deferrals for employees. The Order says. Read More >>

IRS Delays and Other Issues on 2019 Tax Filings

The Internal Revenue Service (IRS) has been experiencing several delays and other issues in connection with processing tax returns and payments. Below we’ve highlighted guidance around some of the more common items that our clients are experiencing related to. Read More >>

New Rules for Required Minimum Distributions

There have been several changes to Required Minimum Distribution (RMD) rules this past year. When the Setting Every Community Up for Retirement Enhancement (SECURE) Act passed last December, it changed the age limit for RMDs from age 70 ½. Read More >>