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

All Posts

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 >>

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 >>