Due to the coronavirus (COVID-19) pandemic, many businesses have employees performing their job duties entirely at home or in a hybrid combination of remote and in-office work. Over the past two years this has caused much confusion with Ohio municipal income tax withholding and other municipal tax issues.
Typically, year-end tax planning consists of accelerating deductions, delaying income, and maximizing contributions to tax-deferred accounts. While these ideas still may be beneficial for many people, the tax increases included in proposed legislation may cause some taxpayers to go a different direction this year.
Summer is ending, kids are going back to school, football season is around the corner, and we can almost smell the pumpkin spice. For small business owners, this is a great time to ponder some mid-year tax and accounting considerations.
Were you one of the tens of millions of American families to receive the first monthly installment of the 2021 Enhanced Child Tax Credit? Are you just as confused as the rest of the country as to what it is or what to do? Don’t worry; you are not alone. The questions and uncertainty have left many taxpayers feeling confused.
If you have children under 18 in your household, you could be receiving an enhanced tax credit for the 2021 tax year. Here's what you need to know about this one-time change to the child tax credit.
Your small business may be eligible for the Employee Retention Credit (ERC) in 2021 – and it is not too late to claim it. Learn more about the CARES Act.
The American Rescue Plan Act of 2021 was signed to address the continuing economic impact on small businesses due to COVID-19. Learn more today.
On Wednesday, March 3, 2021, the Small Business Administration (SBA) released new applications with revised calculations for the Paycheck Protection Program (PPP) loans specifically for self-employed individuals who file their business operations on Form 1040 Schedule C.
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As you may know, President Donald Trump sent a memorandum on August 8, 2020 to the Treasury Department to defer collection of the employee portion of Social Security tax from September through the end of 2020 as part of COVID-19 relief. September 1, 2020 marked the first day of the payroll tax “holiday” or deferral period of the employee portion of Social Security tax. On August 28, 2020, the IRS issued guidance to allow employers to suspend withholding and paying eligible employees’ Social Security payroll taxes.