Feb 25, 2021 | Business Planning, Personal Financial Planning, Tax News
An employer-sponsored retirement plan can be a great way for employers to show workers they care about employees’ long-term financial prospects while giving workers a way to save on their taxes. A simplified employee pension (SEP) plan lets business owners and...
Feb 22, 2021 | Personal Financial Planning, Tax News
The latest financial scam involves fraudulent Form 1099-G, which government agencies use to report unemployment compensation. The IRS issued the following notice: The IRS is urging taxpayers who receive Forms 1099-G for unemployment benefits they did not actually get...
Feb 16, 2021 | Personal Financial Planning, Tax News
This has been a difficult year for everyone, and the last thing anyone wants to think about is owing an unexpected tax penalty. Unfortunately, self-employed individuals and small-business owners who are required to pay estimated taxes may find themselves in that...
Feb 11, 2021 | Personal Financial Planning, Tax News
The Alternative Minimum Tax is a mandatory alternative to the standard income tax. It’s triggered when taxpayers make more than the exemption and use many common itemized deductions. According to one calculation, it hits 60% of taxpayers making between $200,000...
Feb 9, 2021 | Business Planning, Closely Held Business, Coronavirus Updates, Coronavirus Updates, Employee Benefit Plans, Government Contracting, Hospitality, Medical Practices, Not-for-Profit, Personal Financial Planning, Private Equity-SBICs and Venture Capital, Real Estate, Tax News
The second stimulus package (Consolidated Appropriations Act, 2021) includes $10 billion to provide immediate assistance to child-care providers and $250 million for the Head Start program. Who is in line for this aid? There are multiple recipients, as outlined below....
Feb 4, 2021 | Personal Financial Planning, Tax News
The second relief bill, passed at the end of 2020, contains updates to the employee retention credit, a refundable payroll tax credit. Each option has its own rules and regulations for first- and second-round funding. The act changes some requirements for the ERC —...
