If you received advance child tax payments in 2021, the IRS will be sending out Letter 6419 (2021 Advance CTC). Please keep this letter with your tax preparation documents! The letter will include the total amount of ACTC payments taxpayers received in 2021 and the number of qualifying children used to calculate the advance payments. […]
We have been working at making changes to how our practice operates starting in 2022. With staffing shortages, the difficulty in finding professional assistance, ever-increasing last-minute tax law changes, and simply the desire to not work 80-hour weeks from January through April, we find it necessary to implement some changes. In a nutshell, we are […]
Tax season is upon and that means its time to start watching for a gathering your documents for tax preparation. Here is some information to get the ball rolling this year. TAX DOCUMENTS: We will be sending out tax questionnaires and organizers in the next 1-2 weeks. Please be on the lookout for these. Most […]
We have the business organizers available for clients who have entity returns that must be filed. Entity returns are any business taxed as an S-corporation, C-corporation or partnership. These checklists and questionnaires are required for each entity and we cannot start work without it. All packets are available as PDF files you can download, or […]
Today the IRS announced tax relief for victims of the Colorado wildfires that destroyed so many homes and businesses on December 30, 2021. This follows action by FEMA that approved the area for federal disaster assistance on January 1, 2022. Below is a summary of the IRS announcement. Click here for the full IRS announcement. […]
As 2021 comes to a close, there are some strategies you still may be able to pursue to reduce your taxes for the year. The following strategies relate to tax savings using retirement plans such as 401(k) plans, 403(b) plans and IRAs. Fully Fund Your Retirement PlanFully funding your company retirement plan with pre-tax dollars […]
Year-end comes quickly for many businesses. With holidays and travel, it is imperative to be organized and ready for year-end, so you can get your CPA the information needed early in the new year. The following is a list of things that should be done in November or December to help you get ready. Download […]
The U.S. Small Business Administration (SBA) has announced enhancements to the COVID Economic Injury Disaster Loan (EIDL) program, a federal disaster relief loan designed to better serve and support our small business communities still reeling from the pandemic, especially hard-hit sectors such as restaurants, gyms and hotels. The SBA increased the borrowing limit from $500,000 […]
Has your tax professional suggested making “estimated payments”? Do you ever wonder what he or she is talking about? What are estimated payments? Why do I have to make them? Will I get in trouble if I don’t make estimated payments? What are Estimated Payments? Estimated payments are generally suggested when the withholding from your […]
Beginning in July, some taxpayers may begin receiving payments of up to $300 per month as advance payments of an increased child tax credit. Here is an outline of the changes. As usual, there are many more details behind the law, and clarifications are issued on a regular basis. What Is it? The American Rescue […]
