SME CPA BLOG

Welcoming a new child into your life is a great joy, but it also means big financial changes. These young family members can affect your tax situation. To start things right, here are some tips to keep in mind. Tax returns and withholdings Having a baby – or adopting a child – could affect your…

The American Rescue Plan Act of 2021 (ARPA), signed by President Biden on March 11, 2021, extended and significantly modified the payroll tax credits for qualifying sick leave and family leave wages. Below is a summary of the key provisions. Background: Both Covid-19-related credits were initially provided by the Families First Coronavirus Response Act and…

With President Biden’s signature yesterday, March 11, 2021, the $1.9 Trillion Stimulus Bill (ARPA) became law. This is the six separate COVID-relief bill enacted by the federal government. The American Rescue Plan Act of 2021 (ARPA) includes tax provisions, business stimulus provisions, individual assistance like extended unemployment benefits, additional funding for existing programs like the…

A wedding is an exciting milestone, but it is also a big financial turning point for couples. Whether it is a first marriage or two families blending, these unions have major tax consequences. Ending a marriage by divorce is also significant for your tax situation. To start off right, here are some tax tips to…

Let’s face it, tax season requires clients and accountants to share large amounts of data – mostly in the form of paper documents. With COVID happening, we are having to adjust the way we share those documents.   Dropping off an envelope full of tax documents to your accountant is becoming more of a rarity than…

The Consolidated Appropriations Act, 2021 (the CAA, 2021), signed into law on December 27, 2020, is a further legislative response to the coronavirus (COVID-19) pandemic. The CAA, 2021 include–along with spending and other non-tax provisions and tax provisions primarily affecting individuals–the numerous business tax provisions briefly summarized below. The provisions are found in two of…