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If you are responsible for the financial management of any organization, then you know that it can be a daunting task. However, there are many important things to consider when it comes to non-profit taxes, accounting, and bookkeeping – and it can be hard to know where to start. We’re digging into some of the…
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When it comes to construction, there are undoubtedly a lot of moving targets, but your accounting, budgeting, and tax planning shouldn’t be one of them. If you’re looking to streamline budgeting, improve expense tracking, and give your business the opportunity for increased profitability, choosing specialized accounting and tax services for construction businesses is crucial. Getting…
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When it comes to managing financial and legal documents, there is no one-size-fits-all answer. Recordkeeping requirements can differ across business and personal records and can even vary by industry. When in doubt, it is always best to err on the side of caution and keep a document longer than the minimum required time. If you’re…
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The IRS started issuing information letters to advance child tax credit recipients in December. Recipients of the third round of the Economic Impact Payments will begin receiving information letters at the end of January. Using the information in these letters when preparing a tax return can reduce errors and delays in processing. People receiving these…
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While the tax deadlines are still months away, quarter four is the ideal time to start planning for your filings. The biggest questions taxpayers have going into the 2021 tax season involve the implications of Stimulus Payments and Child Tax Credits issued by the government as a part of the American Rescue Plan Act. As…
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AUGUSTA, GA: SME CPAs, a top 400 U.S. accounting firm, is proud to announce that Paul Wade, CPA will serve as SME CPA’s next Managing Partner effective July 1, 2021. Wade, who joined the firm in 2003, was promoted to partner in only six years, in 2009. He has helped grow our tax team and…
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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…
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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…
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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…
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You’ve probably heard that IRS will be making millions of ”economic impact payments” (also called ”recovery rebates”) in the near future to help people stay afloat during this time of economic uncertainty related to the COVID-19 crisis. These payments are in addition to the $1,200 payments ($2,400 for married couples) issued earlier in 2020. Here’s…
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