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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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Here is an overview of key provisions in the recent COVID relief legislation that affect individuals. The legislation is the COVID-related Tax Relief Act of 2020 (the “Act” or COVIDTRA) and the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (TCDTR), both of which are part of the Consolidated Appropriations Act, 2021. RECOVERY REBATE/ECONOMIC…
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When a business owner’s mind is focused on running a business, acceptable accounting practices can often be overlooked or forgotten. Of course, mistakes are bound to happen; but for businesses that could mean a negative impact to the bottom line. Accounting can be time-consuming for businesses, so the urge to push through and complete the…
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If you own a business, chances are, you’re dealing with payroll. A lot of companies outsource this service to other businesses or accountants to handle for them. Whether you run payroll yourself or hire someone to do the foot work for you, there are a variety of basic principles you must know to ensure you…
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This year has proved to be the gift that just keeps on giving. While the world continues to surprise us day in and day out, the last thing any of us would want is a surprise on our tax return at filing time in the spring. In an effort to alleviate as much financial uncertainty…
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Non-profit organizations are valuable businesses that serve to further a social cause or provide a public benefit. They are great at driving economic development in virtually every sector of society. However, non-profits face rigorous accounting, reporting, and regulatory requirements. Meeting these stipulations can often be burdensome and if you’re left doing this alone, it can…
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It is an understatement to say that businesses and individuals all over the world have been affected by Covid-19. This has caused considerable financial stress on many businesses forcing them to seek creative ways to stay afloat during this volatile time. Small to medium-sized businesses are a crucial part of our economy and are responsible…
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The Senate unanimously passed H.R.7010, the Paycheck Protection Program Flexibility Act of 2020, and the President immediately signed it into law. This new Act allows more flexibility for borrowers taking advantage of PPP funds. It basically extends the time period for businesses to use the funds and changes the ratio for payroll to other fixed…
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Retraining tax credits enable Georgia businesses to offset their investment in employees. Whether retraining workers to use new equipment or new technology or upgrading the company’s competitiveness with ISO 9000 training, companies can afford more training, more often, thanks to Georgia’s tax credit program. If your business has purchased or upgraded software, equipment or any…
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