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On Saturday, April 17, 2021, the Small Business Association (SBA) released the Restaurant Revitalization Fund’s highly-awaited program guidelines. The Restaurant Revitalization Fund (RRF) is part of the $1.9 trillion American Rescue Plan Act (ARPA) which became law on March 11, 2021 and appropriated $28.6 billion for the SBA to award to eligible restaurants, bars and similar businesses who…
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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…
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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…
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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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At SME, we have the privilege of being one of the oldest and largest accounting firms in the greater Augusta region. We are proud to say we’ve built trust through tradition; we are incredibly passionate about helping our clients and community; and we take a team approach to your financial security and peace of mind.…
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You may have a family member or friend who has chosen you to be their executor or the personal representative of their estate when they pass away. They trust you as being capable of handling their affairs and carrying out their requests after death. While this may be somewhat of an honor, this may require…
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I am a stereotypical nerdy, sweater vest-wearing tax accountant, so when I sat reading the posts of all of my friends and family on social media on Veteran’s Day this year, my thoughts turned to all the tax benefits and deductions given to Veterans in South Carolina. I realize that most people don’t think tax…
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Business Tax Prep Tips Use payroll tax software to avoid costly IRS penalties. Approximately one third of all companies get fined each year for incorrectly handling payroll taxes. This is due in large part to the fact that around 40% of businesses with employees try to handle payroll on their own, using paper or…
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