While the Infrastructure Investment and Jobs Act of 2021 (IIJA) is primarily a bill that improves roads, bridges, and transit, as well as authorizing additional funding for energy, water, and broadband improvement, there are some tax-related provisions included. Employee Retention Credit Changes The Employee Retention Tax Credit
Read more →Each year, the IRS unveils its list of scams that target unsuspecting taxpayers. Below are five of the most common tax scams impacting taxpayers today, as well as tips to not become a victim: Fake Charities are created to exploit natural disasters and other situations such as
Read more →Have you ever wondered what happens if someone never files a tax return? The IRS has the ability to create a return on your behalf called a Substitute for Return or SFR. Generally, unless you are self-employed, it’s easy for the IRS to create a return for
Read more →In early August of this year, the IRS released additional guidance on the Employee Retention Credit. For 2021, the credit was expanded to allow businesses to receive a credit of up to $7,000 per employee per quarter if their operations were fully or partially shut down by
Read more →Have you ever wondered why gains are separated between long-term and short-term when you receive your 1099 at tax time? There is a very good reason for that, and one you might want to consider more carefully when investing. Short-term capital gains are derived if you hold
Read more →The short answer to this question is: of course! As cryptocurrency has become a more popular investment vehicle among younger investors, this is a good question and one that is getting more attention from the IRS. Buying and selling crypto, just like buying and selling a share
Read more →The American Rescue Plan Act extended the Employee Retention Tax Credit (ERTC) for the third and fourth quarters of 2021. It has also expanded the pool of eligible employers who can take the credit to include businesses started during the pandemic. A Recovery Startup Business (RSB) is
Read more →If your business received Paycheck Protection Program (PPP) funds as part of the COVID-19 pandemic and you still have not applied for or received forgiveness, you may be wondering about the deadline and/or next steps. While some banks may be pressuring you to apply for forgiveness right
Read more →The Child Tax Credit (CTC) is not new, but it was expanded as part of the American Rescue Plan Act of 2021, and you may be wondering what that means and how it will impact your situation. The biggest takeaway is that instead of waiting until filing
Read more →While it seems like a straightforward question, there can sometimes be confusion about what expenses can be deducted from your business for tax purposes and what expenses cannot be. Deductions are critical in helping to lower your tax bill, but knowing what expenses you can deduct is
Read more →