Payroll is one of the most important aspects of any business, but it’s one that, when running smoothly, business owners don’t tend to think about; however, when there’s a payroll glitch, it jumps to the forefront of an owner’s mind. Here are several payroll mistakes that can cost you a bundle and how to avoid […]
Federal Budget Tax Proposals
President Biden’s budget contains a number of tax proposals as detailed in an article by the AICPA. This is a short summary of some of the more important changes, and more details are available in the article. Individual Taxation Increase the top marginal tax rate from 37% to 39.6% for taxable income over $509,300 for […]
PPP Loan Forgiveness in 2021
REFRESHER: What is the Paycheck Protection Program? The Paycheck Protection Program (PPP) is a Small Business Association (SBA)-backed loan to help businesses retain employees during the Coronavirus (COVID-19) pandemic enacted under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Funds can be used for payroll expenses and benefits and some non-payroll related expenses such […]
6 Ways Income Taxes Will Be Different in 2021
Every year brings some degree of change regarding filing income taxes. While 2020 taxes are a done deal, it’s never too early to begin thinking about the next tax year. To help you be prepared for next year’s filing, here are 6 Ways Income Taxes Will Be Different for 2021. Standard Deduction Increase Standard deductions […]
Employee Retention Tax Credit (ERTC)
Eligible employers are entitled to an Employee Retention Tax Credit (ERTC) of up to 70 percent of the first $10,000 in wages and certain health care plan expenses paid per employee for each of the first two quarters of 2021 according to the New Stimulus Act. What is the Employee Retention Tax Credit (ERTC)? Designed […]
New Form 1099-K Reporting Requirements
If you sell items through Etsy or eBay, you may be surprised to find out that your transactions will be reported to the IRS beginning on 1 January 2022. Form 1099-K is currently issued for all credit card transactions by Third-Party Settlement Organizations (credit card processors) if the total processed is at least $20,000 and […]