Preferred ERC Provider of LSNB
The Employee Retention Credit (ERC) is one of several programs the federal government implemented in the wake of COVID-19. This program reimburses businesses through a tax credit—i.e. a lump sum...
27 October, 2022
COVID-19 Pandemic Tag
NEW: 2022 Tax Deductions for Charitable Donations
As CPAs, we stay up to date on all areas of tax law so we can uncover maximum savings for our clients. This, of course, includes laws related to charitable...
17 October, 2022
How to Get Employee Retention Credits (ERC)
Did you know that Employee Retention Credits (ERC) from the Cares Act are still available for many businesses filing taxes? The ERC benefit can be significant: up to $5,000 per...
17 October, 2022
How to Repay Deferred Social Security Tax
How Self-Employed Individuals and Household Employers Repay Deferred Social Security Tax The Coronavirus Aid, Relief, and Economic Security Act allowed self-employed individuals and household employers to defer the payment of certain...
17 October, 2022
IRS Fights Employee Retention Tax Credit Fraud
In March 2022, the IRS identified 11,096 suspicious returns claiming more than $2 trillion in Employee Retention Tax Credits. The full extent of the fraud has yet to be...
03 October, 2022
COVID Tax Relief: Penalty Relief for 2019 and 2020 Returns
Authored by the IRS | August 24, 2022 COVID tax relief: IRS provides broad-based penalty relief for certain 2019 and 2020 returns due to the pandemic; $1.2 billion in penalties being...
24 August, 2022
IRS Guidance on Q4 Removal of Employee Retention Credit
(authored by RSM US LLP) Employers need to react quickly to the new guidance to pay in amounts as if they were incurred on Dec. 31, 2021....
06 December, 2021
IRS Releases Guidance on Timing of Tax-Exempt Income for PPP Loans
(authored by RSM US LLP) IRS releases Rev. Procs. 2021-48, 2021-49 and 2021-50 to address the treatment of tax-exempt income for PPP loans....
19 November, 2021