Pandemic Relief Fund for Restaurants Is Open – The Money Won’t Last

May 5, 2021

By: Sharon Kreider, CPA Article Note: The SBA began accepting Restaurant Revitalization applications on May 3.The Restaurant Revitalization Fund (RRF) is a first-come-first-serve program.The Paycheck Protection Program ends on May 31, 2021. Finally, April 15, I mean May 17, is almost behind us.  We should get a breather for at least a few weeks. We should,

Restaurant Revitalization Award Portal

May 5, 2021

Register and Apply through the SBA Select this option to begin the application process for a Restaurant Revitalization Award. This portal will help you calculate your eligible award amount, monitor status, and interact with the SBA. Click to Register to Start Your Application

From our Friends at Thomson Reuters: President Biden’s Families Plan Fact Sheet contains numerous tax provisions

April 29, 2021

The White House - Fact Sheet: The American Families Plan President Biden's April 28 "Fact Sheet: The American Families Plan" contains numerous tax breaks for low and middle earner taxpayers and numerous tax increases on taxpayers "making over $400,000 per year." Tax breaks. Here is a summary of the tax breaks in the Fact Sheet:

IRS sees delays in tax refunds and quarterly payments

April 26, 2021

By Michael Cohn April 23, 2021, 5:26 p.m. EDT The Internal Revenue Service is holding up millions of tax refunds for manual processing and its systems were unable to process many of the quarterly payments that needed to be sent by April 15. The IRS is holding approximately 29 million tax refunds that need to be

TAX ALERT: FEDERAL ESTATE AND INCOME TAX PLANNING MAY BE GETTING A MAKEOVER

April 1, 2021

Click HERE to read the article. On March 25, 2021, the Senate Budget Committee held a hearing provocatively entitled, Ending a Rigged Tax Code, to outline estate and income tax proposals that would constitute the most progressive tax plan in generations if enacted: the “For the 99.5% Act” and the “Sensible Taxation and Equity Promotion Act” (STEP).

From Our Friends at Western CPE: Advising President Biden on Tax Increases

April 1, 2021

Click HERE to read the article by Tax Expert Sharon Kreider, CPA. I think we all have ideas on what tax reform should look like for a better America. I’m putting a few items in writing as if I were advising President Biden. We should always remember that to provide comprehensive advice on tax policy.

Tax Day for Individuals Extended to May 17, 2021

March 18, 2021

Here we go again. The IRS has extended the 2020 filing and payment deadline, for individuals only, until May 17, 2021. As of today, this extended deadline does not apply to your first quarter 2021 estimated payments that are due April 15th. We are also awaiting guidance on state extensions.  Please note:  Our document cut-off

Five-Minute Tax Briefing from our friends at Thomson Reuters

February 22, 2021

Item for Monday, February 22, 2021 IRS Notices Possibly Sent in Error:  Earlier this month, the IRS issued notices to approximately 260,000 taxpayers stating they haven't filed their 2019 federal tax return. These notices, referred to as CP59 notices , are issued yearly to identified taxpayers who have failed to file tax returns due the

From our friends at Shumaker, Loop & Kendrick, LLP

February 18, 2021

"Our firm is seeing a fair number of instances where clients have contiguous lots to their primary residence and are unaware that you can qualify for the residential 4% property tax assessment on your primary residence and up to 5 contiguous acres (in addition to other dwellings occupied by immediate family members on the contiguous

Introducing…

February 18, 2021

Jamal Sangster, TLG Intern Jamal is originally from Chicago, IL and attended Benedict College and Strayer University.  He decided to pursue accounting because he enjoys working with numbers.  Jamal's experience includes entity tax returns, and he is excited to learn more about individual tax during his internship with TLG.  Jamal’s hobbies include cooking and grilling