Do you have questions regarding the Advance Child Tax Credit?
August 2, 2021Click the following link for up-to-date instructions on how stop payments, return payments, and how to update your information for payments. https://www.irs.gov/credits-deductions/advance-child-tax-credit-payments-in-2021
How did the summer go by so fast? Extension deadlines are around the corner! If we do not have all of your information by the following document deadline dates (with the exception of pending K-1s) we cannot guarantee your returns will be filed by the extension deadlines. (You will be responsible for all late filing and late payment penalties should you neglect
2nd Quarter Tax Payment Reminder
June 11, 2021Friendly reminder that your 2021 2nd Quarter Estimatesare due June 15, 2021. Why waste a check when you can pay online?South Carolina: Click here to pay onlineFederal: Click here to pay online
SC Passes SALT Deduction Workaround
June 4, 2021As many of you are aware, the deduction for state and local taxes (SALT) is limited to $10,000 on an individual’s income tax return. Many states have passed laws to workaround this limitation and have the tax paid and deducted at the entity level. On May 17, South Carolina became one of those states.Per Bill
Pandemic Relief Fund for Restaurants Is Open – The Money Won’t Last
May 5, 2021By: 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, 2021Register 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
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, 2021By 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, 2021Click 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, 2021Click 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.
