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The Giving Season- How to Give, and How to Keep my Tax Bill Down

With the giving and holiday season just around the corner, we wanted to offer some tax-saving benefits as you share your generosity. I don’t usually itemize; can I still deduct any of my contributions? YES! Beginning in 2020 from the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the IRS allowed a $300 tax deduction …

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Save Money AND Hire New Employees-Work Opportunity Tax Credit

You read that right! Your business can earn up to a $9,600 tax credit for each new person you hire. How? The Work Opportunity Tax Credit (WOTC) is a federal tax credit that encourages employers to hire people facing barriers to employment. Qualifying individuals include some veterans​, individuals who have received government assistance through various …

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Employee Retention Credit (ERC) for 2020 and 2021

The ERC was introduced by the CARES Act in 2020, expanded under the Consolidated Appropriations Act of 2021 (CAA), and extended under the American Rescue Plan Act of 2021 (ARPA). It is designed to encourage employers (including tax-exempt entities) to keep employees on their payroll and continue providing health benefits during the coronavirus pandemic. The …

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Q3 Tax Deadlines

Here is a list of tax-related deadlines coming up soon that affect businesses and other employers during the third quarter of 2021. This list is not all inclusive, so please be aware that there may be additional deadlines that apply to you. Contact us to make sure you are meeting all applicable deadlines; we are …

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Still waiting for a tax refund? IRS backlog has grown to 35 million returns

A growing backlog of unprocessed tax returns now stands at 35 million, creating ongoing refund delays for millions of taxpayers, the National Taxpayer Advocate said in a recent report. That represents an increase in the IRS’ backlog of unprocessed returns from May, when it was holding 31 million returns. Some taxpayers have recently told CBS MoneyWatch they …

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