Maximizing the Employee Retention Credit
The ERC is a refundable payroll tax credit for qualified wages paid to employees of businesses dealing with a significant decline in gross receipts and/or closed or running limited operations because of government-mandated pandemic restrictions.
Under the Act, employers can receive a maximum credit of $14,000 per employee for the first two quarters of 2021.
How to Choose a CPA for Your Nonprofit
If your nonprofit organization needs compiled, reviewed or audited financial statements, or needs help filing the annual Form 990, the CPA you select to provide those services can be among the most important decisions you make for your nonprofit.
IRS Extends Tax Deadline
The Internal Revenue Service announced today that the due date for individual federal income tax filing will be automatically extended from April 15, 2021 to May 17, 2021. Individual taxpayers can also postpone federal income tax payments related to 2020 to May 17, 2021 without penalties and interest.
Taxation of Coronavirus-Related Distributions
The CARES Act provided for “coronavirus-related” distributions from certain qualified retirement plans. Participants who chose to take advantage of the program could avoid the normal 10% early withdrawal penalty for distributions taken before age 59 ½ and spread the income over a three-year period for federal income tax purposes.
Are Unemployment Benefits Taxed?
With so many people out of work during the COVID-19 pandemic, and some rule changes increasing the number of people who qualify for unemployment benefits, do unemployment benefits need to be included in your gross income for tax purposes?