Our Blog & News
This Month’s Posts:
Updated Summer ToDo List For Practice Owners
Practice owners who received grants and subsidies through the CARES ACT or other sources can finally see the light at the end of the tunnel. Here are the remaining steps to take in connection with these grants and subsidies. PPP1 Loan Forgiveness: Most practices...
Business Can Temporarily Deduct 100% Of Meals For 2021 And 2022
From IRS News – Edition IR-2021-79, April 8, 2021 WASHINGTON — The Treasury Department and the Internal Revenue Service today issued Notice 2021-25 providing guidance under the Taxpayer Certainty and Disaster Relief Act of 2020. The Act added a temporary exception to...
For tax year 2021 – Recent tax legislation targeting families with children
Various changes were made to the Child Tax Credit and Dependent Care Tax Credit for 2021, including: Dependent Care Expenses qualifying for the dependent care tax credit have increased from $3,000 to $8,000 for one qualifying child and from $6,000 to $16,000 for two...
Is your child working a summer job?
Is your child working a summer job? If so, check out these basic financial planning tips: If you child’s wages will only be a few thousand dollars this summer, most likely he or she will not be subject to federal income taxes. The standard deduction for single filers...
Last Month’s Posts:
HRSA Provides Update On The Provider Relief Fund (PRF) Self-Reporting Requirement
If your practice received a Provider Relief Fund Grant from HRSA of more than $10k, you are required to self-report that you utilized those funds properly. On 6/11/21, the Health Resources and Services Administration (HRSA) issued guidance available...
ERTC Summary
The Employee Retention Tax Credit (ERTC) has had quite a journey since first being introduced as part of the CARES Act last March. Originally, business owners who took the PPP Loan weren’t eligible for this valuable payroll tax credit. That all changed in December...
Don’t Forget The $100k Subsidy For Practices That Started After 2/15/20
On March 11, 2021, President Biden signed the $1.9 Trillion American Rescue Plan Act of 2021 into law. ARPA included a provision expanding the Employee Retention Tax Credit (ERTC) to include “Recovery Startup Businesses (RSB)” – those that opened after 2/15/20 with...
Avoid Huge Penalties By Filing Your Form 5500 For Your 401k/Profit Sharing Plan By 7/31/21
Just a reminder that if your practice had a 401k/Profit Sharing Plan in place during 2020, you are required to file a Form 5500 by 7/31/21...
Update For Taxpayers Who Qualified For The $10,200 Exclusion on Unemployment Benefits But Filed Too Early to Get It
Taxpayers who received unemployment benefits during 2020 could exclude the first $10,200 of benefits received from their taxable income as long as their total income reported on their tax returns was less than $150,000. This rule wasn't enacted until March causing...
Where’s My Refund?
If you have filed your tax return and are waiting on your refund, you can get an update on the status of the processing of your federal tax return by going to the IRS link: https://www.irs.gov/refunds and clicking on the Check My Refund Status button. Be prepared to...
Additional Plug-In Vehicles Qualify for Tax Credit of Up To $7,500
Plug-in electric drive motor vehicles are picking up steam. According to the IRS: Internal Revenue Code Section 30D provides a credit for Qualified Plug-in Electric Drive Motor Vehicles including passenger vehicles and light trucks. For vehicles acquired after...