2022 Tax Filing Deadlines
It’s that time again! We’ve listed the upcoming filing deadlines below for your convenience. For calendar year taxpayers the following deadlines exist for this filing season: January 18 4th Quarter 2021 estimated payments January 31 Form W-2 Form 1099 to recipients E-file form 1099-NEC to IRS March 31 Form 1065 – Partnerships Form 1120S…
New Year Tax Update
We have just completed the second tax year of heavily pandemic-influenced tax and business legislation, which included some highly unusual provisions that impacted both individuals and businesses. Although the “Infrastructure Investment and Jobs Act,” which passed in November, and the Build Back Better Act, which was not enacted, once included significant sweeping tax law change…
The Employee Retention Tax Credit: Do You Qualify?
Recently, we’ve been hearing questions from our clients about whether they qualify for the Employee Retention Tax Credit. Employers eligible for this tax credit must have been in business in 2020 or 2021, and meet one of the following benchmarks: The Government Order: The employer must have experienced “a calendar quarter in which the trade…
PPP Loan Forgiveness Update
Many of you have checked with us about applying for the forgiveness of your PPP loans, and we are happy to help. The SBA extended the time for using your PPP loan proceeds to 24 weeks after the funding of your loan, and in general, we recommend that you wait until after that 24-week period…
The 2021 Advance Child Tax Credit: FAQs
As we all get accustomed to the new delivery method and the expansion of the Child Tax Credit due to the American Rescue Plan Act of 2021, we’re hearing many questions about how this new tax credit works and how it differs from previous years. We discussed the tax credit in detail with specific examples…
The New Child Tax Credit: What You Need to Know
The Background The American Rescue Plan Act of 2021 was signed into law by President Biden on March 11, 2021. Embedded in the act is an expansion of the child tax credit, and more notably, a new method of delivery. The IRS will use its methodology for delivering stimulus money to millions of Americans to…
American Rescue Plan and Paid Sick Leave Tax Credits
The recently passed American Rescue Plan included a stipulation that allows certain employers to claim refundable tax credits that will reimburse them for the cost of providing paid sick leave if their employees suffer from Covid–19 or need to take time off for Covid–19 vaccinations. These tax credits are available from April 1 through September…
Extended Filing Deadline, Stimulus Payments, and Unemployment Tax Breaks: Your Questions, Answered
IRS Announces Extended Filing Deadline The Internal Revenue Service announced that the April 15, 2021 tax filing deadline has been extended until May 17, 2021 for Form 1040 filings. This delay of the filing deadline only applies to Form 1040 filings. Corporations, trusts, and first quarter estimated tax payments for individuals remain due at April…
The Latest PPP Loan Guidelines: Explained
It’s hard to believe that one year ago the SBA PPP program did not exist. Now it is a prominent part of our business vocabulary. Your trusted advisors at Eaton, Babb & Smith have spent countless hours studying the legislation that brought it into being and the interim final rules that have changed it multiple…
Economic Stimulus and PPP Loan Update
In December, Congress passed a large economic stimulus package that President Trump signed into law on December 27, 2020. This package contains several tax and business provisions aimed at stimulating the economy as we navigate the pandemic. As much of this information is pertinent to our clients, we’ve broken down some of the key points…