The IRS has provided an overview of some of the key tax provisions in the American Rescue Plan Act (#ARPA) of 2021. UI exclusion for 2020, PTC repayments suspended for 2020, CTC expanded for 2021, DCTC expanded for 2021, increased limits for FSA for 2021.
Understanding the basic elements that make up today’s high-performing firms is the first step to modernizing an accounting practice. @DarrenRoot and John Mitchell of @Rootworks identify 13 core elements in this video.
While personal and corporate income tax tends to receive most of the media attention, it’s important to remember that gift and estate taxes can also have a profound impact on an individual’s long-range financial planning ~ Kevin Cannon from @OpportuneLLP
With the U.S. economy roaring back to life in 2021, tax & accounting firms have tremendous opportunities ahead. Here’s your guide from @Heather_BCI to seizing those opportunities to grow in the post-pandemic world.
QuickBooks customers who received their first Paycheck Protection Program (PPP) loan of $150,000 or less through QuickBooks Capital in 2020 can now access their online loan forgiveness application experience. #PoweringProsperity @QuickBooks
While some firms may not have thought about having remote employees before March 2020, many have adapted to having their employees work remotely from home. Here are three tips from @lancecpagroup for finding remote employees.
The IRS began issuing refunds last week to eligible taxpayers who paid taxes on 2020 unemployment compensation that the recently-enacted American Rescue Plan Act (ARPA) of 2021 later excluded from taxable income. Learn more from @IntuitAccts.
A new safe harbor in Rev. Proc. 2021-20 allows taxpayers who filed a tax year 2020 return on or before Dec. 27, 2020, to deduct their #PPP expenses on their 2021 tax return rather than file amended returns or administrative adjustment requests. @AICPA_JofA
In a memorandum dated April 15, 2021, the IRS announced it was extending the authorization to electronically sign a large number of IRS forms until Dec. 31, 2021, and adding a number of new forms. See the full list from @AICPA_JofA in this article.
More than half of Americans (57%) have felt at least some stress over their financial situation since early 2020. As we emerge from the pandemic, Americans should learn from the past. Learn more in this opinion piece from @AICPA_JofA.
The IRS recently issued adjusted amounts for the updated child tax credit (CTC), the earned income tax credit (EITC), and the premium tax credit (PTC) for 2021, to reflect changes enacted in the American Rescue Plan Act of 2021. #ARPA @AICPA_JofA
The IRS released guidance recently explaining when the temporary 100% deduction in 2021 for restaurant meals is available and when the 50% limitation still applies. Get the scoop on @AICPA_JofA.
