The federal government will begin sending advance child tax credit payments to an estimated 39 million American families in mid-July. A total of six monthly payments will be made during 2021, representing half of the expected child tax credit eligible taxpayers can use when filing their 2021 tax return. But shifting economic conditions and a […]
IRS May Claw Back Advance Child Tax Credit Read More »
By Tom Yuen, CPA, MST Since 1954 taxpayers have been able to fully deduct research & development (R&D) costs during the tax year in which they occurred, if they chose to do so. The option for an immediate deduction was seen as a way to spur innovation. But that option is coming to an end
R&D Capitalization Starts Next Year (Maybe). Are You Ready? Read More »
By Martin E. Prendergast, MBAGray, Gray & Gray, LLP As tough as the past year has been for many architectural, engineering and design firms, there have been a number of federal programs put in place to help retain employees and ease the burden imposed by the extended economic upheaval. While most people are familiar with
Balancing Tax Credits with COVID Stimulus Read More »
By Martin E. Prendergast, MBAGray, Gray & Gray, LLP Have you applied for PPP loan forgiveness yet? If not, you’d better hurry. Architectural, engineering and design firms that received a Paycheck Protection Program (PPP) loan during the “first draw” period in 2020, and who followed the SBA guidelines for using loan proceeds, can apply for
PPP Forgiveness Deadline Looming Read More »
The Internal Revenue Service (IRS) has begun the process of mailing letters to over 36 million families who may be eligible for monthly child tax credit payments. The families were selected for evaluation based on their 2019 and 2020 tax returns, or through the IRS’ non-filer tool for those who registered for an Economic Impact
Child Tax Credit Letters Read More »
The $1 per gallon tax credit for biodiesel and renewable diesel fuel, which is set to expire at the end of 2022, may have a longer life. Legislation to extend the tax credit through 2025 has been introduced in both the U.S. House of Representatives and Senate. This is welcome news for fuel oil dealers
Will There Be a Three-Year Extension for Biodiesel Tax Credit? Read More »
Citing the growing threat of online criminal activity, the U.S. Department of Labor has issued guidance on cybersecurity steps to help protect the nation’s $9.3 trillion in pensions and defined benefit plans. The suggestions are aimed at helping plan sponsors and fiduciaries to avoid data breaches and cyber theft from the estimated 140 million retirement
DOL Issues Cybersecurity Guidelines for Retirement Benefit Plans Read More »
The Employee Retention Tax Credit (ERC), which allows eligible employers to earn a refundable tax credit against certain federal employment taxes, was an important part of the original CARES Act to provide pandemic relief. The ERC became even more appealing once it was opened to businesses that had also received a Paycheck Protection Program (PPP)
Successfully Navigating the Employee Retention Tax Credit Read More »
Thanks to the far-reaching Consolidated Appropriations Act passed in December 2020, small businesses that used funds from a first round Paycheck Protection Program (PPP) loan to pay eligible expenses were also granted the right to take a deduction on their 2020 tax return – even if the PPP loan was forgiven (or was expected to
2020 PPP Loan Expense Deductions Can Be Brought Forward Read More »
A new piece of legislation filed in the U.S. Senate – the “For the 99.5 Percent” Act – could have a significant impact on gift and estate planning. According to the sponsors of the bill, its name describes the “99.5 percent” of the population who are unlikely to be affected by the proposed changes. It
Proposed Changes to Gift and Estate Tax Could Have Huge Impact Read More »