January 21, 2019
It’s bitterly cold, there are reports of significant snow, so we must be entering tax season! There are steps you can take to make this season less stressful.
If you are an existing client, you should have already received our tax organizer for your 2018 Individual Tax Return. For new clients, we will need a copy of last year’s return (2017) to generate the 2018 tax organizer. By reviewing the questionnaire and organizer information, you will be better prepared, knowing what information is needed for your 2018 return, including:
If you haven’t already, signing up for your portal through our website is an excellent tool for time savings. The tax portal allows you to both upload all your documents as you receive them and to download a digital copy of your tax returns, including all source documents for current and previous years. You may also upload all signed documents needed to file your return.
Please contact us with any questions or to help you setting up your portal today. We want to make this tax season as easy as possible for you!
We'd like to draw your attention to the new 1099 forms for 2021. If you (as a business) prepare your own 1099’s, please be aware of the changes:
1099-NEC: This form reports nonemployee compensation and/or nonqualified deferred compensation (NQDC). If you are in the trade or business of catching fish, Box 1 may show cash you received for the sale...
We are pleased to announce that Congress changed some of the PPP rules over the weekend. It is important to note that several of the rules have been relaxed; those of you who were getting close to the end of your “8 week window” can now take a deep breath, as that period has been extended. As always, we are staying up-to-date as the new rules are rolled...
Many of you reading this have received, or will soon receive, the Payroll Protection Program (PPP) loan. And that’s good news. Not surprisingly, however, this distribution now shifts the focus to “what qualifies as forgiveness under this program?”
As of now if you spend at least 75% on payroll costs over an 8-week period, from the date you received the funds,...