Beginning on Friday, April 23rd and continuing through the end of the year, our office will be closing at noon every Friday. While our commitment to our clients and their success remains unchanged, we’re excited to be able to offer this opportunity for our employees to have some extra time outside the office to enjoy with their family and friends! #balance #workhardplayhard
Although the deadline for individual tax returns has been extended to May 17th, we will be closing our office at noon on April 15th and will be closed all day on April 16th to give our staff a much needed break from the madness! We’ll reopen on Monday, April 19th at 8am. #taxseason2021 #weneedanap
President Biden signed the American Rescue Plan into law today. In addition to numerous tax law changes for 2021, the law made two changes retroactive to 2020. If you have already filed a 2020 tax return and it included taxable unemployment benefits or the repayment of an Advance Premium Tax Credit, you may need to file an amended tax return to take advantage of the retroactive tax law changes.
American Rescue Plan Act passes with many tax components
www.journalofaccountancy.com
The $1.9 trillion coronavirus relief bill that passed Congress contains many tax provisions, including changes to the child tax credit and many other credits, making certain unemployment benefits tax-free in 2020, and a $1,400 recovery rebate credit for many individuals.It’s been a bit of an issue...
IRS continues to face mail backlog amid pandemic
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The Internal Revenue Service is still dealing with a backlog of unprocessed mail from 2020, hurting its efforts to provide help with COVID-19 relief payments and this year’s tax season.IRS to delay tax season until Feb. 12
IRS to delay tax season until Feb. 12
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The Internal Revenue Service plans to open filing season on Feb. 12, although it is making its Free File program available starting Friday.New PPP guidance issued by SBA, Treasury
New PPP guidance issued by SBA, Treasury
www.journalofaccountancy.com
The US SBA and Treasury released guidance for the revived and reconstituted Paycheck Protection Program. The guidance came in the form of two interim final rules, including one that details the guidelines for new PPP loans to businesses that previously received PPP funding.2021 standard mileage rates decrease
2021 standard mileage rates decrease
www.journalofaccountancy.com
The IRS issued the 2021 standard mileage rates for use in computing the deductible costs of operating an automobile for business, charitable, medical or moving expense purposes. The rates all decreased from 2021 to 2020.We have some great news from your State leaders and the Wyoming Business Council. If you operate a bar, tavern, restaurant, or hotel and you lost revenue or employee hours due to COVID-19, you may be eligible for up to $50,000 in relief, For details and to apply, check out www.wyobizrelief.org/hospitality!
Because 2020 could you some extra holiday spirit and because we're a bit of a competitive group, we're having an office decorating contest for the holidays and we need your help! Take a peek through the pictures of the festive creations by our staff and let us know who you think should be the big winner! The picture with the most likes/reactions wins!
You are all very clever!
Business owners know employee health care benefits are expensive. Therefore, your business may want to provide some of these benefits through an employer-sponsored Health Savings Account (HSA). For eligible individuals, HSAs are a tax-advantaged way to set aside funds (or have their employers do so) to meet future medical needs. An eligible employee must be covered by a “high deductible health plan.” For 2020 and 2021, a high deductible health plan has an annual deductible of at least $1,400 for self-only coverage, or $2,800 for family coverage. For 2020, an individual can contribute $3,550 in ($7,100 for a family) to an HSA. This is increasing to $3,600 and $7,200, respectively, for 2021. bit.ly/3mzTG19