IRS to delay tax season until Feb. 12
IRS to delay tax season until Feb. 12
trib.al
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
S corporations may provide tax advantages over C corporations. This can be true if you expect the business to incur losses because C corp. shareholders generally get no tax benefit from losses. Conversely, S corp. shareholders can deduct their share of these losses on personal tax returns to the extent of their basis in the stock and any loans they make to the entity. So the ability to use losses that pass through from an S corp. depends on your basis in the corporation's stock and debt. Be aware that there are some elections available to an S corp. or its shareholders that can affect the basis adjustments caused by distributions and other events. bit.ly/2JF2JiM
The Section 179 deduction provides a tax benefit to businesses, enabling them to claim immediate deductions for qualified assets, instead of depreciating them over time. For 2020, the maximum deduction is $1.04 million, subject to a phaseout rule if more than $2.59 million of eligible property is placed in service during the tax year. Even better, the Sec. 179 deduction isn’t the only avenue for immediate tax write-offs for assets such as machinery and equipment. Under the 100% bonus depreciation tax break, the entire cost of eligible assets placed in service in 2020 can be written off this year. bit.ly/3lwQja0
As you start your holiday shopping, please consider supporting our small businesses! The Casper area and all of our Wyoming communities have some really amazing locally owned businesses. Grab a coffee at a local coffee shop and wander around downtown on this gorgeous fall day! Hungry? How about some lunch at a local restaurant? Gift cards to our local restaurants, hair/nail salons, massage therapists, etc. make great stocking stuffers. Prefer online shopping at the moment? Not only do many of our local places have online shopping, but check out our local folks with Etsy shops. So many options!
Our locally owned businesses are the lifeblood of our community. They are our friends and neighbors and they need our support more than ever!