We have recently fielded several calls and emails regarding Employee Retention Credits (ERC). We sent out information back in February of 2021 regarding the ERC for employers based on qualified wages that employers paid to their employees from March 2020 through...
It’s that time of year when most people are thinking about gift-giving. From Black Friday (the day after Thanksgiving) to the end of the year, we give our families monetary gifts, our employees bonuses, or make charitable donations. Here are five tips for being...
Before 2022, small businesses and sellers using platforms like Venmo or PayPal only had to report earnings on their taxes if they had 200 transactions and at least $20,000 in revenue. However, this changed on January 1st due to a provision in the American Rescue Plan...
As our loved ones head back to school at all levels, it’s hard not to think about money. The cost of supplies, books, tuition, and transportation are among the few (but hefty) costs incurred this time of year by a typical family in the United States. With tax...
You may have heard of a first-time penalty abatement (FTA) waiver. When taxes haven’t been filed or paid, the IRS allows an “abatement” that removes penalties applied to the taxpayer. The IRS would prefer to help people pay their tax debt, and the FTA is one tool you...
There are two ways to decrease your tax liability. The first way is to increase your tax deductions and the second is to pay attention to tax credits. What are Tax Credits? Tax credits are credits provided by your state or local government to reduce the...
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