News

New IRS Regulations for 2022

The IRS has recently released updated regulations regarding the contribution and plan limits for retirement plans and cafeteria plans for 2022.

The following are Retirement Plan Limits and ...

2021 Work Opportunity Tax Credit

A valuable tax credit is available to certified businesses that hire long-term unemployment recipients and other groups facing significant barriers to employment. The Work Opportunity Tax Credit ...

Social Security Benefits Increase for 2022

Social Security and Supplemental Security Income (SSI) benefits for approximately 70 million Americans will increase 5.9 percent in 2022. The 5.9 percent cost-of-living adjustment (COLA) will begin ...

Repayment of Deferred Social Security Taxes

The IRS is currently sending informational-only CP256V Notices to self-employed individuals and household employers that chose to defer paying certain Social Security taxes under the CARES Act. The ...

COVID-19 Economic Injury Disaster Loan (EIDL)

In response to COVID-19, small business owners, including agricultural businesses and nonprofit organizations, in all U.S. states, Washington D.C., and territories, can apply for the COVID-19 Economic ...

$25.5 Billion in “Phase 4” COVID-19 Provider Funding

Announced in September, the latest installment of COVID-19 relief includes $17 billion for health care providers (including dentists) under the Provider Relief Fund (PRF), and $8.5 billion more under ...

3rd Quarter Estimated Tax Due 9/15

September 15, 2021, is the deadline for third quarter estimated tax payments. This generally applies to people who are self-employed and some investors, retirees and those who may not normally have ...

Storing Your Important Estate Documents

While perhaps not the most pleasant topic to think about, your estate planning should not be forgotten. After someone passes away, their spouse, child(ren), and/or other trusted individuals need to ...

SBA Officially Closes Restaurant Revitalization Fund

The U.S. Small Business Administration (SBA) announced the closure of the Restaurant Revitalization Fund (RRF) in July after awarding the program’s full $28.6 billion appropriation to more than 100 ...

Meals and Entertainment Deductions Update

Following the federal income tax treatment of business-related meal and entertainment expenses has been a rollercoaster ride in recent years. Here we will get you up to speed on the current deductions ...