As a result of the Tax Cuts and Jobs Act of 2017 (TCJA), the IRS introduced two new schedules (Schedules K-2 and K-3) that may need to be completed for partnerships and S Corporations for the 2021 tax year. The purpose of the schedules are to report items of international tax relevance when calculating a […]
Advanced Child Tax Credit – is your IRS Letter 6419 reporting accurate totals?
We shared recently to be on the lookout in your mailbox for Letter 6419 from the IRS. This letter reports the amount of advanced child tax credit (ACTC) you received in 2021. It is imperative that your 2021 tax return report valid information for the ACTC to avoid IRS processing delays. The IRS has indicated that […]
Are You Ready for Tax Season?
Fourth Quarter Estimated Payments Due January 18th If you are required to make estimated payments for 2021, the fourth quarter payment is due on January 18th. Due to continued processing delays at the IRS, we recommend that federal payments be made online at https://www.irs.gov/payments or via EFTPS. Virginia payments can be paid online at https://www.tax.virginia.gov/individual-income-tax-payment-options. If you choose […]
Charitable Gifts – Stock or Cash?
If you are planning to make a relatively substantial contribution to a charity, college, etc., you should consider donating appreciated stock from your investment portfolio instead of cash. Your tax benefits from the donation can be increased and the organization will be just as happy to receive the stock. This tax planning tool is derived […]
Advance Child Tax Credit Payments Starting July 15th
More people are eligible this year to receive the Child Tax Credit in 2021 as part of the American Rescue Plan. If you claimed the Child Tax Credit for 2020, you received it as a dollar for dollar offset to your tax liability when filing your taxes. For the 2021 tax year, the IRS will send out 50% of that […]
Highlights of The American Rescue Plan Act (ARPA)
The American Rescue Plan Act (ARPA), signed by President Biden on March 11, 2021, extended and expanded many of the tax and economic incentives that Congress has passed to address the continuing economic impact on employers and their employees from the Coronavirus pandemic. Among the many provisions and grants, the ARPA: Enhanced and extended paid […]
The American Rescue Plan Act
The American Rescue Plan Act, 2021 (ARPA, 2021) was signed by President Biden on March 11, 2021 to address the continuing economic impact on employers and employees the coronavirus (COVID-19) pandemic has posed. The legislation extends and expands provisions found in the Families First Coronavirus Relief Act (FFCRA), Coronavirus Aid, Relief and Economic Security (CARES) […]
Rebuild! VA Small Business Grant Program Expanded
The Rebuild! VA Small Business Grant Program has made some changes. They’ve expanded eligibility requirements to any small business or nonprofit under $10 million in gross revenue or 250 or fewer employees and the grant can now be up to $100,000 (technically the lessor of $100,000 or 3 months of your business’ average reoccurring operating […]
Doug Urquhart Q&A with VSCPA
Doug Urquhart was interviewed with by the Virginia Society of Certified Public Accountants. Doug shares what he thinks makes our firm unique, and what has gotten us to our 15 year milestone. Read the interview here: https://www.vscpa.com/article/more-numbers-people
Tax Ramifications of Divorce
There are common tax issues that arise during a divorce. However, during such an emotional time, working through those tax issues could be the furthest thing from someone’s mind. Divorce attorneys are there to help with the physical separation of assets and to handle custody and support arrangements, but the tax implications of the agreements […]
