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 […]
IRS Backlogs Frustrate Taxpayers in 2021
This past year has been a struggle and test of perseverance for many of us. COVID has put our lives on hold and required a sacrifice of normalcy. Both businesses and employees suffered due to lost jobs, reduced hours, and permanent closures because of the loss of business income during the pandemic. Retail and […]
Sales Tax Holiday & Sales Tax Rate Updates
Sales Tax Holiday Starts on August 6th It’s that time of year again to save some money on your purchases! The Virginia Sales Tax Holiday starts on Friday, August 6th, and ends on Sunday, August 8th at midnight. Most people are aware that they can save on qualifying purchases like clothing, shoes, school supplies. But emergency […]
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) […]
PPP Second Draw Application Deadline is March 31
Don’t forget! The Paycheck Protection Program (PPP) Second Draw application deadline is March 31, 2021 or when the approximately $284 billion of funding is exhausted. Current trends indicate there will be funds available through March 31. Of course, trends and guidance can always change, so be aware. Additionally, per the SBA website, President Biden announced […]
Home Office Tax Deductions
With an increase in individuals working from home, we have seen questions arising about home office tax deductions. It is important to distinguish the difference in deductions available to employees and those that are self-employed. Employees Under the Tax Cuts and Jobs Act (TCJA), employee business deductions, including home office tax deductions, were suspended through […]
Status of Virginia’s Conformity to Federal Legislation
Most years, we as CPAs ask our clients located in Virginia to hurry up and get us their information, but then wait to file their returns. Why does this happen? One of the reasons is that the Virginia General Assembly meets annually in January and decides on Virginia’s conformity to new federal legislation. Once legislation is […]
IRS Delays Still Prevalent
According to the IRS and Thomson Reuters, IRS delays are still prevalent. The most common taxpayer concerns include 2020 tax return processing and mailed correspondence. The IRS states: They still have millions of tax returns in the processing pipeline. For refunds that could not be issued in 2020 because the tax return is being corrected, […]
