Have you recently stopped into a store to pick up something quick only to find yourself frustrated due to lack of staffing? We understand that every industry is struggling to hire talented individuals, and we are no different. The pandemic has accelerated the changes that had been creeping into the accounting industry over the past […]
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 […]
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) […]
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 […]
How to Identify an IRS Scam
Receiving communication from the IRS can be stressful. Now thanks to scammers, we have to wonder if the communication is legitimate or an IRS scam. We must be vigilant in understanding how and when to respond to written IRS correspondence. If you receive mail from the IRS, they state: They will not demand a specific […]
50% Limit on Business Meal Deductions Removed for 2021 & 2022
To provide additional economic relief to the restaurant industry caused by the coronavirus (COVID-19) pandemic, Congress included a provision in the Consolidated Appropriations Act (CAA, 2021) that removes the 50% limit on business meal deductions during 2021 and 2022. Business related meals provided by restaurants, included those served by takeout or delivery, are fully deductible […]
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 […]