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The first rule of running a business is to keep your personal and business finances completely separate from each other. Your business is a distinctly separate entity and needs to be treated accordingly. If you don’t follow this rule, your…

Every good movie has a sequel. In this case, the “movie” is SECURE Act 2.0 – a sweeping piece of legislation that if passed, will affect both individual and company-sponsored retirement plans. The Back Story In 2019, Congress passed the…

It’s time to replace your Form 941 with a new one. Just in time before the end of Q2, the IRS has now issued a new version of Form 941 and its related schedules. If you have a March 2022…

You’ve probably seen or heard the phrase ‘student loan crisis’ in the news recently, along with a lot of discussion about whether all or a portion of federal student loans should be forgiven. It’s no surprise student loans have become…

You may have noticed that gas prices are climbing. And climbing. And climbing. And where they’ll stop, nobody knows . . . ? Our friends at the IRS are paying attention. They’ve increased the standard mileage rates for the rest…

When you start your business, you determine whether you’ll recognize expenses when they occur – cash basis – or in the period to which they belong – accrual basis. Let’s say you pay your May rent bill in April. If…

Here’s a list of resources for small business owners, whether you’re just starting out or have been around for a while. Got a business idea? Check out these “10 Steps to Start Your Business”. It can help you research your…

You can find federal tax due dates by clicking here, and Kansas deadlines by clicking here. Remember that employment tax deposits due dates vary based on your filing status – see Payroll Tax Requirements. Bank holidays for each year can…

IRS Publication 15, Employer’s Tax Guide (also known as Circular E), provides a wealth of knowledge for employers. It includes instructions on how to withhold and deposit taxes, how to withhold for supplemental wages (such as periodic bonuses), and filing…

If your CPA tells you that your return needs to be extended, it’s because additional time is needed to prepare your return so that it’s complete and accurate. You’ll still need to pay any anticipated taxes at the time your…

If you’d like your own PDF copy of the chart below, please email Sonya and we’ll be happy to send one to you!

In this article, we’ll cover non-payroll issues to be aware of as you navigate year-end. Forms 1099 There’s a veritable alphabet soup of Forms 1099, so it’s important to use the right form for the right reason. Here’s the list…

The annual deadline for unclaimed property remittance and reporting for both Kansas and Missouri is November 1. If your business holds unclaimed property such as uncashed payroll or vendor checks, security deposits, refunds, customer/patient overpayments, accounts receivable credit balances, or…

Year-end brings lots of payroll considerations to the forefront. Regardless of whether Kindred CPA processes your payrolls or you do it in-house, if you provide any of the following benefits, you’ll need to gather this information to properly account for…

The CARES Act provides four temporary options for tax-deductible charitable giving in 2021. Here’s a list of strategies you might want to consider in your year-end tax planning: If you take the standard deduction, normally you would not be allowed…

Do you have children or grandchildren who plan to attend college in the future? Do you have a dependent in college now? Are you considering going back to college to finish a degree or start a graduate degree program? As…

Taxpayers may access the Child Tax Credit Update Portal with either an ID.me Account or an IRS Online Services Account through Secure Access. An IRS Online Services Account also provides a variety of other accessibility options related to the taxpayer’s…

If your company has a 401(k) plan, you know it’s a great benefit for your employees. Payroll deduction is an easy way to save for retirement, and can provide a tax-advantaged way to grow that important nest egg. But you…

The combination of low interest rates and rising property values may be leading you to consider refinancing your home. Whether you should do so depends on several factors. Why Refinance? Here are four benefits to refinancing: 1. Lowering Your Interest…

With the March 11, 2021 passage of the American Rescue Plan Act (ARPA), two long-standing tax credits for taxpayers with minor children received significant enhancements. Child Tax Credit Background: The Child Tax Credit (CTC) previously provided up to a $2,000…

If you have employees who are eligible for COBRA coverage because of job changes outside of their control, here’s good news. They may be eligible to have their premiums fully paid between April 1, 2021 and September 30, 2021. This…

It’s a question we hear frequently – how long do you need to keep all those documents? Our records retention guidelines can help – click below for a handy one page guide! Records Retention for Individuals    

Did you receive a Form 1099-G for unemployment compensation . . . but you didn’t receive unemployment in 2020? Don’t ignore it – it means you’ve probably been the victim of identity theft, and if you do nothing, those amounts…

The coronavirus relief legislation passed at the end of 2020 included an enhancement to the Employee Retention Credit (ERC) that makes it available to more businesses. What is the Employee Retention Credit? The ERC provides for a refundable tax credit…

Friday, January 15, 2021 Pay the final installment of your 2020 estimated tax using Form 1040-ES Deposit payroll tax for December 2020 if the monthly deposit rule applies Kansas Withholding Tax Deposit Report (Form KW-5), monthly filers, December Monday, January…

We first told you about fraudulent unemployment claims a couple of months ago, and their prevalence has increased since then. The Kansas Department of Labor (KDOL) reports they have stopped more than 100,000 fraudulent claims to date, with more pouring…

The Consolidated Appropriations Act, 2021 (CAA) extends some key provisions of earlier legislation, including additional loans under a new Paycheck Protection Program and an additional $300/week unemployment compensation payment (because the previous $600/week allotment expired last July). It also extends…

Recently, we gave you a list of payroll considerations for year-end. If you missed it, you can read all about it here on our blog. In this article, we’ll cover non-payroll issues to be aware of as you navigate year-end.…

Confused about which form to use for PPP forgiveness? Here’s a handy chart:

Year-end brings lots of payroll considerations to the forefront. Regardless of whether Kindred CPA processes your payrolls or you do it in-house, if you provide any of the following benefits, you’ll need to gather this information to properly account for…

Here’s a handy table with the rest of the updated numbers you need to know:

Tax + FICA + Medicare Payroll taxes consist of three components: Federal income tax withheld from employee paychecks FICA tax withheld from employee paychecks (6.2% up to the Social Security Taxable Wage Base, which is $137,700 in 2020 and $142,800…

Background In October, the SBA rolled out loan forgiveness applications for the PPP, with a simplified application for loans of $50,000 or less. Businesses have either 8 or 24 weeks to use the loan proceeds, and 10 months after that…

Friday, 10/2/2020 Deposit payroll tax for payments on Sep 26-29 if the semiweekly deposit rule applies. Wednesday, 10/7/2020 Deposit payroll tax for payments on Sep 30 – Oct 2 if the semiweekly deposit rule applies. Friday, 10/9/2020 Deposit payroll tax…

The Tax Cuts and Jobs Act (TCJA) generally eliminated the deduction for business expenses considered to be entertainment, amusement, or recreation. However, under the new law, taxpayers can continue to deduct 50% of the cost of business meals as long…

The Kansas Small Business Development Center’s COVID-19 webpage offers information for navigating business success during the pandemic. From free webinars to loan resources to state and federal grant opportunities, it’s worth checking out!

As you’re no doubt aware, in early August President Trump signed a memorandum allowing employees to defer their share of Social Security taxes between September 1 and December 31, 2020. This was intended as a measure to provide individuals with…

The CARES Act made some significant changes to tax strategies for charitable contributions in 2020 that all taxpayers should be aware of. With everything that’s happening, these CARES Act provisions provide a way to benefit worthy organizations in need of…

Each year, the dollar limits for many employee benefits and tax-related items are updated for inflation. Usually that happens in November for the next calendar year, but the update for HSAs occurs earlier in the year, and here they are:…

The first of the long-awaited guidance on PPP loan forgiveness has now been released by the Small Business Administration (SBA). The PPP Forgiveness Application provides step by step instructions to walk you through the process. There aren’t any surprises in…

Paycheck Protection Program Well, it’s been more than 6 weeks since the CARES Act was signed, issuing in a new set of acronyms we’re now all familiar with. If you hear “PPP” now, you automatically know it’s the Paycheck Protection…

Whoever said, “May you live in interesting times” is getting their wish! Many of us are juggling work, schooling our children, and managing the stress of the pandemic all within the confines of our homes. Here are some tips for…

The Paycheck Protection Program is the most talked about business provision of all the recent COVID-19 legislation. Many small businesses have applied and received loan proceeds intended to keep people employed during this economic downturn. It’s a great program –…

There are three different types of leave under the Families First Coronavirus Response Act (FFCRA), each with a different duration, pay rate and eligibility criteria. The FFCRA’s paid leave provisions are effective April 1, 2020 and apply to leave taken…

As you probably know, the due date for filing 2019 federal and state income tax returns (for Kansas and Missouri, at least) has been postponed from April 15 to July 15, 2020. The due date for federal estimated tax payments…

We have good news and bad news. The good news is that the US government is actively working to provide relief to individuals and businesses in these uncertain times. The bad news is that there are so many relief programs…

On Friday, March 27, President Trump signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which includes provisions for both businesses and individuals. The purpose of this post is to provide you with a high level overview of this…

This page was last updated 4/8/20 at 2:30 p.m. and will be updated as new information becomes available. DOL Notice and Reference Guides Affected employers should also post this notice about the new paid leave provisions in a place where…

This page is intended to be a “one stop shop” for payroll and tax resources that businesses need in order to stay on top of emerging legislation and guidance. Many governmental entities have established COVID-19 web pages listed below. Each…

As expected, the President has now signed the Families First Coronavirus Response Act, which passed the House last week and the Senate late yesterday. It’s anticipated that there will be additional legislation providing guidance and relief as we navigate these unprecedented times.…

President Trump and Treasury Secretary Steven Mnuchin held a press conference today (3/17/20) with a proposal to extend the tax deadline. While there’s a lot of talking going on, right now nothing has changed and individual federal income tax returns…

Monday, March 2 Large food or beverage establishments: file Form 8027, Employer’s Annual Information Return of Tip Income and Allocated Tips. File Form 2290, Heavy Highway Vehicle Use Tax Return and pay the tax for vehicles first used in January.…

Are you hiring an employee or an independent contractor? Your answer to this question will make a big different on your business taxes. You need to know the different types of business relationships and what they mean for you as…

Whether it’s for the independence, flexible schedules, or the opportunity to do what you love, many of us have gone out on our own as part of the new “gig economy.” We often think of freelancers as people who are…

Late in December, the IRS issued a new Form W-4, which can be found on the IRS website by clicking here. You’re probably already familiar with the W-4 as the form your new hires complete to designate the amount of…

It’s Tax Identity Theft Awareness Week. Do you know how to protect yourself? Imagine these scenarios: You’ve finally finished your tax return and your e-file doesn’t go through because your return has already been filed. Huh? How did that happen?…

All US employers must have new hires complete Form I-9 to authorize their eligibility to work in the US. The newest version of the I-9 was revised on October 21, 2019, and all employers should now be using the current…

Yep, it’s that time again. The IRS officially began accepting and processing 2019 tax returns on Monday, January 27, 2020. Since you should always start with the end in mind, the deadline for filing your 2019 tax return and paying…

If your small business is considering starting a new retirement plan in 2020, the recently-passed SECURE Act has good news for you! Startup Tax Credit Leaps from $500 to $5,000 Effective for tax years beginning after December 31, 2019, small…

Each year, the IRS updates numbers based on inflation that affect payroll, retirement plans, and employee benefits. Here are some key figures for 2020: Payroll Social Security Taxable Wage Base – $137,700 Social Security Withholding Percentage – 6.2% Medicare Taxable…