skip to Main Content

Tax Due Dates for January 15-31, 2021

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 25, 2021 Kansas Consumers' Compensating Use Tax Return (Form CT-10U) - annual filers, previous year Kansas Consumers' Compensating Use Tax…

Read More

Highlights of the Recent COVID Relief Bill Signed 12/27/20

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 a variety of tax provisions set to expire at the end of 2020, including an extension of the Work Opportunity…

Read More

Preparing for Year-End: Non-Payroll Items

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. Businesses Let's start with changes to Form 1099 for 2020 If you make payments to non-employees, those payments are no…

Read More

Tax Deadlines for October

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 for payments on Oct 3-6 if the semiweekly deposit rule applies. Monday, 10/12/20  Kansas Withholding Tax Deposit Report (Form KW-5)…

Read More

IRS Issues Final Regs on Meals & Entertainment Deduction

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 as those expenses meet these criteria: The expense is an ordinary and necessary expense paid or incurred during the taxable…

Read More

IRS Guidance on Employee Deferral of Social Security Taxes

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 extra income during this time, but merely delays the payment of these taxes and doesn’t forgive them. And now we…

Read More

Charitable Giving in Light of the CARES Act

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 assistance while meeting your own giving and financial planning goals. Charitable donors sometimes have to juggle their priorities between providing…

Read More

Health Savings Account Limits for 2021 and Why You Should Consider Having One

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: Health Savings Account (HSA) Contributions for 2021 An individual with self-only coverage under a high deductible health plan can contribute…

Read More

PPP Forgiveness Guidance Released

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 this document, but there is some welcome clarification: Payroll Period One of the most frequent questions we’ve received is whether…

Read More