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 individual tax account which are not accessible with an ID.me Account. The following is a quick summary of these types…
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 credit per qualifying child. This credit began to phase out for taxpayers with adjusted gross income (AGI) > than $400,000…
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
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…
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…
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…
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 to apply for forgiveness before loan payments begin. PPP loans were issued between April 3 and August 8, so the…
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)…
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…
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…