Posts by Katie Renelt
Like-Kind exchange updates: Clarifying real property and escrow policies
If you are in possession of business or investment property, or looking to exchange real property for others, you might want to get acquainted with “like-kind exchanges,” also known as a 1031 exchange. As with all tax code, changes are consistently made to clarify previous unclear areas or adjust the language based on new policy.…
Read MoreTop IRS audit triggers and best practices to protect your business from an IRS audit
Tax audit can strike fear and loathing into the hearts of business owners. But, in reality, the Internal Revenue Service (IRS) won’t arbitrarily make your company the subject of an audit investigation. In fact, according to IRS.gov, only 0.6% of individual returns and 0.97% of all corporation returns were audited from 2010 to 2018. However,…
Read MoreIRS Fact Sheet provides new details about tax credits available to eligible employers who provide paid vaccine leave
The IRS and Treasury Department provided new information regarding the tax credits available through the American Rescue Plan (ARP). The ARP was created to help small businesses through the pandemic. This new guidance provides information on how eligible businesses can claim the credit for providing paid time off to employees receiving or recovering from the vaccine. Below, we’ve outlined which employers…
Read MoreThe pros and cons of hiring contractors vs. employees
When you’re ready to expand your business and grow your team, you generally have two options for increasing your workforce: Hiring employees or engaging independent contractors. Both options have their pros and cons but determining which is right for your business comes down to your individual needs and preferences. Keep in mind, the Department of Labor (DOL) draws strict distinctions between these two groups, and…
Read MoreThe demand for green industrial buildings continues to grow
The rise of sustainable industrial facilities continues to grow, according to recent survey results from the World Green Building Trends 2018 SmartMarket Report. The US Green Building Council (USGBC) recently partnered with Dodge Data and Analytics to talk to 2,000 building professionals including architects, contractors, consultants, developers, engineering firms, and investors about green building activity. Almost half of the total respondents said they…
Read MoreKey tax provisions in the American Rescue Plan Act
The American Rescue Plan Act (ARPA) has been signed into law by President Biden and makes significant updates to several tax provisions to alleviate some of the pandemic’s financial burdens for individual taxpayers and businesses. Updates include expansions and extensions of various tax credits such as the employee retention credit (ERC), COBRA continuation coverage, Affordable…
Read MoreAmerican Rescue Plan Act signed into law
The American Rescue Plan Act (ARPA) of 2021 passed Congress and President Biden signed the bill into law on March 12, 2021. The ARPA approves $1.9 trillion in spending for individuals, businesses, governments, and certain industries impacted by the COVID-19 pandemic. The third Act in a year, the ARPA approves additional economic impact payments for…
Read MoreIRS clarifies employee retention credit eligibility for PPP loans and 2020 claims
The IRS has released additional guidance in Notice 2021-20 on the Employee Retention Tax Credit (ERC) with clarifications on the retroactive changes for expanded eligibility applicable to 2020. Employers who received a Paycheck Protection Program (PPP) loan have been waiting on guidance on claiming the credit in combination with forgiveness of their loan. The provisions…
Read MoreNew PPP calculation released for Form 1040, Schedule C filers
Form 1040, Schedule C taxpayers received an updated interim final rule (IFR) on the Paycheck Protection Program (PPP) from the Small Business Association (SBA). The IFR clarifies guidance released on Feb. 22 that made changes to how self-employed and sole proprietors could calculate their maximum loan amount to help expand the program for these groups.…
Read MoreSmallest businesses get PPP updates, special filing period
The nation’s smallest businesses are getting revamped Paycheck Protection Program (PPP) rules and a special filing period announced in recent changes from the Biden-Harris administration. Small businesses with fewer than 20 employees make up 98% of the small businesses in the U.S. but have not received much assistance from the PPP so far and have…
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