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1040 Tax Filing & Payment Deadlines You Need to Know

Posted by AICPA on Apr 1, 2021 11:50:49 AM

On March 17, the Internal Revenue Service (IRS) announced the deadline for individuals to file federal taxes would be extended from April 15 to May 17, 2021 (Notice 2021-21). This week, the IRS issued additional guidance on its postponement of the tax deadline for individuals. Like the news release before it, this most recent notice does not extend the April 15 due date for estimated tax payments. To ensure our clients do not miss the deadline for estimated tax payments, we encourage the early submission and preparation of tax returns.

Topics: Government Entities, Not-for-Profits, For-Profit Entities, Funeral Homes, Construction, Professional Services, Healthcare, Federal Services, #COVID-19News

American Rescue Plan Act: Breaking Down the Latest Relief Bill

Posted by AICPA on Mar 12, 2021 9:31:11 AM

Yesterday, President Joe Biden signed the American Rescue Plan Act into law. This legislation, also known as H.R. 1319, was first passed by the House on February 27. The Senate made several amendments and passed its version of the bill on March 6. The bill then came back to the House for a final vote on Wednesday and was subsequently signed into effect on March 11.

Topics: Government Entities, Not-for-Profits, For-Profit Entities, Funeral Homes, Construction, Professional Services, Healthcare, Federal Services, #COVID-19News

House Gives Final Approval to $1.9 Trillion Pandemic Aid Bill

Posted by Bowman & Company LLP on Mar 11, 2021 1:51:17 PM

The House of Representatives voted 220–211 Wednesday to approve the Senate version of a $1.9 trillion coronavirus relief bill, which President Joe Biden is expected to sign into law.

Topics: Government Entities, Not-for-Profits, For-Profit Entities, Funeral Homes, Construction, Professional Services, Healthcare, #COVID-19News

IRS Issues Employee Retention Credit Guidance

Posted by AICPA on Mar 4, 2021 2:03:59 PM

In Notice 2021-20, the IRS issued detailed guidance for employers claiming the employee retention credit for calendar quarters in 2020. The credit was created by the Coronavirus Aid, Relief, and Economic Security (CARES) Act, P.L 116-136, and amended by the Consolidated Appropriations Act, 2021, P.L 116-260. The IRS says the guidance in the notice is similar to the information it posted in FAQs last year, but the notice clarifies and describes retroactive changes under the new law that apply to 2020, primarily relating to expanded eligibility for the credit for taxpayers who took Paycheck Protection Program (PPP) loans. The AICPA requested authoritative guidance on the 2020 and 2021 employee retention credits from the IRS in a comment letter sent on Feb. 25.

Topics: Government Entities, Not-for-Profits, Press Releases, For-Profit Entities, Funeral Homes, Construction, Healthcare, #COVID-19News

PPP Application Forms Will Be Released Today

Posted by AICPA on Jan 11, 2021 11:16:39 AM

The US Small Business Administration and Treasury released borrower loan application forms Friday night for the rebooted Paycheck Protection Program (PPP), which will launch today, January 11, 2021. The application will Initially be available for select lenders and borrowers before a broader opening takes place a few days later.

Topics: Government Entities, Not-for-Profits, For-Profit Entities, Funeral Homes, Construction, Professional Services, Healthcare, Federal Services, #COVID-19News

Many Tax Provisions Appear in Year-End Coronavirus Relief Bill

Posted by AICPA on Dec 29, 2020 4:09:27 PM

The omnibus spending and coronavirus relief bill passed by Congress includes many tax provisions, including the extension of various expiring provisions, extensions and expansions of certain earlier pandemic tax relief provisions, and much more. The Consolidated Appropriations Act, 2021, H.R. 133, passed both houses of Congress on Dec. 21, and President Donald Trump signed the bill into law on Dec. 27.

Topics: Government Entities, Not-for-Profits, Funeral Homes, Construction, Professional Services, Healthcare, Federal Services, #COVID-19News

2021 Brings Changes to New Jersey's Minimum Wage

Posted by Bowman & Company LLP on Dec 17, 2020 9:00:00 AM

In accordance with New Jersey Bill A-15, the turn of the year will bring significant wage increases across all industries. Effective January 1, 2021, New Jersey’s general minimum wage will increase to $12 per hour.

Topics: Government Entities, Not-for-Profits, For-Profit Entities, Construction, Professional Services, Healthcare

New Relief Available for NJ Small Businesses Impacted By COVID-19

Posted by Bowman & Company LLP on Oct 26, 2020 7:30:00 AM

New Jersey Governor Phil Murphy has announced that an additional $100 million of federal Coronavirus Aid, Relief, and Economic Security (CARES) Act funding will be allocated to assist in the recovery of individuals and small businesses affected by the coronavirus pandemic. This funding comes amid continued restrictions on restaurants and other vital entities.

Topics: Not-for-Profits, For-Profit Entities, Funeral Homes, Construction, Professional Services, Healthcare, #COVID-19News

Guidance Issued on Payroll Tax Deferral

Posted by Bowman & Company LLP on Aug 31, 2020 11:29:57 AM

On Friday, the IRS released IR-2020-195, effectively providing employers guidance for the Presidential Memorandum (“Memorandum”) to defer certain employee Social Security tax withholding.

Topics: Government Entities, Not-for-Profits, For-Profit Entities, Funeral Homes, Construction, Professional Services, Healthcare, Federal Services, #COVID-19News

Beware of a 100% Personal Liability Penalty

Posted by Bowman & Company LLP on Aug 4, 2020 11:13:16 AM

A "100% penalty" can be assessed against a responsible person when federal income tax and/or federal employment taxes are withheld from employee paychecks but aren't handed over to the government.

Topics: Government Entities, Not-for-Profits, For-Profit Entities, Funeral Homes, Construction, Professional Services, Healthcare

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The Bowman Blog

1040 Tax Filing & Payment Deadlines You Need to Know

American Rescue Plan Act: Breaking Down the Latest Relief Bill

House Gives Final Approval to $1.9 Trillion Pandemic Aid Bill

IRS Issues Employee Retention Credit Guidance

PPP Application Forms Will Be Released Today

Many Tax Provisions Appear in Year-End Coronavirus Relief Bill

2021 Brings Changes to New Jersey's Minimum Wage

New Relief Available for NJ Small Businesses Impacted By COVID-19

Guidance Issued on Payroll Tax Deferral

Beware of a 100% Personal Liability Penalty

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