The American Rescue Plan 2021 The House of Representatives passed the American Rescue Plan Act, H.R. 1319, on Wednesday by a vote of 220–211. It now goes to President Joe Biden for his signature. He is expected to sign it quickly. H.R. 1319 was first passed by the House on Feb. 27. The Senate made several
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You must file your 2020 tax return form 1040 or form 1040SR for you to claim the EIP1 and EIP2 as there is no more non filer tool available at the IRS website. Your recovery rebate credit amount will depend on your filing status and adjusted gross income. The amount will phase out if your
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The U.S. Small Business Administration (SBA) and Treasury issued an 18-page document recently detailing how Paycheck Protection Program (PPP) borrowers should calculate revenue reduction and maximum loan amounts for second-draw PPP loans. The guidance also provided what documents borrowers must provide to support calculations. SBA and Treasury issued three pieces of guidance recently: A 12-page document detailing calculation processes
Paycheck Protection Program (PPP) borrowers revenue reduction Guidelines Read More »
Covid Relief Package When Congress initially responded to the Covid-19 pandemic by passing the CARES Act on March 27th, 2020 — handing down individual stimulus payments, Paycheck Protection Program loans, supplemental unemployment benefits and a bevy of additional tax breaks to struggling businesses — many anticipated that if the virus continued to spread unabated, additional
Covid Relief Package Latest News Read More »
In recent months and as a result of long negotiations between Congress’s Democrats, Republicans, and the White House on another round of stimulus legislation, the possibility of a deal is becoming real. In May, the Democrats in the House released COVID-19 Phase 4 legislation, the Health and Economic Recovery Omnibus Emergency Solution Act (HEROES Act). In July,
Congress is making Efforts to Move Forward Another Stimulus Bill Read More »
As year-end approaching, we are offering our clients some important tax highlights and updates that we believe are important to shed light on. Its possible that that Congress could enact additional COVID-19-related tax legislation before the end of this year but as of now we are not going to speculate and offer planning around it.
Tax Planning for the end of the year Read More »
Hardly anything can generate as much taxpayer concern, confusion and controversy as an IRS audit. Tax audits are a crucial compliance tool to help ensure fairness in the tax system, and the IRS works hard to ensure the agency’s audit selection process is fair and unbiased. Decisions to conduct audits are based on the financial
As Income Increases, Audit Rates Also Increase Read More »
To offer our clients added value, our CPAs and staff Auditors develop a thorough understanding of your business to help identify issues and opportunities, in addition to issuing reports on financial statements. Users of financial statements do not always need the same level of assurance, so we offer three special services: Audit, Review, and Compilations.
Audit, Review and Compilation Read More »
All transactions—whether mergers, acquisitions, joint ventures, equity investments, or divestitures—involve complex issues that require the dedicated attention of experienced professionals. When those deals involve companies with global operations, the additional range of considerations is even more daunting. Our CPAs can assist and provide advice in effectively navigating the myriad of tax, accounting, legal, regulatory, cultural,
Mergers & Acquisitions – Tax Read More »
Whether you are a corporation or a partnership with international operations or a business or individual working abroad or foreign citizens working in the U.S., we can help you plot a course through cross-border taxation issues. There are many special rules and policies for businesses with a foreign presence. We can help you make sense
International and Expat Tax Services Read More »