If you expect to itemize deductions in 2022, you may benefit from contributions to qualified charitable organizations. As long as you make a donation in 2022, it is deductible on your 2022 return, including charging the donation to a credit card on December 31.
The Infrastructure Investment and Jobs Act amended the law so that the Employee Retention Credit applies only to wages paid before October 1, 2021, in some cases. Recently, the IRS issued new guidance on how to manage this change.
The IRS is reminding taxpayers about the rules for required minimum distributions (RMDs) from retirement accounts. Previous rules stated that a retirement plan account owner must begin taking an RMD annually starting the year they reach 70½ or 72, depending on the birthdate and retirement year of the plan owner.
The Internal Revenue Service (IRS) urges employers to take advantage of the newly-extended Employee Retention Credit (ERC), designed to make it easier for businesses that, despite challenges posed by COVID-19, choose to keep their employees on the payroll. The ERC is one of the more popular relief items for businesses and recent legislation has made it even more attractive.
The pandemic relief package (Consolidated Appropriations Act, 2021) gives a break to the hardest-hit small businesses by reopening the Paycheck Protection Program and offers them the ability to apply for a second loan. The new round of loans will be limited to those with fewer than 300 employees that have experienced drops of at least 25% in revenue during any quarter of 2020 compared with the same quarter in 2019.
It has been a challenging year, but one thing that has not changed is taxes. Fortunately, Arizona businesses can take advantage of certain tax deductions.
Like earlier business crises, Covid-19 has forced many businesses to make hard choices regarding their future. Learn about restructuring debt and whether it is an option to consider.
Recent government aid in the face of COVID-19 extends beyond tax breaks. It also includes provisions for various aspects of retirement plans.
The IRS and SBA issued guidance clarifying certain rules about PPP. Whether you have a loan already or preparing to apply, you should be aware of tax responsibilities and disbursement rules.
The Internal Revenue Service issued guidance providing tax relief under the CARES Act for taxpayers with net operating losses, offering a six-month extension to file on carrybacks.
Many Arizona small businesses received Paycheck Protection Program (PPP) funding to maintain payroll levels from loss of revenue. The Small Business Administration (SBA) released an Interim Final Rule addressing eligibility issues and requirements for certain pledges. The CARES Act requires the SBA to issue additional guidance on rules for loan forgiveness by April 27, 2020.
The CARES Act offers some relief for borrowers seeking student loan repayment delays. There are some limitations and not every loan classified as a student loan is eligible.