by Joyce Kandt | Mar 14, 2022 | tax
With the 2021 tax filing season underway, it is important for taxapyers to review their tax saving opportunities, especially as they relate to the Employee Retention Tax Credit (ERC). Overview of the Employee Retention Credit Since enacted in March 2020 as... 
by Christine Pham | Mar 1, 2022 | tax
Passed under the Families First Coronavirus Response Act (FFCRA), eligible self-employed individuals may claim a tax credit for sick or family leave taken between April 1, 2020 and March 31, 2021 or if taken between April 1, 2021 through September 30, 2021. Form 7202... 
by Sara Raby | Feb 8, 2022 | tax
In today’s world it is common to have domestic help; from gardeners and housekeepers to nannies and home health care assistance. The question is, when does this situation turn into an employer and employee relationship and what are the filing requirements and... 
by Joyce Kandt | Feb 1, 2022 | tax
On January 3, 2022, the Internal Revenue Service (IRS) Office of Chief Counsel released Interim Guidance stating that taxpayers will be required to include additional documentation for a research credit claim for refund to be considered valid. Specifically, the new... 
by Sara Raby | Jan 13, 2022 | tax
The IRS announced 2022 cost-of-living adjustments for the following: Retirement Account Contributions 401(k) plans are increased to $20,500 (up from $19,500 in 2020/2021) Catch up contributions are unchanged at $6,500 for those age 50 and older Annual contributions to... 
by Christine Pham | Nov 30, 2021 | tax
In years past, charitable donations were only beneficial to individuals who itemized their deductions. To itemize, single or married filing separately and married filing jointly taxpayers’ deductions must exceed the standard deduction of $12,400 or $24,800,... 