It’s National Small Business Week! Here Are 3 Tax Breaks To Consider

September 15, 2021

The Small Business Administration declared September 13-17 as National Small Business Week. To commemorate the week, here are three tax breaks to consider for your business. 1. Claim bonus depreciation or a Section 179 deduction for asset additions Under current law, 100% first-year bonus depreciation is available for qualified new and used property that’s acquired…

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tax related actions

Tax Relief for Ida Victims in New York and New Jersey

September 13, 2021

The IRS is giving victims of Hurricane Ida in parts of New York and New Jersey until January 3, 2022, to file various individual and business tax returns and make tax payments. Victims located in areas designated by the Federal Emergency Management Agency as qualifying for individual or public assistance can take advantage of the…

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self-employed ppp

IRS Allows More Time To Use Digital Signatures on Some Tax Forms

September 7, 2021

The IRS is extending the capability to digitally sign tax forms through the end of the year. Taxpayers can use electronic or digital signatures on certain paper forms they cannot file electronically. Acceptable electronic signature methods include: A typed name typed on a signature block A scanned or digitized image of a handwritten signature that’s…

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Tips for Taxpayers to Develop Emergency Preparedness Plans

September 2, 2021

Did you know September is National Preparedness Month? The IRS is reminding taxpayers to create or update their emergency preparedness plans due to the upcoming hurricane season and the ongoing threat of wildfires in some parts of the country. From individuals to organizations and businesses, having a preparedness plan in place can help in the…

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PPP loan forgiveness

How To Report Large Cash Transactions for Your Business to the IRS

August 30, 2021

Does your business receive large amounts of cash or cash equivalents? You may be required to report these transactions to the IRS. What are the reporting requirements for large cash transactions? While operating a trade or business, each person who receives more than $10,000 in cash in one transaction (or two or more related transactions)…

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IRS tax guidance

Interest Rates for Q4 2021

August 26, 2021

The Internal Revenue Service announced that interest rates will remain the same for the calendar quarter beginning October 1, 2021. The rates will be: 3% for overpayments (2% in the case of a corporation), 5% for the portion of a corporate overpayment exceeding $10,000, 3% for underpayments and 5% for large corporate underpayments. For taxpayers…

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