Privately Held & Family-Owned Business

Social Security Wage Base

What You Need to Know About the 2021 Social Security Wage Base

October 22, 2020

If your small business is planning for payroll next year, be aware that the Social Security wage base is increasing. The Social Security Administration recently announced that the maximum earnings subject to Social Security tax will increase from $137,700 in 2020 to $142,800 in 2021. For 2021, the FICA tax rate for both employers and…

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Application for Change in Accounting Method

Temporary Procedures to Fax Certain Forms Will Stop at Year-End

October 20, 2020

The IRS is ending the temporary procedures to fax Forms 1045 and 1139 for claiming tentative tax refunds on December 31, 2020. The temporary procedures were put in place in April in response IRS employees working remotely due to the Coronavirus pandemic. The CARES Act included provisions on net operating losses (NOLs) and modifies the…

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ppp loan

New Simplified Forgiveness for Paycheck Protection Program Loans Under $50,000

October 12, 2020

Small businesses with Paycheck Protection Program (PPP) loans of $50,000 or less can apply for forgiveness using a new, simplified application. The US Small Business Administration and Treasury Department released a new interim final rule that provides guidance for loans under $50,000. Under the new rule, PPP borrowers of $50,000 or less are exempted from…

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tax deadline

Tax Calendar: Key Deadlines for Businesses and Other Employers in Q4 2020

October 5, 2020

We are already in the fourth quarter of 2020. Here are some of the key tax-related deadlines affecting businesses and other employers. Keep in mind that this list isn’t all-encompassing, so there may be additional tax deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about…

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virtual board meeting

Navigating Meetings for Your Audit During COVID-19

September 30, 2020

Remote audit procedures can help protect the parties from health risks during the COVID-19 pandemic as well as streamline the audit process. Though, seeing people can be essential when it comes to identifying and assessing fraud risks during a financial statement audit. Virtual face-to-face meetings can be the solution to this issue. What does an…

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IRS Released Revised Form 941-X

September 28, 2020

The final version of the second quarter Form 941-X, Adjusted Employer’s Quarterly Federal Tax Return or Claim for Refund, has been released by the IRS. The instructions detail changes to the form to account for the COVID-19 tax relief offered under the Families First Coronavirus Response Act (FFCRA) and the Coronavirus Aid, Relief, and Economic…

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