Privately Held & Family-Owned Business

employee retention credit

Employer Leave-Based Donation Programs Are Extended

July 12, 2021

The IRS is extending the tax relief for employer leave-based donation programs aiding victims of the COVID-19 pandemic that was previously provided in Notice 2020-46. The relief offered in response to the COVID-19 pandemic is now extended through December 31, 2021. Under Notice 2021-42, leave-based donation programs are cash payments employers make to charitable organizations…

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business travel expenses

Business Travel Expenses: Here’s What You Can Deduct

June 28, 2021

As we come out of the COVID-19 pandemic, you may be traveling again for business. Under tax law, there are several rules for deducting the cost of your out-of-town business travel expenses within the United States. These rules apply if the business conducted out of town reasonably requires an overnight stay. Note that under the…

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tax deadline

Tax Calendar: Key Deadlines for Businesses and Other Employers in Q3 2021

June 17, 2021

Here are some of the key tax-related deadlines impacting businesses and other employers during the third quarter of 2021. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. August 2 Employers report income tax withholding and FICA taxes for second quarter 2021 (Form 941) and pay…

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tax faqs

Frequently Asked Questions on Tax Credits from the American Rescue Plan

June 15, 2021

The IRS released frequently asked questions regarding claiming credits under the American Rescue Plan. The FAQs provide details on the child and dependent care credit and the paid sick and family leave credit. Child and dependent care credit For 2021, eligible taxpayers can claim qualifying work-related expenses up to: $8,000 for one qualifying person, up…

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Business Meal and Vehicle Expenses

Recordkeeping Tips for Business Meals and Vehicle Expenses

June 9, 2021

If you’re claiming deductions for business meals or vehicle expenses, expect the IRS to closely review them. Taxpayers may have incomplete documentation or try to create records months (or years) later, and, in doing so, they fail to meet the strict substantiation requirements set forth under tax law. Tax auditors are adept at finding inconsistencies,…

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2022 Amounts for Health Savings Accounts

May 27, 2021

The IRS recently released guidance on the 2022 inflation-adjusted amounts for Health Savings Accounts (HSAs). The basics of HSAs An HSA is a trust created or organized exclusively for the purpose of paying the qualified medical expenses of an account beneficiary. An HSA can only be established for the benefit of an eligible individual who…

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