Important Dates to Keep In Mind November 11/16/20 - Due date for extended Return of Organization Exempt form (990)
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The Consolidated Appropriations Act (CAA), 2021 extends and expands the employee retention credit first created under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The employee retention credit is designed to encourage businesses to keep workers on their payroll, supports small businesses and nonprofits experiencing economic downturn due to…
The Consolidated Appropriations Act (CAA), 2021 expands the Paycheck Protection Program (PPP) established by the Coronavirus Aid, Relief, and Economic Security (CARES) Act, that provides covered loans to assist small businesses with certain expenses incurred during the economic challenges due to the COVID-19 pandemic. The CAA, 2021 also clarifies the…
The Consolidated Appropriations Act, 2021 makes changes to two popular educational tax benefits. The above-the-line deduction for qualified tuition and related expenses is not extended and expires at the end of 2020. However, the modified adjusted gross income threshold for the lifetime learning credit is increased to allow more individuals…
The Consolidated Appropriations Act, 2021 extends the credit for coronavirus related paid sick and family leave, originally part of the Families First Coronavirus Response Act, through March 31, 2021. The Families First Coronavirus Response Act provides paid sick leave and expands family and medical leave for COVID-19 related reasons and creates…
Anglin Reichmann Armstrong is pleased to announce that Michelle Jenkins, CPA, MBA, will be promoted to Partner in the firm, effective January 1, 2021. Michelle joined Anglin in 2012 and was promoted to Manager in the Solutions Services Group a short time later. As a Partner, Michelle will continue to add…
On December 27, 2020, President Trump signed a $900 billion COVID-19 relief bill that provides additional economic relief to individuals and businesses who have been financially impacted by the pandemic. The CARES Act, which was passed March of 2020, included a stimulus payment worth up to $1,200 for individuals or…
The Consolidated Appropriations Act, 2021 (the CCA, 2021), signed into law on December 27, 2020, is a further legislative response to the coronavirus (COVID-19) pandemic. The CCA, 2021 includes non-tax provisions and tax provisions primarily affecting individuals, as well as numerous business tax provisions briefly summarized in this article. The…
Changes made by the Consolidated Appropriation Act, 2021 (CAA, 2021) include a provision that removes the 50% limit on deducting business meals provided by restaurants in 2021 and 2022 and makes those meals fully deductible. Details Included in New Legislation In general, the ordinary and necessary food and beverage expenses…
Just in time for Christmas, the U.S. Senate and House of Representatives passed a $900 billion COVID-19 relief bill that provides additional stimulus payments to individuals, extends further weekly unemployment benefits and expands government aid to small businesses. The bill extends relief through mid-March of 2021 with the goal of…
Government contracting has a very specific issue we have to address with regards to how research is funded, and it’s an added level of due diligence for anyone who has government contracting as a business component. However, we’ve seen this due diligence missed in government contracting tax compliance, and it creates serious risks…
Knowing the value of a business is important at many different stages, not just during merger or acquisition activity. Full business valuations may be appropriate when a business partner wants to be bought out or for an equitable division of assets during an owner’s divorce or estate settlement. However, there are times when it is appropriate for a business…
Businesses and Non-Profits May Need to Complete New SBA Loan Necessity Questionnaire If your business or nonprofit borrowed $2 million or more under the Paycheck Protection Program (PPP), be aware that the Small Business Administration (SBA) has released a Loan Necessity Questionnaire that borrowers may be required to complete as…
On October 1, 2020, the Alabama Department of Revenue (ADOR) officially alerted Alabama taxpayers of a new annual renewal requirement for certain ADOR-issued sales and use tax licensing. For the first time, Alabama taxpayers holding any of the following ADOR-issued licenses must renew that license between November 1, 2020 and December…
As our firm looks to assist individuals and business owners with 2020 year-end tax planning strategies, it would be shortsighted to ignore the potential tax impact from the upcoming presidential election. The candidates have expressed starkly different positions on such issues as the COVID-19 pandemic, health care, the environment and…
The President has approved the request by Florida Governor Ron DeSantis in the wake of hurricane Sally for a FEMA Disaster Declaration for Individual Assistance. The declaration allows anyone in Pensacola and greater Escambia County impacted by Hurricane Sally access to critical FEMA programs, including housing assistance, crisis counseling, disaster…
As our Pensacola business community begins to assess the flooding-related damage from Hurricane Sally, the demand for available resources capable of providing capital, advice and disaster relief services has become a hot topic of discussion—and a source of some confusion and frustration. On the federal level, Florida Governor Ron DeSantis…
All too often we hear of damage caused by floods, fires, and other natural disasters. Special tax law provisions may help taxpayers and businesses recover financially from the impact of a disaster, especially when the federal government declares their location to be a major disaster area. In general, taxpayers who…
The U.S. Treasury and Internal Revenue Service released additional guidance on August 28, 2020, related to the Executive Order authorizing the deferral of employees’ portion of the payroll tax. The deadline for employers to begin withholding the 6.2% employee portion of payroll tax was September 1, 2020. However, Treasury Secretary…
Recent News
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CAA, 2021 Expands and Extends Employee Retention Credit
Jan 16, 2021 -
Tax Forgiveness of Covered Loans
Jan 16, 2021 -
Modifications to Educational Tax Benefits
Jan 16, 2021 -
Consolidated Appropriations Act, 2021: Coronavirus Paid Family and Medical Leave
Jan 16, 2021 -
Michelle Jenkins Promoted to Partner
Jan 08, 2021
