Erin Kidd, EA
The Virginia Department of Taxation announced that Virginia taxpayers with a tax liability on their 2021 tax return could receive a one-time rebate of up to $250 each (up to $500 for those filing jointly). A tax liability is the amount of tax you owe throughout the year minus any credits. Credits include those for…Read More
In a March 15, 2022 news release, the Small Business Administration (SBA) announced an additional deferral period for existing Economic Injury Disaster Loan (EIDL) repayments. The new total deferment period is now 30 months with this new extension for principal and interest payments on existing approved EIDL. Important Details The extension is effective for all…Read More
Effective January 27, 2022, the Small Business Administration (SBA) issued Procedural Notice 5000-827666. This new process allows those Paycheck Protection Program (PPP) borrowers who have received partial forgiveness approval by their lender to request SBA review of that forgiveness decision. SBA review is entirely at the SBA’s discretion. The SBA has received many inquiries from…Read More
Retirement plan contribution limits are indexed for inflation, and with the recent announcement of significant a Social Security cost of living increase – which is typically a reflection of inflation – most of the retirement contribution limits have increased for 2022. A few limits that have remained unchanged include the amount to contribute to an…Read More
Various employee plan benefit and contribution limitations are subject to cost of living adjustments (COLA). The Internal Revenue Service has just released the new limits, which are effective as of January 1, 2022. IRS Notice 2021-61 announces these adjustments. Below are the fiscal year 2022 limitations for qualified retirement plans as well as the fiscal…Read More
The Taxpayer Certainty and Disaster Tax Relief Act of 2020 (TCDTRA) signed into law in December of 2020 retroactively amended the Employee Retention Credit (ERC) to allow eligible employers to claim credit even if the employer previously obtained a Paycheck Protection Program (PPP) loan. Now eligible employers can claim the credit on any wages that…Read More
In the first round of EIDL grants in March of 2020, funds were quickly depleted, and many small business applicants received only a small portion, if any, of the original full EIDL amount of $10,000. As part of the Economic Aid to Hard-Hit Small Businesses, Non-Profits, and Venues Act that was signed into law on…Read More
Employers whose request for forgiveness of PPP Loan has been denied may claim the Employer Retention Credit related to those wages. The IRS has acknowledged that this guidance is being provided late. It is noted that taxpayers are not required to use the following fourth quarter procedure, but may instead opt to file a Form…Read More
This is the year to take the leap to e-file, to pay online, or request direct deposit of any refunds. The IRS has an enormous backlog of mail, an incredible amount of programing work for the upcoming filing season, and the potential for more legislation related economic stimulus on the way. The National Taxpayer Advocate…Read More
Maryland announces filing and payment deadline extensions for certain Maryland business taxes and quarterly estimated income tax returns and payments that would be due in January, February and March 2021 until April 15, 2021. Businesses and self-employed individuals or independent contractors with estimated income tax returns and payments due on January 15, 2021 also will…Read More
Ready to talk to one of our specialists?
Our specialists are all seasoned professionals who have years of experience working within your industry. Reach out to us today to schedule a consultation.