Erin Kidd, EA

IRS Provides Clarification and Guidance for Employer's Claiming Employee Retention Credit (ERC) for 2020

IRS Provides Clarification and Guidance for Employer’s Claiming Employee Retention Credit for 2020

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…

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SBA Announces New Targeted Economic Injury Disaster Loan (EIDL) Advance

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…

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PPP loan denied

Employers Whose Request for Forgiveness of PPP Loan has Been Denied May Claim the Employer Retention Credit

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…

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Word to the Wise – File Your Taxes Electronically and Request Direct Deposit of Refunds or Pay Balance Due Online

Word to the Wise – File Your Taxes Electronically and Request Direct Deposit of Refunds or Pay Balance Due Online

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…

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MD Tax Extensions

New Extended Deadlines for Certain Maryland Tax Filings and Payments in 2021

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…

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tax due dates

2021 Tax Filing Due Dates

Mark your calendars! The calendar year 2021 due dates for Tax Year 2020 tax returns is now available.  Whenever a regular tax filing date falls on a Saturday, Sunday, or a legal observed holiday in the District of Columbia, the due date for returns is pushed to the next business day. Please note there are…

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employees and taxes

Business, the Remote Worker, and Taxes, Part III: Highlights for Employees

As stressful as this time has been for business owners, employees have also been battling their own stress, fear for the future, and concerns for their families. While the flexibility of remote work has been an excellent benefit, the reality is it can complicate tax matters for employees and businesses. Over the course of three…

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business taxes

Business, the Remote Worker, and Taxes, Part II: Business Entity Related Taxes

The year 2020 has been one for the ages. Travel restrictions, gathering restrictions, and personal health issues have forced businesses to shift their focus, their workforces, and the way they do business. This is the second in our series on business, remote work, and taxes. Over the course of three articles we examine three components…

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employee withholding

Business, the Remote Worker, and Taxes, Part I: Employee Withholding

Congratulations business owner! You’ve pivoted your business and learned how to keep your business going when your employees were ordered to stay at home. You have communicated with your clients and customers and found new ways to accomplish tasks. Breathe. Now that you have handled all the immediate pressing work of being a business owner…

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traditional IRA vs. Roth IRA

2020 May be the Best Year to Convert a Traditional IRA to a Roth IRA

Differences Between Traditional and Roth IRAs The basic premise of a Traditional IRA is that it allows tax-deferred contributions.  This means that if certain criteria are met, taxpayers may deduct the amount of their contributions to their Traditional IRA from their income.  Taxes are paid on Traditional IRAs when distributions are taken. If income is…

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