The Infrastructure Investment and Jobs Act signed into law Nov. 15, 2021 ended the availability of the Employee Retention Credit for the fourth quarter of 2021 for all employers besides recovery startup businesses. Employers who reduced their employment tax deposits in anticipation of taking this credit in the 4th quarter of 2021 will be required […]
If you do not currently e-file W-2s and 1099s, you may be required to soon. IRS proposes lower e-filing threshold for employers. More employers will soon be required to file electronic returns with the IRS. The IRS has proposed new regulations designed to lower the e-filing threshold gradually over the next two years. The new […]
Effective July 1, 2021, Indiana employers with five or more minor employees under the age of 18 are now required to register with the Indiana Department of Labor’s Youth Employment System, YES. Previously, schools were responsible for issuing work permits to minor employees. This new requirement, passed with Indiana Code 22-2-18.1-26, eliminated work permits for […]
We are excited to announce that James (Jim) B. Wagoner, CPA will become the Managing Partner of Greenwalt CPAs effective January 1, 2022. Jim is becoming just the 5th Managing Partner in the firm’s 76 year history and his enthusiastic approach to excellent client service will ensure the continued success of the firm and our […]
As you may have heard, yesterday the IRS announced it is extending the Federal tax due date by one month to May 17, 2021. Per IRS Notice (IR-2021-59), this only extends the Federal individual income tax return and any 2020 tax payment. This does not extend the state income tax return, nor does it extend […]
Last week, the IRS issued Notice 2021-11, which modifies Notice 2020-65 and updates guidance on the timing of the deferred payroll tax repayments. Originally, under a Presidential Memorandum, an employee’s Social Security tax could be deferred from September 1 through December 31, 2020, and then withheld and repaid by April 30, 2021. The Consolidated Appropriations […]
While the economic stimulus checks and the second round of the Paycheck Protection Program received most of the news coverage from the recently passed Consolidated Appropriations Act (CAA), there has not been much focus on changes to the deductibility of business meals. It is no secret that restaurant owners across the nation have had more […]
The IRS has announced they will start to accept 2020 tax returns on Friday, February 12th. While the filing season is delayed by a few extra weeks compared to prior tax seasons, the IRS has also indicated they do not intend to extend this year’s filing season beyond Thursday, April 15, 2021. Even with the […]
The Consolidated Appropriations Act, 2021 (Act) was signed into law at the end of December 2020. We will be highlighting various tax provisions included in the Act over the next few weeks. The Act includes a provision for a second round of PPP loans for qualifying businesses (PPP2). To qualify for PPP2, a business must […]
Our team at Greenwalt CPAs is doing well, though we have experienced our share of COVID infections as well as a number of close calls (contact tracing). We will continue to do our best to keep our clients and team members safe and healthy during this winter (as well as at all times, of course). […]