Intuit is making important changes to QuickBooks Desktop subscriptions during 2024. Below we have summarized those changes and listed possible actions to prepare for the upcoming changes. After July 31, 2024, Intuit will no longer sell new subscriptions to new purchasers of the following Desktop products in the US: What is not changing: What actions […]
Effective 2023, Indiana has increased the state tax credit available for contributions to an Indiana CollegeChoice 529 account. The credit has increased from $1,000 ($500 for married filing separately) to $1,500 ($750 for married filing separately). The credit is equal to 20% of the contributions into a CollegeChoice 529 for the year up to the […]
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 […]
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 […]
Gov. Holcomb approved $30 million in federal funding made available through the CARES Act to small business restart grants, helping accelerate the speed of economic recovery activity by providing working capital to cover certain expenses related to the global pandemic. Eligible Indiana small businesses can seek reimbursement for up to 80% of qualified expenses, such […]
Wednesday night, the U.S. Senate passed the House’s Paycheck Protection Flexibility Act bill, easing and extending the Payroll Protection Program (PPP) loan forgiveness process. The bill is heading to the President, who is expected to sign it. The Paycheck Protection Flexibility Act allows current PPP borrowers to extend the 8-week loan forgiveness period to 24 […]
President Trump signed the Paycheck Protection Program and Health Care Enhancement Act (“Enhancement Act”) on April 24th. This legislation infuses $310 billion into the Paycheck Protection Program (“PPP”) with more than $250 billion in unrestricted funds for the program and an additional $60 billion allocated specifically for smaller lending institutions. Numerous recent headlines have shown […]
Employers sponsoring 401(k) plans may be suffering difficulties funding their matching contributions during these trying economic times. To provide relief, the IRS allows an employer experiencing a “substantial business hardship” to discontinue their matching contributions. For purposes of determining whether an employer is facing a significant business hardship under section 412(c), the factors taken into […]