HT2 CLIENT UPDATE

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EVERYTHING YOU NEED TO KNOW ABOUT THE EXPANDED ERTC (EMPLOYEE RETENTION TAX CREDIT)

The employee retention tax credit (ERTC) is intended to provide liquidity to employers during the pandemic and was greatly expanded in the Consolidated Appropriations Act of 2021 thanks to Sections 206 and 207 of the Taxpayer Certainty and Disaster Relief Act portion, opening the doors to more businesses to be able to qualify for and receive this credit who are facing significant hardship as a result of the coronavirus pandemic. Many changes from the original credit were enacted including an expansion in the amount of credit and business eligibility, and how it plays with the Paycheck Protection Program (PPP).  Here’s what you need to know about this credit, how it works, and how to apply. Note that when a provision is designated as effective Jan. 1, 2021, it does not apply to any retroactive credit claims.  READ MORE HERE

IRS ANNOUNCES 2021 STANDARD MILEAGE RATES FOR BUSINESS, CHARITABLE, MEDICAL AND MOVING PURPOSES

The Internal Revenue Service recently issued the 2021 optional standard mileage rates. These rates, which adjust every year to account for inflation of fuel costs, vehicle cost and maintenance, and insurance rate increases, will once again affect the way a company reimburses their mobile workers. Specifically, the IRS mileage rate is a guideline that businesses use to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes. Beyond announcing the rate change, we have a few reminders and tips surrounding this reimbursement allowance.   As of January 1, 2021, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) READ MORE HERE

PPP LOANS HAVE REOPENED: LET'S REVIEW THE TAX CONSEQUENCES

The Small Business Administration (SBA) announced that the Paycheck Protection Program (PPP) reopened the week of January 11. If you’re fortunate to get a PPP loan to help during the COVID-19 crisis (or you received one last year), you may wonder about the tax consequences. READ MORE HERE

TAX SCAMS/CONSUMER ALERTS

Thousands of people have lost millions of dollars and their personal information to tax scams. Scammers use the regular mail, telephone, or email to set up individuals, businesses, payroll and tax professionals.   The IRS doesn't initiate contact with taxpayers by email, text messages or social media channels to request personal or financial information. Recognize the telltale signs of a scam. See also: How to know it’s really the IRS calling or knocking on your door.

Attention Clients: Your TaxCaddy enrollment e-mails are coming! Soon, you'll receive an e-mail inviting you to create your own TaxCaddy account and three easy steps to get started, so be on the lookout. If you'd like more info on TaxCaddy in the meantime visit: https://taxcaddy.com Tax Caddy is not required, it is an optional way to send us your tax information. Investment accounts can be uploaded to Tax Caddy from your provider. You can use your phone app to send documents and sign e-file authorization forms. You can still use the old system

NEWS YOU CAN USE 2020-2021 Tax Planning Guide READ MORE HERE Employee Retention Credit! READ MORE HERE How to Select the Right Loan Forgiveness Application READ MORE HERE Taxpayers should be on the lookout for new scams  READ MORE HERE E-signature for individual tax returns available to our clients VIDEO PRESENTATION

HAMILTON THARP, LLP HAS A DEDICATED COVID-19 RESOURCES PAGE UPDATED DAILY! VISIT THE PAGE HERE

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