The federal tax filing due date for individuals has been extended to May 17, 2021.

We urge taxpayers to still file their 2020 tax return as soon as possible to expedite any refunds or Recovery Rebate Credits owed (see more below).

According to the IRS, individuals can also postpone federal income tax payments that may be due for the 2020 tax year from April 15 to May 17 without penalties and interest, regardless of the amount owed. This also applies to those individuals who pay self-employment tax. Penalties, interest and additions to tax will begin to accrue on any remaining unpaid balances as of May 17. Individual taxpayers will automatically avoid interest and penalties on the taxes paid by May 17. Those needing additional time to file can request an extension until October 15th, but the extension to file does not grant an extension to pay any taxes that may be due...those are still due no later than May 17 to avoid interest and penalties.

Stay tuned for additional guidance from the IRS and any state updates.

We are pleased to announce that we now offer a suite of wrap-around client accounting services customized to meet your needs.

Designed with small businesses in mind, we now provide personalized, comprehensive services to support the financial operations of companies across multiple verticals. The customized solutions include bookkeeping services (accounts payable, accounts receivable, month-end), payroll and QuickBooks support.

Managing Partner Evan Stowell discussed the release of the firm’s new services. "We know that all of our clients have unique needs. By partnering with our experienced staff, our clients can stay focused on their core competencies, while gaining valuable insight and understanding to their overall financial picture," he said. "Our team of experts keep our clients compliant and provide accurate and timely information they need to make data-driven decisions. From tax planning and preparation to general ledger maintenance to budgeting to year-end close, our strategic, encompassing approach streamlines everyday functions improving efficiencies and control."

The Employee Retention Credit (ERC) is a refundable tax credit designed to provide financial relief and help businesses who were able to keep employees on payroll during the pandemic. Eligibility and parameters are different for 2020 and 2021.

Who is eligible?

OR

The eligible credit is up to $5,000 per eligible employee during 2020 and $14,000 per employee during 2021.

Please reach out to see if your business is eligible, and to learn more.

The SBA has issued an updated set of FAQs. Read the interim final rule here.

The SBA is currently offering PPP loans until March 31, 2021.

For other interesting and informative articles written by the experts here at Leone, McDonnell & Roberts, PA, please visit our blog often!

Some of our recent topics include:

Follow us on Facebook, Twitter and LinkedIn to find out when a new blog post is updated!

The American Rescue Plan Act includes much-needed financial relief for restaurants and bars by earmarking $28.6 billion in targeted grants to small businesses.

Restaurants financially impacted by COVID-19 may be eligible for a Restaurant Revitalization Grant of up to $10 million to cover eligible expenses going back to February 15, 2020 (through December 31, 2021 with possible extensions).

The SBA is expected to issue guidance and open the Restaurant Revitalization Grant program soon (sba.gov).

We are pleased to announce that Kaityln Bell and Molly Burns have completed the requirements to earn their CPA licenses.

Both Kaitlyn and Molly have completed the rigorous academic requirements, passed all four components of the demanding Uniform Certified Public Accountant (CPA) examination and completed the necessary experience requirements to receive their CPA licenses in the State of New Hampshire. The CPA examination is a comprehensive assessment that covers sections in auditing and attestation, financial accounting and reporting, regulation and business environments and concepts.

Congratulations, Kaitlyn and Molly!