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Accounting,
1 min read
IRS Provides Gross Receipts Safe Harbor for Employers Claiming the Employee Retention Credit
On August 10th, 2021 the Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) issued a safe harbor allowing employers to exclude certain items from their gross receipts…
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Accounting,
1 min read
Are You Eligible to Claim the Employee Retention Tax Credit (ERTC) In Q3 or Q4 of 2021?
For the third and fourth calendar quarters of 2021, an employer may be eligible for the employee retention credit with respect to a calendar quarter if the operation of the…
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Accounting,
1 min read
Premium Assistance for Cobra Benefits
Employers, or “person to whom premiums are payable”, (premium payees) may be eligible to claim a credit for health care insurance premiums paid on behalf of employees who are eligible…
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Accounting,
1 min read
IRS Updates Car and Truck Depreciation Limits
The IRS issued its annual inflation-adjusted update of depreciation limitations for passenger automobiles (including passenger vans and trucks) placed in service in 2021 (Rev. Proc. 2021-31). The revenue procedure similarly…
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Accounting,
1 min read
Potential Changes to the State and Local Tax (SALT) Deduction Limit
A caucus of 33 representatives is battling to remove or raise the US$10,000 cap on SALT deductions imposed in the 2017 Republican tax-cut package. Success at getting that included in…
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Accounting,
1 min read
Are You Missing Over $330,000 in Tax Credits?
The Employee Retention Credit could be worth more than $330,000 to a small-business client. Polling shows that 75 percent of tax and accounting professionals have filed no (that’s zero) forms…
