PPP and COVID-19 Tax Updates and Information

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Refunds for Nontaxable Unemployment Compensation

Posted on May 3rd, 2021

The IRS is automatically refunding money to eligible people who filed their tax returns reporting unemployment compensation before the recent changes made by the American Rescue Plan. Read More…

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Highlights of the American Rescue Plan Act Information

Posted on April 4th, 2021

Signed into law on March 11, 2021, the American Rescue Plan Act (ARPA) contains several tax provisions affecting individuals and families. Let’s take a look: Read More…

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Unemployment Benefits Identity Theft Scam Alert

Posted on March 1st, 2021

During 2020, millions of taxpayers were impacted by the COVID-19 pandemic through job loss or reduced work hours. Some taxpayers who faced unemployment or reduced work hours applied for and received unemployment compensation from their state. As a reminder, unemployment benefits are taxable income and must be reported on tax returns. Read More…

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It’s Never Too Early to Check Tax Withholding

Posted on September 6th, 2020

While it probably seem like tax season just ended, it is never too early to do a “Paycheck Checkup” to make sure the right amount of tax is withheld from earnings – and avoid a tax surprise next year when filing your 2020 tax return. As a reminder, because income taxes operate as a pay-as-you-go system, taxpayers are required by law to pay most of their tax as income is received. Read More…

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Recordkeeping Tips for Individuals and Businesses

Posted on September 4th, 2020

The key to avoiding headaches at tax time is keeping track of your receipts and other records throughout the year. Whether you use an excel spreadsheet, an app, an online system or keep your receipts organized in a folding file organized by month, good record-keeping will help you remember the various transactions you made during the year. Read More…

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COVID Job Loss Could Affect Your Tax Situation

Posted on May 4th, 2020

If you’ve lost your job you may have questions about how it could affect your tax situation. Here are some answers: Read More…

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