Cryptocurrency, a type of digital currency that uses cryptography for security and anti-counterfeiting measures and is not controlled by any bank or government, is becoming more mainstream as more companies and individuals use it. Now, new ways to regulate and tax it are on the table, including the proposed Infrastructure
The Treasury Department and the IRS have issued Notice 2021-53, which provides guidance to employers about using Form W-2 to report the amount of qualified sick and family leave wages paid to employees for leave taken in 2021. This is welcome news for many taxpayers, as this guidance covers the Families
Seth Knighton, Senior Tax Accountant Grand Junction Every year, the IRS releases the "Dirty Dozen," a list of tax scams and schemes on which the agency chooses to focus. In the crosshairs this year is the abuse of business tax credits. The IRS explains, "improper claims for the
Employers who could use a federal income tax deduction for 2020 can consider retroactively adopting a broad-based, tax-qualified retirement plan, such as a discretionary profit-sharing plan, cash balance plan or traditional pension plan and making employer contributions before the extended due date of their 2020 income tax return. An employer
As workplaces resume in-person operations, or at least consider doing so, there are many questions about the rules and requirements. However, the Equal Employment Opportunity Commission has published a lengthy Q&A to help make sure everyone knows how to proceed. Managers and employees may want to review the entire document,
Cash flow preservation remains an important focus for many companies as the COVID-19 pandemic continues to create uncertainty for businesses. Accounting method changes provide a valuable opportunity for taxpayers to reduce their current tax expense and increase cash flow by accelerating deductions and/or deferring income. Changing to an optimal method
The IRS and the Treasury Department on April 22 released guidance that provides a safe harbor for businesses that received Paycheck Protection Program (PPP) loans in the first round of relief but did not deduct otherwise eligible business expenses because they relied on now-superseded guidance. Under prior guidance, businesses that
The SBA has posted program details on the Restaurant Revitalization Fund (RRF). While the date of accepting applications has not been released yet, SBA provides a sample application for applicants to review and prepare. Here are some highlights of the program: Application and application period: SBA is not requiring registration
The IRS issued guidance for employers claiming the employee retention credit under the Coronavirus Aid, Relief, and Economic Security Act modified by the Taxpayer Certainty and Disaster Tax Relief Act of 2020. Notice 2021-23 explains the changes for the first and second calendar quarters of 2021, including: the increase in
The IRS has issued Notice 2021-25 providing guidance under the Taxpayer Certainty and Disaster Relief Act of 2020. The Act added a temporary exception to the 50% limit on the amount that businesses may deduct for food or beverages. The temporary exception allows a 100% deduction for food or beverages
