The Biden tax plan is intended to raise taxes to pay for the significant expenditures the Administration is pushing. These changes include: Increase in Income Tax Rate for High Earners: The Administration wants to increase the top marginal individual income tax rate from 37% to 39.6%...
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Now is an especially tough time to find and retain quality employees. The competition for the best talent is fierce. Many employers are offering signing bonuses, higher salaries, better health insurance programs, richer retirement plans and other fringe benefits to attract employees. Another benefit employers...
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The penalty for failure to file a partnership return will not be imposed if the partnership can show reasonable cause for failure to file a complete or timely return. Smaller partnerships (those with ten or fewer partners and who meet the other qualifications listed below)...
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The taxing authorities have delayed the due date for individual tax returns until May 17, 2021. But in many cases, this one-month extension did not give taxpayers or CPAs sufficient time to prepare the required returns. At this point, many taxpayers will need to file...
Read MoreRead MoreImpact: In light of the increased popularity of e-commerce and online retail and the impact of the pandemic on e-commerce shopping behavior, it is even more essential for businesses to understand different states’ economic nexus laws and be prepared for associated challenges. The Law: Mandates out-of-state...
Read MoreRead MoreBusiness mastery and servant leadership builds your enterprise. This capstone is our final, integrative course in which student teams demonstrate their overall skill to research, analyze, determine and effectively communicate the most impactful, ethical, and strategic ways to grow your small and medium-size business. Free...
Read MoreRead MoreThe IRS will accept digital signatures on emailed documents through June 30, 2021. In March 2020, the IRS announced that IRS employees would temporarily deviate from established procedures and accept scanned or photographed images of signatures and digital signatures on tax documents. IRS employees will also...
Read MoreRead MoreThe US District Court US v. Kaufman recently found the $10,000 penalty for non-willful failure to file the FBAR form applies per FBAR form, not per the number of bank or financial accounts required to be reported on the form. Two district courts have reached...
Read MoreRead MoreWhat's Changed: The IRS recently issued final regulations for deducting meal and travel expenses. What's changed? Elimination of the deduction for entertainment, amusement, or recreation expenses Limits to claiming food and beverage expenses Who Can Help: Contact Jeff Senney at (937) 223-1130 or jsenney@pselaw.com to understand...
Read MoreRead More2020 COVID-related Tax Relief Act (COVIDTRA) and Taxpayer Certainty and Disaster Relief Act (TCDTR) EFFECTIVE DATE: Calendar years of 2021 and 2022 For questions about the Consolidation Appropriations Act or any other matter related to PPP loans, PPP loan forgiveness, or income taxation, please contact your...
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