Avocet Accounting LLC

Avocet Accounting LLC is excited to announce that we are now a part of Janssen & Igar, CPAs PA! We are excited to offer our clients additional expertise and resources. Please visit our page below!

· Accountant

New updates for the employee retention credit:

Employee Retention Tax Credit Retroactive Termination: On 11/5/21, the House passed the more than $1 trillion Infrastructure Investment and Jobs Act (H.R. 3684). The Senate passed the bill in August and it is awaiting the President's signature. The Act provides that the Employee Retention Tax Credit (ERTC) applies to wages paid by an employer after 6/30/21 and before 10/1/21 (or in the case of a recovery startup business, wages paid after 6/30/21 and before 1/1/22). For the fourth quarter of 2021, a recovery startup business is the only eligible employer that can claim the ERTC. Other eligible employers cannot claim the ERTC for wages paid after 9/30/21. The Act also removes the requirement that a recovery startup business cannot be subject to a suspension under a government order or have experienced a significant decline in gross receipts for the calendar quarter. These provisions apply to calendar quarters beginning after 9/30/21 (IRC Sec. 3134 as amended by Act Sec. 80604 ).
Copyright © 2021 Thomson Reuters/PPC. All rights reserved.

Health Savings Accounts are a great tool for tax planning ....

The Power Of Health Savings Accounts For Retirement Planning HSAs often aren't recognized as the great retirement savings tool they are.

Something to consider when looking at tax planning for this year.....

Senate Calls For Revamped SALT Tax Break; Skip September State Estimated Tax Payment To Save Big Take your quarterly estimated tax payments off auto-pilot.

The IRS has issued new guidelines for safe harbor for the employee retention credit. It has been mentioned that the tax credit may end next month. For qualifying business owners, it is important to file for their tax credit soon.

New safe harbor for ERC gross receipts calculation Under the safe harbor, an employer can exclude certain amounts received from other coronavirus economic relief programs in determining whether it qualifies for the employee retention credit based on a decline in gross receipts.

A new process for the PPP loan forgiveness of $150,000 and less for small business owners.

SBA streamlines forgiveness process for most PPP loans The SBA issued new guidance intended to speed up and simplify the forgiveness process for Paycheck Protection Program loans of $150,000 or less, which represent 93% of the outstanding loans in the $800 billion program.

It is important to discuss with your CPA or accountant on whether to opt out of the advance child tax credit.

Top Questions About the 2021 Child Tax Credit The American Rescue Plan Act included changes to the child tax credit that were designed to benefit certain taxpayers; however, some of these changes are now causing confusion and anxiety for many. The American Institute of CPAs (AICPA) recognizes the ...

The Employee Retention Credit is still available until the end of 2021 for qualifying businesses.

The Employee Retention Credit: Small- And Medium-Sized Businesses And Tax Exempts Are Missing Out On Billions Jaw-dropping to see how many business firms (and often CPAs) as well as tax-exempt organizations are failing to take advantage of the Employee Retention Credit (“ERC”). Billions of dollars in tax benefits are being left on the table. Biz and tax exempts need to take a hard close look at ERC.

It is important for business owners to be aware of economic nexus with all the changes in sales tax requirements.

A practical guide to economic nexus New sales tax nexus standards are creating a larger compliance footprint for U.S. companies and, potentially, foreign entities selling into the U.S. State and local taxing authorities have new tools for identifying and enforcing companies’ exposures for sales and use tax.

For taxpayers needing to update information for the child tax credit:

Child tax credit: New portal for opting out of advance payments A new IRS online portal lets taxpayers unenroll from receiving advance payments of the 2021 child tax credit.

Important update for businesses with requirements in various states.

Most States to Treat PPP Loan Forgiveness as Nontaxable Income Twenty-nine state tax departments responded they will follow the federal treatment of such forgiveness or cancellation under section 1160(i) of the CARES Act and will not treat these amounts as taxable income. An executive summary of the survey, which ...