More and more businesses rely on marketplace facilitators to put their products in front of customers. But what exactly is a marketplace facilitator? And if they are selling your goods, who's paying the sales tax? Brandon Mills, CPA answers these…
While the reporting deadline for unclaimed property varies by state, many have a November 1 deadline. Nothing to worry about yet, right? Think again. You should be taking steps soon, but first, let's take a step back for a quick…
The pandemic has adversely affected many sectors of the U.S. economy, causing widespread job losses. At the start of the national emergency, Congress created a novel tax break — the Employee Retention Tax Credit (ERTC) — to entice employers to…
Restaurants, food stands, caterers, wineries, distillery owners and others are crossing their fingers that they can get a chance at the Restaurant Revitalization grants, a new $28.6 billion program for eligible entities to receive a grant equal to the amount…
The latest economic stimulus bill was recently signed by President Biden, with stimulus payments hitting bank accounts as soon as this weekend. Called the American Rescue Plan Act of 2021 (ARPA), the bill extends many provisions of earlier coronavirus legislation…
The IRS has announced that many tax filing deadlines for Texas residents have been automatically extended to June 15, 2021 to allow for impacts due to recent winter storms. This extension applies to the following returns: 2020 business returns due…
The Cybersecurity and Infrastructure Security Agency (CISA) recently announced a new focused, coordinated and sustained effort to encourage public and private sector organizations to implement best practices, tools and resources that can help them mitigate ransomware attacks. Ransomware is increasingly…
The following table provides some important federal tax information for 2021, as compared with 2020. Some of the dollar amounts are unchanged and some changed only slightly due to inflation. Social Security/Medicare 2021 2020 Social Security Tax Wage Base $142,800 $137,700…
When working with business owners, we sometimes see a significant amount of cash held in the business checking account or some type of interest-bearing account. This may be for many reasons, but often it’s because they like having an abundance…
Restaurants have struggled mightily during the COVID-19 pandemic. Thankfully, they're specifically targeted for a new tax relief measure found in the massive Consolidated Appropriations Act (CAA), which became law on December 27, 2020. The new provision creates a temporary but meaningful…
Before President Trump signed the latest economic stimulus law, several temporary COVID-19-related federal tax relief measures were set to expire on December 31, 2020. This article explains the current status of eight important temporary relief measures and whether the Consolidated Appropriations…