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Financial Accounting Standards Board (FASB) New Standard Related to Leases, ASC 842
After many years of deliberations and delays, the FASB’s new standard related to leases, ASC 842, is ready for adoption. Effective Date For private companies, the standard is effective for fiscal years beginning after December 15, 2021. For a calendar year-end...
IRS Issues Draft Form 941 and Form 941, Schedule R
Due to the COVID-19 pandemic, legislation has been signed into law that has provided multiple employment-related credits and other tax relief to employers. As a result, the IRS has issued drafts for Form 941 (Employer's Quarterly Federal Tax Return) and its...
Wisconsin Tomorrow Small Business Recovery Grant
In collaboration with the Wisconsin Economic Development Corporation (WEDC), the Wisconsin Department of Revenue (DOR) will award $420 million to small businesses impacted by the COVID-19 pandemic through the Wisconsin Tomorrow Small Business Recovery Grant program....
IRS Provides 2022 Inflation Adjusted Amounts for Health Saving Accounts (HSA)
The IRS recently provided the 2022 inflation-adjusted amounts for health savings accounts and the maximum amount that may be made newly available for excepted benefit health reimbursement arrangements. Click here for further information >>>
American Rescue Plan Tax Credits Available to Small Employers to Provide Paid Leave to Employees Receiving COVID-19 Vaccines
The Internal Revenue Service and the Treasury Department announced further details of tax credits available under the American Rescue Plan to help small businesses, including providing paid leave for employees receiving COVID-19 vaccinations. Click Here for More...
IRS Provides Guidance for Employers Claiming the Employee Retention Credit for First Two Quarters of 2021
The Internal Revenue Service has issued guidance for employers claiming the Employee Retention Credit under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) modified by the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (Relief Act). Notice...
Biden Signs PPP Deadline Extension Into Law
The deadline to apply for a Paycheck Protection Program (PPP) loan was formally extended Tuesday when President Biden signed the PPP Extension Act of 2021, H.R. 1799 into law. The popular program established by the CARES Act, which was created to help small businesses...
IRS Extends Additional Tax Deadlines for Individuals to May 17
The Internal Revenue Service announced that individuals have until May 17, 2021, to meet certain deadlines that would normally fall on April 15, such as making IRA contributions and filing certain claims for refund. This follows a previous announcement from the IRS on...
Tax Day for Individuals Extended to May 17: Treasury, IRS Extend Filing and Payment Deadline
The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. The IRS will be providing formal guidance in the...
IRS Begins Delivering Third Round of Economic Impact Payments to Americans
The Internal Revenue Service announced today that the third round of Economic Impact Payments will begin reaching Americans over the next week. Following approval of the American Rescue Plan Act, the first batch of payments will be sent by direct deposit, which some...