To help ensure you don’t miss any important 2023 deadlines, our team of Trusted Advisors have provided this summary of due-dates for various tax-related forms, payments and other actions. Please review the calendar and contact KerberRose if you have any questions about the deadlines or would like assistance in meeting them.
The first advance payments under the temporarily expanded child tax credit (CTC) will begin to arrive for nearly 39 million households in mid-July 2021 — unless, that is, they opt out. Most eligible families won’t need to do anything to receive the payments, yet you need to understand the implications and why advance payments might not make sense for your household even if you qualify for them.
President Biden recently announced his $1.8 trillion American Families Plan (AFP), the third step in his Build Back Better policy initiative. The announcement followed the previous releases of the proposed $2.3 trillion American Jobs Plan and the Made in America Tax Plan. These plans propose major investments in various domestic initiatives, such as expanded tax credits for families, offset with tax increases on high-income individual taxpayers and corporations.
The COVID-19 pandemic put undue stress on the restaurant and hospitality industries, forcing many in the food and drink industry to shutter their doors and count their losses. The last year has forced legislators to address the economic strife of restaurant operators and owners with several rounds of pandemic relief aid and funds, the most recent of which being the Restaurant Revitalization Fund (RRF).
The IRS is delaying the federal income tax filing deadline for individuals for the 2020 tax year until May 17, 2021. While we are waiting on formal guidance from the IRS in the coming days, here's what we know:
The W-4 form is completed by employees and used by employers to calculate the amount of income tax to withhold. The form indicates an employee’s filing status, multiple jobs adjustments, amount of credits, amount of deductions, and additional amounts to withhold from each paycheck to compute the amount of federal income tax to deduct and withhold from pay.
For starters, it should be said charitable giving is always a good idea for everyone in a position to do so and should not be something influenced by incidental tax benefits. There are few acts which are as rewarding and satisfying as giving one’s wealth and talents to support a good cause. The holiday season is an important time of the year for giving and a time when your giving means the most.
This year has been a wild ride for many businesses. Our firm works with small and medium-sized businesses throughout Wisconsin, and many of them are experiencing a year unlike all others.
KerberRose was recently ranked in the Top 300 Firms in the nation by Inside Public Accounting for the fifth consecutive year.
President Donald Trump signed a series of executive orders on Saturday, August 8, to provide temporary relief to Americans impacted by the Coronavirus pandemic. The four executive orders include an additional $400 per week in unemployment benefits, suspension of some student loan payments through December 31, 2020, protection for renters from eviction, and deferral of certain payroll taxes for Americans who earn less than $104,000 annually through the end of the year.