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.
The Consolidated Appropriations Act (CAA) was approved by Congress and signed by the President on December 27, 2020. This COVID relief bill contains direct spending relief for businesses and individuals affected by the pandemic; extends expiring tax provisions, credits and incentives; and funds the Federal government for the remainder of fiscal year 2021.
Congressional leaders and the White House have agreed on the next round of COVID-19 relief legislation. After months of waiting and last-minute negotiations, the 2021 Consolidated Appropriations Act was introduced on December 21, 2020 and was signed into law on December 27, 2020.
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.
On August 28, the IRS issued guidance that provides some explanation of how employers can defer withholding and remitting an employee’s share of Social Security tax when wages are below a certain amount. The guidance in Notice 2020-65 was issued to implement President Trump’s executive action signed in early August.
