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  • January 15, 2021
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    Can your business benefit from the enhanced Employee Retention Tax Credit?

    COVID-19 has shut down many businesses, causing widespread furloughs and layoffs. Fortunately, employers that keep workers on their payrolls are eligible for a refundable Employee Retention Tax Credit (ERTC), which was extended and enhanced in the latest law. Background on the credit The CARES
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  • January 13, 2021
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    Educate yourself about the revised tax benefits for higher education

    Attending college is one of the biggest investments that parents and students ever make. If you or your child (or grandchild) attends (or plans to attend) an institution of higher learning, you may be eligible for tax breaks to help foot the bill. The Consolidated Appropriations Act, which was
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  • January 11, 2021
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    New law provides option to delay implementing the updated CECL standard

    The Consolidated Appropriations Act (CAA), signed into law on December 27, 2020, includes a variety of economic relief measures. One such measure allows certain banks and credit unions to temporarily postpone implementation of the controversial current expected credit loss (CECL) standard. Here
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  • January 8, 2021
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    New law doubles business meal deductions and makes favorable PPP loan changes

    The COVID-19 relief bill, signed into law on December 27, 2020, provides a further response from the federal government to the pandemic. It also contains numerous tax breaks for businesses. Here are some highlights of the Consolidated Appropriations Act of 2021 (CAA), which also includes other
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  • January 6, 2021
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    The COVID-19 relief law: What’s in it for you?

    The new COVID-19 relief law that was signed on December 27, 2020, contains a multitude of provisions that may affect you. Here are some of the highlights of the Consolidated Appropriations Act, which also contains two other laws: the COVID-related Tax Relief Act (COVIDTRA) and the Taxpayer
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  • January 4, 2021
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    Red flags of deadbeat debtors

    Unfortunately, many businesses have experienced problems with collections during the COVID-19 pandemic. Accounts receivable are a major item on most companies’ balance sheets. Slow-paying — or even nonpaying — customers or clients adversely affect cash flow. Proactive measures can help identify
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  • December 23, 2020
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    Henry & Peters Tax Thought Leaders: Strategies for Maximizing Charitable Deductions

    by Joshua (Josh) Machiavello, CPA, Officer   Are you planning to make a charitable contribution before year-end? Consider employing one or more of the following tax planning strategies to maximize your giving and minimize what you pay to Uncle Sam.   Donate Appreciated Securities
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  • December 23, 2020
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    The next estimated tax deadline is January 15 if you have to make a payment

    If you’re self-employed and don’t have withholding from paychecks, you probably have to make estimated tax payments. These payments must be sent to the IRS on a quarterly basis. The fourth 2020 estimated tax payment deadline for individuals is Friday, January 15, 2021. Even if you do have some
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  • December 21, 2020
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    ICFR assessment and attestation: Are you in compliance with the rules?

    Each year, public companies must assess the effectiveness of their internal controls over financial reporting (ICFR) under Section 404(a) of the Sarbanes-Oxley Act (SOX). In some cases, private companies should follow suit. In addition, a public company’s independent auditors are generally
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  • December 18, 2020
    • Uncategorized

    Drive more savings to your business with the heavy SUV tax break

    Are you considering replacing a car that you’re using in your business? There are several tax implications to keep in mind. A cap on deductions Cars are subject to more restrictive tax depreciation rules than those that apply to other depreciable assets. Under so-called “luxury auto” rules,
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Recent Posts

  • Can your business benefit from the enhanced Employee Retention Tax Credit?
  • Educate yourself about the revised tax benefits for higher education
  • New law provides option to delay implementing the updated CECL standard
  • New law doubles business meal deductions and makes favorable PPP loan changes
  • The COVID-19 relief law: What’s in it for you?

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