ALERT!! Employee Retention Credit upcoming deadlines and issues

March 15, 2024: This date may be the expiration of the statute of limitations for 2020 income tax returns if returns were filed without extension.  Consider filing a protective claim for refund if you claimed the ERC and reduced the ERC-related wage deduction on your 2020 return (whether originally or an amended return).  This proactive step [...]

By |2024-03-09T10:52:24-06:00March 9th, 2024|COVID-19, Tax|Comments Off on ALERT!! Employee Retention Credit upcoming deadlines and issues

Answers to Clients’ Most Taxing Education Questions and MoneyLine

The featured cover story in the March 2024 issue of Journal of Financial Planning is titled “Answers to Clients’ Most Taxing Education Questions” by Julie Welch, Randy Gardner, and Creyton Vincent. This article offers insights into tax-efficient strategies to help clients in financing education expenses across different life stages. It addresses common questions and provides [...]

By |2024-03-06T09:14:48-06:00March 6th, 2024|Tax|Comments Off on Answers to Clients’ Most Taxing Education Questions and MoneyLine

Julie Welch Quoted in the March 3, 2024 The New York Times

Meara Welch Browne’s Tax Partner, Julie Welch, was quoted Sunday in The New York Times – “Business” section.  The article was titled “What You Need to Know for the 2024 Tax Season” by Tara Siegel Bernard. In the article, Julie responds to the section about the possibility of the child credit changing midseason.  If legislation [...]

By |2024-03-04T09:12:50-06:00March 4th, 2024|Tax|Comments Off on Julie Welch Quoted in the March 3, 2024 The New York Times

ERC Voluntary disclosure program requires only 80% payback available until March 22, 2024

The IRS has concerns about scams regarding employee retention credit (ERC) claims based on false and misleading public advertisements and scams targeting businesses.  In early December, the IRS sent letters to 20,000 taxpayers advising them that their ERC claims were disallowed because the business either did not exist or did not have paid employees for [...]

By |2024-01-22T17:18:35-06:00January 22nd, 2024|COVID-19, Tax|Comments Off on ERC Voluntary disclosure program requires only 80% payback available until March 22, 2024

The Employee Retention Credit – Beware of Scammers

The Employee Retention Credit (ERC) is a legitimate, refundable payroll tax credit established under the CARES Act. The ERC was enacted to incentivize businesses to retain employees during a time of economic uncertainty caused by the COVID-19 pandemic. For 2020, eligible employers are allowed payroll tax credits of 50% of wages paid, up to $10,000 [...]

By |2023-01-05T12:51:18-06:00January 5th, 2023|Tax|Comments Off on The Employee Retention Credit – Beware of Scammers

New Pass-through Entity (PTE) State Taxes

As a result of the Tax Cuts and Jobs Act, individuals are generally limited to deducting $10,000 of state and local taxes if itemizing deductions.  State and local taxes include, individual income taxes, real property taxes, and personal property taxes.  Thus, many owners of pass-through entities, such as Partnerships, LLCs, and S Corporations, are unable [...]

By |2023-01-05T12:47:58-06:00January 5th, 2023|Tax|Comments Off on New Pass-through Entity (PTE) State Taxes

2022 Schedule K-2/K-3 Reporting for Partnership and S Corporation Owners

For 2021, IRS added Schedules K-2 and K-3 for Partnerships and S Corporations.  These schedules are an extension of Schedule K and K-1 reporting items of international tax relevance. New domestic filing exception: According to the IRS’s recently released draft instructions for Form 1065 and 1120S Schedules K-2 and K-3, for tax years beginning in [...]

By |2023-01-05T12:43:44-06:00January 5th, 2023|Tax|Comments Off on 2022 Schedule K-2/K-3 Reporting for Partnership and S Corporation Owners

COVID-19 Kansas Retail Storefront Property Tax Relief Act

For certain retail storefronts that were operationally shut down or restricted at their retail storefront by a COVID-19-related order or by an action imposed by Kansas, the COVID-19 Retail Storefront Property Tax Relief Act may be able to provide relief.  The refunds, for property taxes or rent actually paid, are for tax years 2020 and [...]

By |2022-09-12T08:29:21-06:00September 12th, 2022|COVID-19, Tax|Comments Off on COVID-19 Kansas Retail Storefront Property Tax Relief Act
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