Resources

Forming a Joint Venture: What You Need to Know

When multiple business entities make a decision to start a new business together as a cooperative arrangement, they are creating what is known as a joint venture. In forming a joint venture, each of the involved entities agrees to what assets they will contribute, how they are going to distribute income and share expenses, and how the new entity will move forward.

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Required Minimum IRA Distributions Will Resume in 2021

As part of the CARES Act, the requirement for older taxpayers to take required minimum distributions from their retirement plans was waived for 2020. This primarily was due to the anticipated drop in value for most investments as a result of the economic effects of the COVID-19 pandemic, which did not end up materializing. So, barring any extension of the 2020 moratorium by Congress, required minimum IRA distributions must resume for the 2021 tax year.

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Solar Tax Credit Extended for Two Years

A federal tax credit for the purchase and installation costs of a residential solar system has been extended through 2023. The solar tax credit for 2021 and 2022 is 26% of the cost of the solar installation but drops to 22% for 2023, the final year of the credit (unless extended again by Congress).

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Unemployment Fraud May Create a Tax Nightmare for Unsuspecting Taxpayers

Fraudsters spent the earliest months of the pandemic filing unemployment claims using stolen personal data. What this means is that millions of unsuspecting Americans are about to receive federal forms reporting unemployment benefits that they never received. Not only does this leave them potentially vulnerable to identify theft issues, but in the short term it also means that the federal government may be expecting them to pay income taxes for money somebody else received.

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Considerations and How to Apply for the Employee Retention Credit

Through the Con App, taxpayers can now qualify for both Paycheck Protection Program (PPP) loans and Employee Retention Credits (ERC) simultaneously, as long as the specific payroll costs are used only once. In other words, you cannot use an employee’s wages to claim both an ERC credit and PPP loan forgiveness for the same day of pay. As the first quarter of 2021 comes to an end, employers will have substantial planning and strategizing to do in order to maximize the benefits offered by both the ERC and PPP loans.

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Cray Kaiser Employee Spotlight: Jason Hofferica

In Cray Kaiser’s Employee Spotlight series, we highlight a member of the CK team. We couldn’t be more proud of the team we’ve grown and we’re excited for you to get to know them. This month we’re shining our spotlight on Jason Hofferica.

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IRS Extends Tax Deadline for Individuals to May 17, 2021

The Internal Revenue Service announced on March 17 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. Illinois has similarly announced that the 2020 individual income tax deadline was extended from April 15, 2021 to May 17, 2021.

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